The richest man in Africa and chair of the Dangote Group, Aliko Dangote, has urged leaders of government and business on the African continent to leverage the African Continental Free Trade Agreement (AfCFTA) to industrialise as a seamless and united economic region.
Dangote was speaking at the 30th Afreximbank annual meeting in Accra, Ghana, on Sunday. The event comes as Russia’s war in Ukraine continues to disrupt supply chains that provide African consumers with various food goods.
Dangote said Afreximbank was the biggest funder of Dangote’s oil refinery in Nigeria, adding that without the continental import-export financial institution, Dangote Group’s vision would not have come to fruition.
“Afreximbank, you know, did more than enough. First of all, they believed in what we are doing. They understand that it is a must for us to have a refinery in Nigeria. Only two countries in the region are not importing gas; Algeria and Liberia. The rest of the region relies on trade,” said Dangote.
Dangote thanked Afreximbank president Prof Benedict Oramah for extending affordable funding to his business at a time when all businesses across the world were facing the uncertainty that came with the Covid-19 pandemic.
“When we had issues regarding Covid-19, Oramah himself met with us to find a way forward. But it’s not only about our refinery. I can tell you a few banks would put this deal on the table and they were really passionate about developing Africa. But with Afreximbank, the transactions have been fast and sharp,” Dangote said.
He said Africa’s lag in industrialisation behind the developed world has made the continent an importer of poverty and an exporter of jobs. He said his company has tried to change this by ensuring its operations relieve any supply bottlenecks in countries where they operate.
“We must make sure that African Continental Free Trade Agreement works. That is why in the last five years, you have had consortia of banks and other local commercial banks. We have 3-million tonnes of urea. We had 6-million and we built the capacity within five years,” he said.
The billionaire said Dangote produces 900,000 tonnes of polypropylene and other goods that African markets could find on the continent, instead of importing these goods from already established economies. The movement of people and investors was also a priority, Dangote said.
“I don’t want to be in the position where I used to be. I have an African passport which allows me to move around to most countries. If I have to get a visa to go to country A, let’s say Nigeria, but another person with a British visa can enter more easily than me, why don’t you offer a visa on arrival? That would go a long way,” he added.
Also speaking at the event, KwaZulu-Natal MEC Peggy Nkonyeni said agriculture remained a critical area for African countries to invest and trade in as it would enhance the connectedness of African economies as well as bolster food security.
* Khulekani Magubane was invited as a guest of Afreximbank to the event in Ghana.
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