‘Invest Africa’: Dangote harps on enabling environment, infrastructure to support indigenous businesses

*Aliko Dangote, President/Chief Executive of Dangote Industries Limited, at a recent ‘Invest Africa’ forum, in New York, United States, highlights the lucrative investment opportunities available on the continent in various sectors of the economy, including in agriculture, energy and manufacturing, urging indigenous businesses to lead the charge in Africa’s transformation

Gbenga Kayode | ConsumerConnect

As the Africa is fast becoming a key player in the global economy, Alhaji Aliko Dangote, President/Chief Executive (CE) of Dangote Industries Limited (DIL, again, has highlighted the lucrative investment opportunities available on the continent in various sectors of the economy, including in agriculture, energy and manufacturing.

ConsumerConnect reports Dangote noted this Thursday, September 26, 2024, at the highly anticipated Invest Africa forum event titled, ‘Africa at an Inflection Point,’ held at the prestigious Rockefeller Centre, in New York, United States (US).

The Milken Institute organised the event that attracted business leaders, policymakers, and investors to discuss the future of Africa’s economy and its growing role on the global stage.

It was gathered that the ‘Africa at an Inflection Point’ event was part of a broader initiative by the Milken Institute to foster dialogue and solutions around Africa’s development.

With New York City as the backdrop, the event served as a powerful reminder that Africa is fast becoming a key player in the global economy, according to report.

On African governments, enabling environments, policies and infrastructure

Speaking at the forum, the President of DIL, who is a titan in the African business space, reechoed these sentiments as he drew from and shared his personal experience as Africa’s wealthiest man and leader of one of the continent’s most influential conglomerates.

Dangote emphasised the need for indigenous businesses to lead the charge in Africa’s transformation, citing the pivotal role of the Dangote Group in major sectors of the African economy, such as cement, sugar, salt, and oil refining, among others.

He also stated: “The private sector must take the lead in driving development across Africa.

“But it is also critical that governments create enabling environments with sound policies and infrastructure to support growth.

“We need to focus on industries that create jobs and add value locally.”

The foremost industrialist as well harped on the importance of industrialisation for the continent, referencing his $20 billion oil refinery project in Nigeria as an example of how African countries can reduce reliance on imports, create jobs, and enhance economic stability.

Africa’s time is now, asserts Michael Milken, Chair of Milken Institute

Earlier, in his opening remarks, Michael Milken, Chairman and Founder of the Milken Institute, had discussed Africa’s vast potential.

Milken stressed the significance of harnessing the African continent’s youthful population, rich natural resources, and technological advancements to accelerate economic growth on the continent.

The Chairman of Milken Institute also averred that Africa is at a crucial juncture, where the right investments and policy frameworks could drive unparalleled growth and prosperity for its peoples.

“Africa’s time is now. The continent is poised for remarkable growth, but to unlock this potential, we need a collective effort from governments, private sector leaders, and global investors.

“Our focus should be on areas like infrastructure development, healthcare, education, and financial inclusion,” he asserted.

Milken, therefore, advocated a new wave of investments focused on sustainability and long-term growth, while Dangote highlighted the lucrative opportunities in sectors like agriculture, energy, and manufacturing.

Both Milken and Dangote as well underlined the role of international investors in Africa’s transformation.

Megan Greene, a leading global economist and Milken Institute Executive Director of Global Markets, moderated the session that covered a wide range of topics, from Africa’s energy transition to digital innovation.

One of the key themes was how Africa’s growing youth population could serve as a demographic dividend, if governments and the private sector invest in education, skills development, and technology, report said.

The event concluded with a call to action for stakeholders to collaborate in supporting Africa’s economic trajectory.

Attendees were said to have left the forum with a renewed sense of urgency and optimism about the role Africa can play in the global economy, if its potential is fully harnessed for the good of the continent.