Dangote Calls on Africa to Keep its Capital at Home as Industrialization Takes Center Stage at Unstoppable Africa

African business leaders are advocating for a larger share of the continent's growth, emphasizing the need for investment and local value creation. Aliko Dangote, President and CEO of Dangote Group, addressed global business leaders at the Unstoppable Africa 2026 forum, advocating for a shift in focus toward domestic investment in Africa's industrial future. He underscored the importance of halting the outflow of capital to foreign markets in order to build competitive industrial strength.

During his address, Dangote highlighted the significance of the African Continental Free Trade Area (AfCFTA) in fostering the scale necessary for major industrial projects. "We must believe in our continent," he urged, encouraging businesses to persevere despite the challenges of establishing large organizations in Africa. He warned that inaction can lead to greater difficulties, stating, "Once you start, it gets easier. But the more you don't do anything, it becomes difficult."

The two-day forum in New York attracted over 3,000 African and global business leaders and heads of state, reflecting a growing global interest in Africa's economic opportunities and a willingness to forge stronger commercial partnerships. Another prominent feature of the event was the South African Business Initiative for Impact (SABII), which aimed to highlight South Africa's investment and partnership opportunities.

Discussions at the forum also addressed the importance of structural reforms and enhanced domestic financial markets for attracting private investment, as noted by Zeine Zeidane, Director of the African Department at the International Monetary Fund. They also explored Africa's rapidly expanding digital economy, with Flutterwave CEO Olugbenga Agboola emphasizing the potential of technology to support business growth.

In a notable partnership, H.E. Ndemupelila Netumbo Nandi-Ndaitwah, President of Namibia, signed an agreement between the Netumbo Nandi-Ndaitwah Foundation and the Queens of the Continent Foundation, founded by Chiney Ogwumike, to empower young people in Namibia, particularly girls and young women. The creative economy was another key topic, with speakers discussing the ability of African creators to reach global markets. UN Deputy Secretary-General Amina J. Mohammed concluded the forum, highlighting the opportunity for Africa to leverage technology and innovation for growth and development.