Nigeria stands to earn no less than $500 million from cement exports alone annually, according to Aliko Dangote, founder and president/chief executive of the Dangote Group.
Speaking during a high-level conversation titled “The Path to Making Africa Great Again” with CNN’s Eleni Giokos at the Afreximbank Annual Meetings, Dangote highlighted how strategic industrial policies and backward integration are transforming Nigeria into a major manufacturing and export hub for cement and other commodities.
“And now, also, Nigeria is the largest exporter of cement in Africa,” Dangote declared. “When we finish our factory, it’s 100 percent for export. And Nigeria will not earn less than $500 million of just exporting cement.”
Reflecting on Nigeria’s industrial journey, Dangote pointed to cement as a model of what is possible when bold policies are implemented and private sector investors are supported. He recalled a pivotal conversation with former President Olusegun Obasanjo that led to Nigeria’s backward integration policy in the cement sector. “President Obasanjo called me at 4:30 in the morning and said, ‘Aliko, Nigeria is number two in cement imports. I’m not going to allow this to continue. What do we do?’ I told him, remove my Dangote cap and let me speak for Nigeria.”
The resulting policy barred companies from importing cement unless they established local production facilities. “All of us now wanted to set up industries. We were small at the time, but our bankers were supportive,” he said. “We built a 5-million-tonne plant while Nigeria was producing 31.9 million tonnes. Today, Nigeria produces over 60 million tonnes of cement.”
Dangote also underscored that job creation and economic value cannot be achieved if Africa remains a dumping ground for foreign goods. “If we continue to import, we’re importing poverty and exporting jobs. We must process our minerals before exporting them to create employment,” he said.
Referencing former U.S. President Donald Trump’s “America First” policy, he stressed that African countries must adopt a similar mindset. “President Trump is saying America first. We should also say Africa first. The issue is that once you open your market without capacity, it becomes a dumping ground. That’s not fair competition. That’s dumping.”
He criticised the tendency of African elites to expatriate their wealth. “In Asia, whether people make their money legally or illegally, they invest it at home. In Africa, they take the money out. If I don’t invest at home, how do I convince someone else to partner with me?”
Dangote also called attention to the challenges facing industrialisation in Africa. “Two things don’t allow industries to thrive in Africa: lack of electricity and inconsistency in government policies.” He urged governments to take bold decisions like Obasanjo’s. “That policy changed everything. Today, Nigeria doesn’t import cement. It exports itand earns foreign exchange.”
In addition to cement, Dangote noted Nigeria’s growing success in the export of refined products and fertiliser. “We’re exporting jet fuel to Asia and the United States. In fact, 37 percent of our fertiliser goes to the U.S. That shows what can be done.”
He described the Dangote Refinery as a “madness project” but affirmed its worth. “If we knew what we were going to go through, we wouldn’t have done it. But we didn’t know, and we’ve delivered. It was humongous, and without the support of banks like Afreximbank, Access, and First Bank, it would not have been possible.”
Dangote acknowledged current challenges, particularly access to local crude. “But we African champions must understand that we’re the only ones who can make Africa great. No one will do it for us.”
He expressed frustration at Africa’s constant pursuit of foreign investors. “Foreign investors don’t just come. Support domestic investors first. When they do well, it invites foreign capital.”
On geopolitical dynamics, he questioned why Africans should struggle to get U.S. visas. “Why go to the U.S.? They should come here. We have 60 percent of the world’s arable land and almost all critical minerals. Don’t take our cocoa, process it there, then sell chocolate back to us at twenty times the price.”
He called for bold thinking. “Think big, and you’ll grow big. Think small, you’ll stay small. Let’s stop making Africa a charity case.”
Addressing the issue of corruption, Dangote noted, “Corruption is everywhere, in the U.S., Europe, Asia. But our problem is we steal and take the money out of Africa. If we kept it here, the economy would grow.”
He gave examples from Asia. “Countries like Indonesia and Thailand had corruption, but the money stayed in-country. In Africa, we deprive our families and our economies, and the money vanishes when we die.”
Dangote also made an ambitious pledge. “In the next 40 months, Africa will not import fertiliser. We’re on an aggressive trajectory. We’re building the largest urea plant, bigger than Qatar’s.”
He responded to concerns about Africa’s trade finance gap, describing institutions like Afreximbank and the Africa Finance Corporation as essential. “If I had to invest in any bank, even without profit, I’d choose one that shares the same vision as Afreximbank. That’s how we build Africa.”
Dangote reiterated, “We need strong financial institutions, a manufacturing base, and to focus on agriculture. Once that’s done, AI and everything else will follow. Africa will be a different story.”
Dangote said the Group will list Dangote Fertiliser Limited on the Nigerian Exchange (NGX) this year, and the refinery next year, adding that he does not intend to remain a monopoly, but wants others to become shareholders as well.
