By Joy Baba-Yesufu
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has projected that Nigeria could earn no less than $500 million annually from cement exports, positioning the country as a major industrial and export hub in Africa.
Speaking during a high-level conversation with CNN’s Eleni Giokos at the Afreximbank Annual Meetings, Dangote outlined how deliberate policies, especially backward integration, are reshaping Nigeria’s economic landscape.
“Nigeria is now the largest exporter of cement in Africa. When our new cement plant dedicated solely to exports is completed, Nigeria will earn at least half a billion dollars annually from cement exports alone.” he said.
Dangote recounted a pivotal moment in Nigeria’s industrial history, a 4:30 a.m. call from former President Olusegun Obasanjo that birthed the cement backward integration policy. The policy restricted cement importation and required companies to produce locally.
“Back then, we were the second-largest importer of cement globally,” he recalled. “That policy changed everything. We went from producing 31.9 million tonnes to over 60 million tonnes today.”
He stressed that real development comes only when nations reduce import dependence and build domestic capacity.
“When we import, we import poverty and export jobs. Africa must process its raw materials locally to generate employment and add value.” Dangote stated.
Referencing Donald Trump’s “America First” policy, Dangote argued for an “Africa First” approach.
“Opening markets without local capacity turns Africa into a dumping ground. That’s not fair trade, that’s dumping,” he warned.
He also lamented the capital flight by African elites, noting that unlike Asia, where wealth is reinvested domestically, Africa often exports its capital.
Beyond cement, Dangote pointed to Nigeria’s rising profile in refined petroleum and fertiliser exports.
“We’re exporting jet fuel to Asia and the U.S., and 37 percent of our fertiliser goes to the United States,” he revealed.
On the Dangote Refinery, he admitted the challenges were immense.
“It was a madness project. If we knew what we were going to go through, we probably wouldn’t have done it but we did, and it’s a game-changer.”
He credited the support of Afreximbank, Access Bank, and First Bank for helping deliver the project.
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