President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has announced plans to build the world’s largest fertiliser plant, inspired by the successful completion of the Dangote Petroleum Refinery & Petrochemicals in Ibeju-Lekki, Lagos.
Speaking while hosting participants of the Global CEO Africa Programme from Lagos Business School and Strathmore Business School, Nairobi, Dangote asserted that Africa could thrive globally if leaders commit to bold, transformative investments. He said the continent must stop settling for incremental progress and instead pursue large-scale projects that can tackle longstanding challenges.
Referring to the refinery, the world’s largest single-train facility, as proof of what is possible, he stated, “Now that we’ve built this refinery, we believe we can do anything. We aim to make our fertiliser company the largest in the world, and we’ve set ourselves a 40-month timeline.”
Dangote reflected on the early scepticism that trailed the refinery project, recalling the many obstacles faced. Nevertheless, he said the Group remained unwavering in its determination to achieve its vision.
“There will always be challenges. In fact, life without challenges isn’t exciting. You just hope for the kind of challenges you can overcome, not the ones that overwhelm you,” he noted.
He stressed that business leaders across Africa must rise to the occasion by leveraging the continent’s human and natural resources to create jobs and stimulate economic development. Dangote maintained that relying solely on governments to drive development would not suffice and that the private sector must invest more decisively at home.
“We, as Africans, must stop taking our money abroad. We should invest it here to build our countries and the continent. As for me, I don’t take my money out of Africa. If we don’t show confidence in our own economies and leadership, foreign investors certainly won’t. After all, we know our leaders better than anyone else,” he added.
He lamented the irony that, although many African countries had gained political independence, they remained economically dependent. He cited the rapid development of nations like Dubai and Singapore as examples of what could be achieved through visionary leadership and purposeful policies.
Dangote expressed concern over the widening gap between Africa’s population growth and available employment opportunities. He called for a vibrant banking sector, strengthened agriculture, and a revived manufacturing base to anchor sustainable development.
He also spoke on the need to address the logistical fragmentation across the continent. He disclosed that transporting goods from Nigeria to Ghana costs more than importing from Spain, underscoring the urgent need for improved regional connectivity.
Addressing the 24 CEOs present from six African countries, Dangote encouraged them not to fear failure but to think and act boldly.
“If you think small, you don’t grow. If you think big, you grow. It’s better to try and fail than never to try at all,” he advised.
Academic Director of the Global CEO Africa Programme at Lagos Business School, Patrick Akinwuntan, said the initiative was created to inspire Africa’s next generation of business leaders. He explained that the programme, run in partnership with Strathmore Business School, comprises three modules in Nairobi, Lagos, and New Haven, USA.
“The goal is to nurture business leaders who see Africa as a single market, one without borders, focused on the continent’s vast potential. The refinery is a powerful symbol that vision goes beyond mere sight,” Akinwuntan stated.
Akinwuntan, who is also the former Managing Director of Ecobank Nigeria, praised Dangote for his commitment, capacity, and boldness in delivering such a monumental project.
Executive Dean of Strathmore Business School, Dr Caesar Mwangi, said the Dangote Refinery had given African CEOs a tangible example of what is possible through ambition and execution.
“This refinery is the world’s largest single-train refinery. It’s proof that we must dream big, think big, and, most importantly, act. If the Dangote Group can achieve this, then so can others across the continent,” Mwangi said.
“Every CEO here can take this inspiration back home and initiate impactful projects that will uplift our continent and create opportunities for the millions of young Africans who need them,” he added.
Dean of Lagos Business School, Professor Olayinka David-West, described the visit as aligned with the school’s mission to groom leaders capable of solving Africa’s complex challenges. She commended Dangote as a visionary figure who mobilises both capital and human effort to tackle key problems on the continent.
“This facility is pivotal. It serves as a practical tool to implement frameworks like the African Continental Free Trade Area (AfCFTA). While it’s one project, its effects will be felt across multiple sectors,” she said.
Chief Executive Officer of the Financial Reporting Council of Nigeria and programme participant, Dr Rabiu Olowo, said the visit had reignited the need for bold and visionary thinking in pursuit of national development goals.
Among the visiting CEOs were global banking expert Segun Aina; Managing Director of Family Bank, Nairobi, Nancy Njau; Executive Director and CFO for Cameroon, CEMAC and CESA Region at Ecobank, Emmanuel Wakili; and former President of CFA Society Nigeria, Ibukun Oyedeji.
