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#UNGA79: ”One Of The Greatest Forms of Investment is Agriculture” – Aliko Dangote

At the 79th session of the United Nations General Assembly (UNGA), Africa’s richest man, Aliko Dangote, highlighted the critical role agriculture plays in the continent’s future. Speaking at the “Unstoppable Africa” event, Dangote emphasized that agriculture remains one of the most strategic areas for investment in Africa, despite the allure of other sectors.

“People are often surprised when I talk about agriculture,” Dangote stated. “But it is one of the greatest forms of investment. We’re heavily invested in agriculture, particularly in sugar. However, the sector has untapped potential that extends far beyond what we’ve seen so far.”

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Dangote called attention to Africa’s vast untapped resources, especially in agriculture and minerals. He pointed out that Africa has yet to fully explore and process its own minerals, instead exporting raw materials and, with them, opportunities. “It doesn’t make sense to export raw materials without adding value. We are exporting jobs when we could be creating them locally,” Dangote said, referencing industries like cocoa and cashew nuts.

He further mentioned how his group has invested over $25 billion in various sectors, including oil, gas, fertilizer, and cement, within the last seven years. He argued that these investments demonstrate confidence in Africa’s future and can inspire others to invest in the continent.

Building a Strong Manufacturing Base

In addition to agriculture, Dangote spoke about the need to strengthen Africa’s manufacturing base by focusing on value addition. Using his company’s experience in the cement industry as an example, he highlighted how strategic investments can lead to self-sufficiency and even make African countries major exporters.

“When we started in the cement industry in 2007, Nigeria was only producing 1.9 million tons of cement. Today, Nigeria is producing over 55 million tons, and we’ve become a major exporter of cement,” he explained.

He also pointed out the importance of fertilizer production in supporting agriculture. “Sub-Saharan Africa had zero production of fertilizers a few years ago. Today, we have built a capacity of 3 million tons, making Nigeria self-sufficient and able to export to other countries.”

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The African Continental Free Trade Area (AfCFTA) and Barriers to Trade

Addressing the issue of trade and mobility, Dangote stressed the need to break down barriers between African countries to fully leverage the African Continental Free Trade Area (AfCFTA). He voiced frustration over the current state of visa restrictions, even for investors within Africa, and urged African governments to enable freer movement of goods, services, and people.

“Africans should not have more difficulty visiting other African countries than those with foreign passports,” Dangote remarked. “If I cannot visit you, how can I do business with you?”

He also noted that security concerns often cited by governments were not always based in reality, using Rwanda as an example of a country that has successfully overcome its challenges.

The Role of Africa in Green Energy Transition

Dangote acknowledged the global shift towards renewable energy but emphasized that Africa cannot simply abandon fossil fuels overnight. With 600 million Africans still lacking access to electricity, he argued that the continent must adopt a gradual transition strategy that includes investments in both traditional and renewable energy sources.

“Transitioning doesn’t happen overnight,” Dangote said. “If we were to move straight into renewable energy, we would face immense challenges. Africa has natural gas and coal, and we must make use of these resources while gradually transitioning to cleaner energy.”

Dangote further explained that his group’s investment in one of the continent’s largest oil refineries was driven by the need to meet Africa’s current energy demands. “We cannot leave 600 million people without power. We need to address the immediate needs while preparing for the future.”

A Vision for Africa’s Future

As Africa’s richest man, Dangote expressed a sense of responsibility towards creating a sustainable and prosperous future for the continent. He underscored his commitment to building industries that will create jobs and empower Africa’s youth.

“I would rather be known as someone who creates the future of Africa than as Africa’s richest man,” Dangote said. “My legacy will be to make Africa self-sufficient in what we consume and to ensure that we find jobs for our youth.”

His closing remarks captured the spirit of his long-term vision for the continent. “No one will develop Africa but Africans. We must lead, invest in ourselves, and show the world what Africa can achieve.”

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