An indigenous African company is processing their own natural resources inside Africa: The Dangote group is building the largest single train Petroleum refinery in the world in Nigeria.

Who is Aliko Dangote?

Aliko Dangote is the CEO and founder of the Dangote group. The Dangote Group is one of Nigeria’s most diversified business conglomerates with a reputation for excellent business practices and products’ quality with its operational headquarters in Lagos, Nigeria. He is also the CEO of the Dangote foundation which is involved in many charitable activities.

The Dangote refinery and Petroleum Project

The Dangote refinery and Petroleum Project is an $18 billion project by the Dangote group being constructed at the Ibeju-Lekki axis of Lagos State, Nigeria. The refinery complex which includes a refinery, petrochemical plant, a fertilizer plant and a subsea pipeline project, is the largest in the world.

With a 650,000 barrels per day capacity and 838 KTPA Polypropylene plant, the refinery segment of the business on completion will become the largest single-train petroleum refinery in the world.

Why Dangote is an inspiration to African entrepreneurs?

The refinery being built by the Dangote group could be one of the most important business investments in Africa since independence. This is because by Dangote building the refinery he is disrupting foreign domination of African resources. Since independence Africa has just been a resource supplier to the rest of the world. Most African countries just export primary products to foreign markets be it oil, minerals, metal and agricultural resources.

No wonder Africa is the poverty capital of the world today. Since the countries practically add no values to their resources. Dangote is telling African entrepreneurs that you can also process your natural resources right at home.

Why the Indigenous African business community should follow in Dangote’s footsteps?

 If the refinery Dangote is building was to be constructed by the Nigerian government, it will cost at least four times more and take at least twice longer to complete. The final nail in the coffin will be the refinery going under within few years of operations due to corruption and neglect from the government. Similar to how all previous Nigerian refineries went under. Certainly, this is proof that it is the indigenous African entrepreneurs who should kick-start the industrialization of their economies.

Dangote is proof that the indigenous African Business community should invest in industries

African countries are not maximising the full value chain of their resources. The majority are just stuck at the primary level of resources extraction. For example, when it comes to the oil and mining sector, African governments are just contented with foreign multinational extracting resources for quick bucks. Similarly, in the agricultural sector, they are not supporting farmers to add value to their agricultural resources.

Due to the above reasons, African entrepreneurs must venture into the industrial sector to help lift their fellow citizens from the poverty trap. This is exactly what the Dangote group is doing.

Why African governments must encourage the indigenous business community to participate in their own economies?

It is great to see that African countries in the past 5 years have realised that investments are key to national developments. Hence, various investment forums are being organised both within and outside Africa. Whilst this a commendable venture, African governments are not doing enough to encourage local investments. Encouraging investments from the indigenous local business community is the most important step for any country to grow her economy. There are several reasons for these.

Firstly, local investments will keep their revenues and profits inside the home country given the right environment. Similarly, they would also pay taxes to their economies further generating revenues for the governments. For example, Dangote cement Plc pays more than half of its revenues as taxes to the Nigerian economy.

On the other hand, there are several reports of multinational companies participating in capital flights by evading taxes in Africa. It has been reported that Africa loses more than $60billon in revenues annually due to capital flight.

Secondly, Local African businessmen if encouraged by their governments will further invest their profits in other sectors of the economy.

Thirdly, they will provide more employment opportunities through their investments. For example, the Dangote group is the largest employer after the government in Nigeria. Fourthly, they will inspire their fellow citizens to also be entrepreneurs. This will bring a positive shift in the mindsets of Africans that they can become prosperous inside their home countries.

To top it up, when foreign investors see that the locals are investing heavily in their economies, they would be encouraged to follow suit. Finally, all the above reasons will synergistically interact to lift the economy of the nation to prosperity.

Do you believe that the African business community in other countries can follow in Dangote’s footsteps? How can the African business community persuade their governments to create an enabling environment for local investments?

Share your thoughts below.

African youths are mobilising to fight against the CFA Franc: Foremost Pan-Africanist Kemi Seba is leading African youths to fight against the CFA as France looks to sabotage the ECO.

Kemi Seba speaking to journalists

What is the CFA franc?

The CFA franc is the name of two currencies, the West African CFA franc, used in eight West African countries, and the Central African CFA franc, used in six Central African countries. Although separate, the two CFA franc currencies have always been at parity and are effectively interchangeable. Both currencies are guaranteed by the French treasury.

Who is Kemi Seba?

Kémi Séba is a French-Beninese writer, activist, and Pan-Africanist political leader. He is the founder of the NGO Urgences Panafricanistes and has been extremely critical of France’s involvement in Africa. His organization is present in all Francafrique countries fighting against the continuing recolonization of their currencies by France. He has been a pan-Africanist since his teenage years in France.

Mobilization of African youth against French Neo-colonialism and the CFA franc

He recently organized a rally in Bamako, Mali. The purpose was to mobilize Malian youths against neocolonialism, the expansion of the Franc Zone, poor governance and against French military bases on African soil. He was greeted by thousands of concerned and conscious Malian youths. Similar rallies were also held in Niger and Congo Brazzaville.

The French since colonialism ended still refuse to cut the neocolonialism umbilical cords of her former colonies. Despite the criticism of the relations it seems the French are still hell-bent on continuing the parasitic relations.

Benefits of the Eco

When the Eco is introduced, all 15 countries will have the same currency. Rapid infrastructural developments are on-going in west Africa to better link the countries. The Eco will facilitate trade among these countries. Consequently, improving the economies of these countries.

In addition, African businesses will find it easy to set up shop in other countries. Not only will the Eco improve businesses and trade but it will also catalyze the other African regions to introduce a common currency for their respective blocs.

As a result, the cumulation of these actions will result in a common currency that will unite all the African countries in the future. But as the saying goes a journey of a thousand miles begin with one step. The Eco will be a step in the right direction.

Potential sabotage of The ECO currency by France

The ECOWAS region plans to introduce a common currency called the ECO in 2020. This will mean the gradual elimination of the CFA France from West Africa.

But it seems the French will not let go without a fight. This is mostly due to being embolden by puppet Francafrique leaders in power. Led by presidents Alassane Ouattara of Ivory coast and Macky sall of Senegal.

Oppositions to the introduction of the ECO will most likely come from these two puppet leaders. Hence other African countries are hereby warned to pay attention to any stalling tactics from these two. Kemi seba especially has warned of these two so-called leaders as being the prime puppets of France in Africa.

France adopted the Euro and dropped her former Franc currency for the betterment of the EU region. On the other hand, they are opposed to West African countries joining forces with one currency. Ironically, they will complain of African migrants in Europe but still would not allow African nations to develop.

With the expectations of sabotage from France through malicious publications about the Eco and backed by puppet Francafrique leaders, the coming months will see how it all plays out.

What are your thoughts regarding the introduction of the Eco? Do you think that the puppet Franceafrique leaders will work to derail its introduction?

Share your thoughts below .