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Dangote Prescribes Investment in Domestic Economy by Wealthy Nigerians for Growth, Development
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has urged wealthy Nigerians to invest in Nigeria, as it is the only way to build the nation. He said there is no two ways about it: real growth and development cannot happen in a nation without significant investments.
He criticised the tendency of African wealth being exported and stashed abroad, calling on the continent’s entrepreneurs and affluent individuals to invest at home. “It is only through such commitment that we can drive true development,” he added.
In a chat with select media men, recently, Dangote said: “No nation develops without significant investments. I appeal to all wealthy Nigerians to look inward and invest here, in Nigeria, for the future of our unborn kids. There is hardly any country without corruption, but the difference between there and here is that, in those other corrupt nations, they invest the stolen funds in their country and grow their economy rather than keeping it in foreign banks that will not in any way impact positively on the economy.”
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According to him, what Africa truly needs are bold, transformative projects capable of addressing its long-standing socio-economic challenges, particularly the creation of jobs for its growing population.
Speaking of his decision to defy the odds in building the $20bn refinery, he said he was determined to see Nigeria become self-sufficient in refined petroleum products and to serve as a catalyst for other African nations, despite numerous challenges and opposition.
He explained that he undertook the ambitious project to secure energy independence for Nigeria and the wider African continent. He stressed that, except for Libya and Algeria, most African countries still rely heavily on imported refined petroleum products despite the continent’s abundant crude oil reserves.
“Apart from Algeria and Libya, which are self-sufficient, virtually every other African country is an importer,” Dangote said, underscoring the urgent need for operational refineries on the continent. He also lamented that Africa had become a dumping ground for substandard petroleum products due to this overreliance on imports.
Africa holds around 125 billion barrels in proven oil reserves, with significant contributions from Nigeria, Algeria, Angola, Egypt, and Libya—all of which rank among the world’s top 30 oil-producing nations.
Dangote revealed that many had doubted the capacity of the Dangote Group to deliver such a massive project. Some even advised him to abandon it, citing the failures of several sovereign nations to complete similar undertakings.
“People think building a refinery is like building a house,” he said. “But, as I always say, if I had known the scale of challenges we would face, I wouldn’t have started at all. We were fortunate as a group because we didn’t fully grasp what we were getting into, but we believed that nothing is impossible.”
As the project progressed, the group faced a critical juncture: to halt and suffer the losses, or to forge ahead and succeed. “We had to keep pushing to ensure delivery,” Dangote said.
He expressed hope that the refinery would inspire other African countries to enhance their refining capacities and invest in value-added industries, rather than continuing to export raw materials.
Dangote further argued that true independence goes beyond politics—it also requires economic self-reliance and financial freedom for African citizens. He warned that continued import dependency would keep African nations trapped in poverty.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
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“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
Nigerians are facing yet another economic blow as petrol prices surge again. The Dangote Petroleum Refinery has raised the gantry price of Premium Motor Spirit (PMS) to N1,175 per litre, marking the third increase in just one week.
The latest adjustment, announced to marketers on Monday, follows a temporary suspension of petrol sales at the refinery on Sunday. Diesel, also known as Automotive Gas Oil, has also been revised upwards to N1,620 per litre.
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A senior refinery official, speaking on condition of anonymity, confirmed the hike, noting that it reflects “prevailing market fundamentals and the cost environment we are currently operating in.”
Industry checks show that depot pricing systems have already updated the new rates, signaling an inevitable rise at retail stations.
In some cities, petrol is now being sold at over N1,200 per litre, adding pressure on Nigerian motorists and businesses alike.
This repeated surge comes after earlier increases that pushed gantry prices from N774 to N995 per litre earlier this week.
Experts warn that the hikes are likely to drive up transportation, logistics, and production costs, potentially impacting the prices of goods and services nationwide.
While the Federal Government, through the Nigerian National Petroleum Company Limited (NNPC), is working to secure crude supplies for the refinery via international traders, officials cautioned that this may not immediately reduce prices for consumers.
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