Africa’s richest man, Aliko Dangote, has praised President Yoweri Museveni for stopping the export of unprocessed raw materials, saying the bold move will force investors to add value locally and create jobs on the continent.
Dangote was speaking on Thursday at the Africa We Build Summit 2026 in Nairobi, where he outlined plans to replicate his Nigerian refinery model in East Africa.
“I can give commitment to the two presidents that were here. If they will support the refinery, we’ll build the identical one that we have in Nigeria, 650,000 barrels,” Dangote told delegates. “There’s nothing that can stop it. We have done the one in Nigeria, and that’s why we are taking the bold move, which we have started already. Piling has started.”
He revealed that the group is scaling up to construct what would be the world’s largest refinery.
“We are building that one to a scale. 1.4 million barrels a day will be the largest refinery in the world,” he said. “Number two, we’ll have 10% of the entire United States of America’s refining capacity.”
Dangote linked self-sufficiency to resilience, citing Nigeria’s petrochemical production as critical to keeping industries alive. “If you look at it today in Nigeria, if not because we have polypropylene, all the businesses would have collapsed because cement is packed in polypropylene, flour, rice, grains, everything,” he explained.
“The cost now has shot up between just 45 days, from $900 a ton to $3,000. There’s no way you can afford it. So that is why we must learn how to build self-sufficiency.”
The billionaire also reflected on financing challenges African firms once faced. “Around 2003, 2004, 2005, we were even paying 44% interest rate on loans in Nigeria,” he said.
“We had to go to IFC to raise money. It was our first loan abroad. It was 478 million. Somebody gave them a calculation that we need three years loan. They said no, you guys don’t know what you are talking about, you need seven years: two years moratorium and five years payment.”
Dangote noted his group repaid early.
“We took that money, we paid it back before the expiration of the moratorium which was 24 months. We paid the money back in 18 months.”
“So it is possible that Africans can do it. Let us not be scared,” he added. “Let them not come and convince us that somebody needs to carry our raw material to go and produce and bring the items here.”
He singled out Museveni’s policy shift.
“I must really thank the president of Uganda for taking this bold move stopping the export of raw materials. Those who want it will be forced to come and produce it from here.”
Dangote said Africa now has the expertise and financing to drive industrialization.
“We too, we have educated people. We have big financial institutions. It’s not like before. Things have changed.
