During his address at the recently concluded African Renaissance Retreat in Kigali, Rwanda, Dangote emphasized that despite the numerous challenges facing Africa, the continent's youthful demographic and rich resources—comprising approximately 30% of the world's mineral reserves and the largest deposits of gold, cobalt, uranium, platinum, and diamonds—present significant opportunities for substantial and inclusive growth.
He remarked, "Moreover, Africa possesses 65% of the world's arable land and 10% of the planet's renewable freshwater resources. Collectively, these factors create a wealth of opportunities for dynamic, inclusive growth that leverages our vast human potential and natural resources to enhance prosperity, not only within Africa but globally." Dangote further noted that Africa stands at a pivotal moment, characterized by the youngest and fastest-growing population in the world, rapidly developing urban areas, and an increasing adoption of innovation and new technologies, including Artificial Intelligence.
Dangote highlighted that, despite facing numerous challenges such as visa issues, fluctuating government policies, a shortage of skilled labor, insufficient infrastructure, foreign exchange difficulties, inflation, high capital costs, and various conflicts, the Dangote Group has successfully expanded from Nigeria to 14 countries across Africa. The company operates in diverse sectors, including cement, fertilizers, sugar, oil refining, petrochemicals, and agriculture. "The encouraging news is that, in spite of these hurdles, we have managed to establish a pan-African Group that employs over 50,000 individuals and is projected to generate revenues exceeding $30 billion by the end of 2025," he stated.
In initiating the retreat, Dangote expressed his long-standing desire to unite a group of committed African business leaders to confront the continent's challenges, devise practical solutions, and promote Africa as a promising investment hub despite its difficulties. He underscored that the retreat aimed to create a platform for collaborative efforts to address various pressing issues, including ongoing conflicts, energy and food security, supply chain challenges, the debt crisis, and the need for access to long-term concessional funding for development.
This intimate and high-level meeting aimed at addressing these critical issues and establishing a unified approach to shaping our development narrative is long overdue. With the continent's leading entrepreneurs, heads of major pan-African corporations, key figures from significant development institutions in Africa, our global institutional partners, prominent investors, influential civil society leaders, and several esteemed political figures, this initial gathering will provide a platform for open and sincere discussions to identify our shared objectives, stated Dangote.
He further emphasized, "We are uniting not merely as representatives of our organizations but as innovators and drivers of change for our communities. It is our shared duty to contribute to the transformation of our continent. No one else will undertake this task for us – it is up to us, especially those present in this room."
Dangote expressed optimism that the retreat would yield initiatives capable of significantly influencing Africa's future and enhancing the lives of its citizens. He recognized the valuable contributions of President Paul Kagame of Rwanda, former President Olusegun Obasanjo, former President Ellen Johnson Sirleaf, and former Prime Minister Hailemariam Dessalegn. Nonetheless, he emphasized the importance of transitioning from mere discussions to effective implementation that delivers real results.
The participants of the retreat committed to encouraging African private sector and political leaders to participate in ongoing high-level discussions. They proposed several initiatives, including advocating for the ratification of the free movement of people protocol, launching the African Renaissance Companies Gender Compact, and gathering prominent global business leaders of African descent. Additionally, the leaders sought to promote an initiative aimed at significantly lowering logistics costs across the continent and another focused on expanding internet access to a larger portion of Africa's population.
The retreat, held from September 6 to 8, featured notable participants such as Amina J. Mohammed, the Deputy Secretary-General of the United Nations; Prof. Benedict Oramah, the President and Chairman of the Board of Directors of the African Export-Import Bank; former Liberian President Ellen Johnson Sirleaf; Adebayo Ogunlesi, Chairperson of Global Infrastructure Partners; former Ethiopian Prime Minister Hailemariam Dessalegn; Samaila Zubairu from the African Finance Corporation; Makhtar Diop from the International Finance Corporation; and Jeremy Awori, the CEO of Ecobank Transnational Incorporated.
Notable individuals included Bernie Mensah from Bank of America; Dr. James Mwangi of Equity Group Holdings; Alain Ebobisse representing Africa50; Aigboje Aig-Imoukhuede of Access Holdings; Genevieve Sangudi from Alterra Capital Partners; Jim Ovia of Zenith Bank; Tony Elumelu of Heirs Holdings; Naguib Sawiris of Orascom Telecom Holding; Dr. Vera Songwe; Jonathan Oppenheimer of Oppenheimer Partners; Dr. James Manyika from Google; Clare Akamanzi of NBA Africa; Fred Swaniker from Africa Leadership Group; Professor Hakeem Belo-Osagie of Harvard Business School; Myma Belo-Osagie of the Harvard Africa Studies Centre; Patrice Motsepe of African Rainbow Minerals; Mohammed Dewji of METL; Moussa Faki Mahamat of the African Union; Graca Machel of the Graca Machel Trust; Wamkele Mene from the African Continental Free Trade Area Secretariat; Tope Lawani of Helios Partners; Masai Ujiri of the Toronto Raptors; Mimi Alemayehou from Three Cairns Group; Dr. Donald Kaberuka of Southbridge Group; Precious Moloi-Motsepe of Africa Fashion International; Richelieu Dennis of Sundial Group of Companies; Louise Mushikiwabo, Secretary General of the Organisation Internationale de la Francophonie; Hassanein Hiridjee of Axian Group; Kate Fotso of Telcar Cocoa; Nkosana Moyo from the Mandela Institute for Development Studies; and Nku Nyembezi of Standard Bank Group.