“DANGOTE CALLS FOR SHIFT: PRIORITIZE MANUFACTURING OVER RAW MATERIALS EXPORT IN AFRICA”
GREATRIBUBETVNEWS–Africa’s richest man, Aliko Dangote, has urged Africans to focus on industrializing the manufacturing sector to combat global economic instability. Speaking at the 4th Intra-African Trade Fair in Algiers, Dangote emphasized the need for a mindset shift and development of robust regional value chains to boost intra-African trade.
Key Takeaways:
– Manufacturing Over Raw Materials: Dangote advocates for prioritizing manufacturing over exporting raw materials to drive economic growth.
– Intra-African Trade: He encourages African exporters to capitalize on current global trade disruptions to fill gaps in supply chains.
– Regional Value Chains: Developing regional value chains is crucial for boosting overall development across the continent.
Dangote’s Vision:
– Industrialization: Dangote sees industrialization as a panacea for Africa’s economic challenges.
– Competitive Advantage: By focusing on manufacturing, Africa can gain a competitive advantage in the global market .
“I am glad to be here at the 4th Intra-African Trade Fair (IATF). I am immensely grateful to the organisers – not only for inviting me and giving me the opportunity to speak – but also for going a step further by dedicating this remarkable day to my organisation, Dangote Group. To have today officially set aside as Dangote Day is both an honour and a privilege.
“I thank the conveners – The African Export Import Bank, the African Union Commission and the Africa Continental Free Trade Area Secretariat – for organising this event. We appreciate the invaluable contributions you have made and the excellent work you continue to do in promoting, facilitating, and deepening trade and investment across the continent”, Dangote added.
According to him, “this year’s theme, “Gateway to New Opportunities,” resonates deeply as a powerful reminder of the huge potential and prospects that abound across the African continent. For too long Africa’s resources have been exported as primary commodities in their raw and unrefined state with limited domestic processing or beneficiation.
“There must be a fundamental shift in mindset and a deliberate re-orientation toward industrialisation and the development of Africa’s manufacturing sector. While this was always necessary in the past, it is even more urgent today, given the alarming rise in youth unemployment, and the need for sustainable, inclusive growth”, he added.
The business tycoon observed that current geo-political tensions and trade wars have caused major economies to reevaluate their traditional trade partnerships with a view to diversifying their supply chains.
“African exporters could benefit if they can fill the gap by competitively supplying the required products. Furthermore, global instability has encouraged African nations to look inward and actively pursue greater regional self-reliance. This inward focus can catalyse the development of robust regional value chains and significantly deepen intra-African trade”, he advised.
“At Dangote, we are very proud of our Afrocentric posture, driven by an unwavering commitment to the continent’s growth and industrial transformation. We have added value to limestone and created the largest cement company in sub Saharan Africa with an aggregate cement production capacity of about 52MMtpa across 10 countries,” Dangote stated.
“Similarly, our 3MMtpa urea plant has contributed to the attainment of fertiliser self-sufficiency. Nigeria, once solely reliant on imports is now a net exporter of granulated urea to destinations in Africa as well as to South America, North America and Europe.
“More recently, we have witnessed the commencement of operation of Africa’s biggest oil refinery – also the world’s largest single-train facility, with a capacity of 650kbpd. This landmark project is gradually reducing the region’s long-standing dependence on imports of refined petroleum products, particularly from Europe, while also generating surplus for export to global markets. As Africa becomes more self-sufficient in energy it should reduce our vulnerability to external shocks and supply disruptions.
“Africa’s potential and prospects are immense. However, this potential will only be fully actualised if individual nations take deliberate steps to improve their business environment. Unlocking new economic opportunities requires the implementation of appropriate policy reforms, investment in infrastructure, and attractive sector wide incentives to facilitate the inflow of private capital” Dangote concluded.
At the Dangote Special Day, which drew admirers and various attendees, various Business Units of the conglomerate such as Dangote Cement, Dangote Sugar, Dangote Salt (NASCON), Dangote Fertiliser, Dangote Polypropylene, and Dangote Packaging did presentations and urged greater collaboration among trade partners and manufacturers across Africa for the development of the continent.
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