L-R, Strathmore Busses School (SBS) Director of Academic Carol Musyoka; Director of Academic Lagos Business School (LBS) Patrick Akinwuntan; Vice President, Oil and Gas, Dangote Industries Limited, Devakumar Edwin; President / CE, Dangote Industries Ltd, Aliko Dangote; Dean of Lagos Business School ( LBS) Professor Olayinka David-West; Executive Dean of Strathmore Business School(SBS) Nairobi Kenya, Dr. Caesar Mwangi, during the visit of LBS’ Global CEO Africa Programme Cohort 5 to Dangote Petroleum Refinery and Fertiliser Plant in Ibeju-Lekki Lagos on Thursday July 10,2025.
Aliko Dangote, President and CEO of Dangote Industries Limited, has called on African entrepreneurs, business leaders, and affluent individuals to take an active role in developing the continent through bold investments.
Speaking to participants of the Global CEO Africa Programme—hosted by Lagos Business School and Strathmore Business School in Nairobi—during a tour of the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, Dangote emphasized Africa’s vast potential to grow and compete on the global stage with the right commitments.
He highlighted the importance of ambitious, transformative projects to tackle Africa’s longstanding challenges, pointing to the Dangote Petroleum Refinery—the world’s largest single-train refinery—as a testament to what can be achieved. Despite initial doubts and obstacles, Dangote’s team remained resolute, proving that such large-scale projects are possible and can drive economic progress.
“There will always be challenges. Life without challenges isn’t exciting. You hope for challenges you can overcome, not ones that overwhelm you,” he said.
Building on this success, Dangote revealed plans to make his fertilizer company the largest globally, with a 40-month target for completion. He stressed Africa’s wealth in human and natural resources and urged business leaders to harness these assets to create jobs for the continent’s growing population.
Dangote also called on Africans to invest within the continent rather than moving capital abroad. “If we don’t show confidence in our own economies and leadership, foreign investors won’t. The money leaving Africa should stay here to benefit everyone,” he said.
Reflecting on Africa’s economic dependence despite political independence, Dangote cited examples like Dubai and Singapore, which have progressed through visionary policies and partnerships with entrepreneurs. He expressed concern about the gap between Africa’s population growth and job creation, advocating for a strong banking sector, manufacturing base, and agriculture to underpin transformation.
Dangote also highlighted infrastructural challenges, noting it is currently cheaper to import goods from Spain than to transport materials between neighboring African countries. He encouraged the visiting CEOs to remain ambitious despite policy inconsistencies and to deepen their industry knowledge.
“If you think small, you don’t grow. If you think big, you grow. It’s better to try and fail than never to try at all,” he advised the 24 CEOs from six African countries.
Patrick Akinwuntan, Academic Director of the Global CEO Africa Programme at Lagos Business School, described the initiative as a platform to inspire Africa’s future business leaders. The programme, delivered in partnership with Strathmore Business School and Yale School of Management, includes modules in Nairobi, Lagos, and New Haven, aiming to nurture leaders who view Africa as a unified market full of potential.
Akinwuntan praised Dangote as a visionary leader whose integrity and boldness have brought monumental projects to life. Dr. Caesar Mwangi, Executive Dean of Strathmore Business School, echoed this sentiment, stating the refinery exemplifies the power of dreaming big and acting decisively.
“This refinery is proof that Africans can develop Africa. Every CEO here can take this inspiration home and initiate projects that uplift the continent and create opportunities for millions of young Africans,” Mwangi said.
Prof. Olayinka David-West, Dean of Lagos Business School, noted that the refinery’s impact extends beyond petroleum, supporting frameworks like the African Continental Free Trade Area (AfCFTA) and driving broad economic benefits.
Dr. Rabiu Olowo, CEO of Nigeria’s Financial Reporting Council, said the visit renewed the call for bold, courageous leadership in sustainable development.
The visiting CEOs included notable leaders such as Segun Aina, global banking executive; Nancy Njau, Managing Director of Family Bank, Nairobi; Emmanuel Wakili, Ecobank executive for Cameroon and CESA Region; and Ibukun Oyedeji, former President of the CFA Society Nigeria.
