Aliko Dangote, Chairman and CEO of Dangote Group of Companies, spoke last week at a panel discussion organized by African Development Bank (AfDB)’s Board of Directors. The two-day retreat focused on the private sector’s role in African economic transformation and how banks can provide effective partnership and assistance.
Dangote drew from his experience as a leading private sector operator in Africa as he commented on the situation of development and economic transformation in the continent. He said that he believes massive investments in infrastructure, education, health and agriculture can solve Africa’s development issues but governments across the continent need to set appropriate policies
Dangote, a firm believer in Africans taking the lead in the continent’s emergence, stated, “When Africans show belief, faith and confidence in Africans, foreigners will follow.”
He believes that for Africa to industrialize, it is important that all sources of foreign investments into Africa demonstrate some of the practices and commitments Africans value. Dangote noted that stories abound across the continent on successes of large companies and SMEs and commented on their importance to the continent’s value chain.
“However, African governments need to embrace global business standards,” Dangote said. “This includes transparency, stout political will, strong procurement rules and bold leadership by governments – practices that demonstrate a level playing field for all economic actors.”
Dangote commended the AfDB for its strong support of this important business segment: “For us, it is a matter of making sure that the practices associated with investments in Africa are in line with ensuring they generate maximum benefits for these countries and their citizens,” he said
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This article was first published on 26th February 2014
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Aliko Dangote, Chairman and CEO of Dangote Group of Companies, spoke last week at a panel discussion organized by African Development Bank (AfDB)’s Board of Directors. The two-day retreat focused on the private sector’s role in African economic transformation and how banks can provide effective partnership and assistance.
Dangote drew from his experience as a leading private sector operator in Africa as he commented on the situation of development and economic transformation in the continent. He said that he believes massive investments in infrastructure, education, health and agriculture can solve Africa’s development issues but governments across the continent need to set appropriate policies
Dangote, a firm believer in Africans taking the lead in the continent’s emergence, stated, “When Africans show belief, faith and confidence in Africans, foreigners will follow.”
He believes that for Africa to industrialize, it is important that all sources of foreign investments into Africa demonstrate some of the practices and commitments Africans value. Dangote noted that stories abound across the continent on successes of large companies and SMEs and commented on their importance to the continent’s value chain.
“However, African governments need to embrace global business standards,” Dangote said. “This includes transparency, stout political will, strong procurement rules and bold leadership by governments – practices that demonstrate a level playing field for all economic actors.”
Dangote commended the AfDB for its strong support of this important business segment: “For us, it is a matter of making sure that the practices associated with investments in Africa are in line with ensuring they generate maximum benefits for these countries and their citizens,” he said
