Aliko Dangote says industrialisation key to creating jobs for Africa’s youth

Nairobi, Kenya - Industrialist Aliko Dangote has urged faster industrialization across Africa to generate jobs and economic opportunities for the continent's rapidly growing youth population. During the groundbreaking for his planned refinery in Lamu, Kenya, Dangote emphasized the need to shift from discussing economic potential to building productive capacity.

He highlighted Africa's young population as a resource that requires livelihoods and opportunities to prevent economic and social pressures. Dangote stressed that African nations must prioritize turning opportunities into actual production, rather than merely talking about their potential. He urged Africans to lead the economic transformation of the continent rather than relying on foreign investors.

Dangote also called for accelerating the implementation of the African Continental Free Trade Area (AfCFTA), arguing that enhanced integration would expand markets for African-produced goods. The Lamu refinery, with a capacity of 700,000 barrels per day, is part of efforts to boost Africa's ability to produce refined petroleum locally.

Expected to take less than four years to complete, the refinery aims to improve self-sufficiency in energy, fertilizers, and other essential products by reducing reliance on imports. The project, projected to cost $16 billion, will be financed through a capital structure of 30 percent equity and 70 percent debt. Dangote stressed the need for greater regional cooperation and support from stakeholders to facilitate large-scale investments in Africa's productive capacity.