Dangote Urges Africa to Keep Capital at Home for Industrial Growth

Aliko Dangote has urged African businesses and investors to keep more of the continent’s capital at home and direct it towards industrial development.

The President and CEO of Dangote Group made the call while addressing global business leaders at Unstoppable Africa 2026, a two-day forum held in New York. More than 3,000 African and international business leaders and heads of state were reported to have attended the gathering.

The forum focused on industrialisation, investment, economic partnerships, technology, creative industries and the opportunities presented by the African Continental Free Trade Area (AfCFTA).

Focus on African industrial capacity

Dangote argued that Africa would struggle to build industrial strength comparable to Asia if its money continued to move into foreign banks and markets. He said the continent needed to believe in its own economic potential and invest in projects capable of creating long-term industrial capacity.

“We must believe in our continent,” Dangote said, while discussing the challenges involved in building major organisations in Africa. He added: “Once you start, it gets easier. But the more you don’t do anything, it becomes difficult.”

He also highlighted the importance of AfCFTA in creating the scale needed for major industrial projects. The agreement was discussed as part of wider efforts to expand African markets and improve the conditions for investment.

South African Business Initiative for Impact brought South Africa’s business, investment and partnership proposition into sharper focus during the forum.

Reforms, finance and digital opportunities

Eine Zeidane, Director of the African Department at the International Monetary Fund, said structural reforms, stronger domestic financial markets and wider African markets could help attract private investment.

Digital finance and emerging technologies were also central to the discussions. Olugbenga Agboola, CEO of Flutterwave, said Africa’s young and increasingly connected population created opportunities in digital payments, artificial intelligence and other technologies.

Elly Savatia, Founder and CEO of Signverse, said the company had developed the largest publicly documented dataset for an African sign language to date. Signverse received $2 million in funding from Google and is building a framework intended to expand to multiple local African sign languages.

Creative industries and youth initiatives

The forum also examined ways to connect African creative businesses with international markets. The Afreximbank CANEX programme links African fashion brands with buyers through Tranoï in Paris and Japan and Coterie in New York. The initiative has secured more than 120 offtake agreements since 2022, according to the source report.

Zimbabwean brand Vanu Vanwerk was reported to be selling in more than 50 stores globally.

Youth empowerment was another area of discussion. The Netumbo Nandi-Ndaitwah Foundation and the Queens of the Continent Foundation signed a partnership agreement to explore opportunities to support and develop young people in Namibia, with a particular focus on girls and young women.

Ndemupelila Netumbo Nandi-Ndaitwah is President of Namibia, while Chiney Ogwumike, a two-time WNBA All-Star, was also among the figures associated with the forum’s discussions.

AI and Africa’s future

Closing the forum, Amina J. Mohammed, UN Deputy Secretary-General, said artificial intelligence could help Africa expand growth, innovation and opportunity.

“We are entering a new age of technology and AI that will fundamentally shape the future, and Africa has a tremendous opportunity to leapfrog,” Mohammed said. “Just as industrialisation transformed economies and created new forms of work, AI can open new pathways for growth, innovation and opportunity. Africa has the talent and the ideas.”

She said the continent needed the opportunity, infrastructure and investment to deploy its capabilities at scale, adding that Africa could combine its talent with the technology and infrastructure required to shape its own AI future.