MONDAYBUSINESS Dangote: Africa will become world’s food basket soon

Business mogul Aliko Dangote has said Africa will soon become the food basket of the world.

In a packed room at the headquarters of global law firm Shearman and Sterling LLC high level business leaders and international diplomats invited by the Corporate Council for Africa to hear Africa’s richest man, Aliko Dangote, and Rwandan President Paul Kagame openly conversed on Africa’s opportunities and challenges.

Both leaders underscored the ongoing movement to diversify African economies. In the case of Nigeria, Africa’s largest economy, Dangote stated “We should pray that oil prices remain low. This helps wean us off the dependency on revenues from petroleum. We must take oil to be the icing on the cake. We already have the cake,” he added.

In addition to agriculture Dangote cited Nigeria’s vast mineral resources and gas as well and the need to manufacture more goods locally for domestic consumption. Both he and President Kagame cited the need for heavy investments in education and connected the need for young people to be well trained for the jobs of tomorrow.

Dangote predicted that “five of the 12 million jobs needed in Africa soon must be created in Nigeria.”

Dangote’s fortune which stems from cement, sugar, and other household commodities has expanded into fertiliser and other processed high-value goods. “Technology of course helps us a lot and our factories are state of the art with the use of robotics but we shouldn’t be overly tech oriented to create wealth,” he told investors.

Dangote who is often cited as one of the most inspiring business leaders in the world today and a model for young entrepreneurs, offered advice to Americans who tend to rely on outdated news and wrong perceptions of Africa, “Don’t be lazy. Go there and find the real story for yourself. Things have changed,” he said.