Business & Finance

The West Doesn’t Want Africa to Industrialise- Dangote

Nigerian billionaire Aliko Dangote says the West opposes Africa’s quest to industrialise to become economically independent.

According to him, the industralisation objective of Africa is witnessing a push-back from these countries which hope to see the continent at its beck and call always.

Speaking at the recently ended 31st African Export-Import Bank (Afreximbank) Annual Meetings (AAM) in Bahamas, the businessman called for unity among African states to fight back all arsenals against the collective objective.

“There’s been quite a pushback. I don’t believe the West want us to progress in terms of industrialisation. Industrialisation is the basic thing we need. We need to produce what we consume but I don’t think there is any support coming from the West.

“As a matter of fact, during the COVID period, some of the international banks really were looking forward to making sure that they push us into default of our loans so that the project would just be dead and that didn’t happen with the help of Banks like AFREXIM Bank.”

He buys into the idea that Industrialization, with strong linkages to domestic economies, will help African countries achieve high growth rates, diversify their economies and reduce their exposure to external shocks and in that way substantially contribute to poverty eradication through employment and wealth creation.

The African Union has established the Africa Industrialization Day, aimed at raising awareness about the importance of Africa’s industrialization and the challenges faced by the continent.

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