Aliko Dangote, Africa’s richest man, says constant electricity issues and inconsistent government policies are major reasons why industries in Africa are not growing.

Speaking at the Afreximbank Annual Meetings in Abuja, Dangote said many African countries, including Nigeria, are missing out on economic growth because they can’t provide stable power or stick to long-term industrial policies.

He explained that relying on imported goods keeps Africa poor and takes jobs away from its people. He praised former President Obasanjo’s decision to ban cement imports, which helped Nigeria grow its own cement industry. Today, Nigeria produces over 60 million metric tons of cement and even exports it to other countries, earning hundreds of millions of dollars.

Dangote also shared that his company is working on a massive fertiliser plant that could end Africa’s need to import fertilisers within the next 40 months.

He urged African leaders to focus on growing local businesses, producing goods at home, and protecting African markets from foreign domination. He said leaders must stop blaming corruption and start taking action to fix the continent’s problems.

Finally, he revealed plans to list Dangote Fertiliser on the Nigerian stock exchange this year, and the Dangote Refinery next year.