Dangote to Africa: 'You have to put that potential into reality'

BBC Africa Enterprise host Nancy Kacungira interviews billionaire businessman Aliko Dangote. [BBC]

Africa must create jobs and build industries for its growing young population or risk turning its demographic strength into an economic burden, billionaire businessman Aliko Dangote has warned.

Dangote said African countries must move beyond repeated claims about their economic potential and invest in industries that create livelihoods and expand opportunities.

“We have a very young population. This population that we have, the younger ones, they are very, very hungry. They are very aggressive,” Dangote said.

He spoke in an interview with the BBC for the first episode of Africa Enterprise.

Dangote said African countries must take responsibility for developing their economies rather than waiting for outsiders to create opportunities.

“Nobody, and I repeat, nobody will come and drive it for us,” he said.

He argued that Africa's young population could become an economic asset if governments invested in productive sectors that create jobs and increase local production.

“You have to put that potential into reality,” Dangote observed.

He pointed to large-scale industrial projects as one way of turning Africa's economic potential into jobs and investment, citing his manufacturing and infrastructure projects across the continent.

Dangote also pointed to the recently commissioned refinery project in Kenya as part of the strategy, saying the 700,000-barrel-per-day facility would serve a wider East African market.

“We're really planning something very big within the African continent,” he said, describing the facility as an East African refinery that could supply several countries in the region and potentially reach markets as far as Egypt.

He said industrial development should extend beyond energy to sectors such as fertiliser, where greater local production could reduce Africa's dependence on imports.

Dangote linked Africa's job challenge to the continent's ability to produce goods for its own population.

“You have one quarter of the world's population…and you are not producing anything. If you are not productive, how do you create prosperity?” he asked.

He also called for implementing the African Continental Free Trade Area (AfCFTA), arguing that deeper regional trade would give African businesses access to larger markets and support economic growth.

Dangote warned that Africa could not afford to delay action as its young population continues to seek jobs and economic opportunities.