Africa’s wealthiest man Aliko Dangote, President and Chief Executive of the Pan-African conglomerate, Dangote Group, called on business and institutional leaders to become visionaries and catalysts for the much-needed transformation on the continent. He said this during a private event, dubbed the African Renaissance Retreat, which took place from September 6 to 8, at Kigali Golf Resort and Villas, bringing together some of the most influential leaders on the continent. Organized by the Nigerian billionaire, the retreat brought together about 50 wealthiest, influential, and brilliant minds and leaders of the continent's most important industrial and financial conglomerates. He said that he had long contemplated bringing together a group of dedicated African business leaders to address the continent's challenges, identify concrete solutions, and showcase Africa as a viable investment destination despite its obstacles. He noted that the objective of the retreat was to offer an opportunity for collective action in tackling various issues, including persistent conflicts, energy and food security, supply chain disruptions, the debt crisis, and access to long-term concessional funding for development. Despite significant challenges besetting Africa, its youthful population and abundant resources, including about 30 percent of the world's mineral reserves and the largest reserves of gold, cobalt, uranium, platinum, and diamonds, offer opportunities for substantial and inclusive growth, he said. Additionally, we have 65 percent of the world’s arable land and 10 percent of the planet’s internal renewable freshwater sources. Together these present a myriad of opportunities for robust, inclusive growth that harness our abundant human potential and natural resources to increase prosperity, not just in Africa but across the globe, he said. Africa at a critical inflection point Dangote added that Africa is at a crucial inflection point, with the world’s youngest and fastest-growing population, rapidly expanding cities, and a growing embrace of innovation and new technologies, including Artificial Intelligence. This small private and high-level gathering to discuss these issues and align on how we will own and shape our narrative for development is long overdue,” he said. “With the foremost entrepreneurs on the continent, the leaders of the largest pan-African companies, those at the helm of the most important development institutions in Africa, our brothers and sisters leading global institutions, our leading investors, our pre-eminent civil society activists and a few of our most respected political leaders, this first step will be an opportunity to have a frank and honest dialogue amongst ourselves to consolidate what we see as our common ground.” He added that they came together not just as leaders in their respective institutions but as visionaries and catalysts for transforming societies. “It is our collective responsibility to play our role in transforming our continent. Nobody will do it for us but us – especially us in this room.” While expressing his hope that the retreat would produce initiatives capable of significantly shaping Africa’s future and benefiting its people, Dangote cautioned that it is crucial for the leaders present to move beyond dialogue to decisive implementation and tangible impact. Retreat outcomes Following the discussion, participants resolved to urge African private sector and political leaders to engage in regular high-level dialogue. Additional proposals included supporting the ratification of the free movement of people protocol, launching the African Renaissance Companies Gender Compact, and convening top global business leaders of African descent. The leaders also aimed to champion an initiative aimed at significantly reducing logistics costs across the continent and one focused on ensuring internet access for a broader segment of Africa’s population. Dangote noted that despite dealing with multiple barriers such as visas, inconsistent change in government policies, inadequate technical talent, lack of critical infrastructure, foreign exchange crises, inflation, cost of capital and other conflicts of differing dimensions, the Dangote Group has expanded from Nigeria to 14 countries across the continent. The presence spans multiple sectors from cement to fertilizers, sugar to oil refineries, petrochemicals, agriculture and more. The good news is that despite these challenges, we have succeeded in building a pan-African Group that employs over 50,000 people and generates revenues that should exceed $30 billion by the end of 2025, he said. The attendance The invitees included Amina J. Mohammed, Deputy Secretary-General of the United Nations, three former heads of state, including Liberia’s Ellen Johnson Sirleaf, Olusegun Obasanjo of Nigeria, and Jakaya Kikwete of Tanzania, and former Prime Minister of Ethiopia Hailemariam Desalegn. Including Rwanda’s Clare Akamanzi, President of NBA Africa, Donald Kaberuka of Southbridge Group, Louise Mushikiwabo, Secretary General of Organisation Internationale de la Francophonie. Billionaires such as Naguib Sawiris, Chairman of Egypt-based Orascom TMT Investments, Patrice Motsepe of South Africa-based African Rainbow Minerals, Tanzania’s Mohammed Dewji of METL Group, and Nigeria’s Tony Elumelu of Heirs Holdings, and Femi Otedola of Geregu Power Plc and FBN Holdings Plc, were in attendance. Dangote also invited to the meeting Makhtar Diop, the Managing Director of the International Finance Corporation, Hassanein Hiridjee, the head of Axian group, Ivorian Tidjane Thiam, Cameroonians Vera Songwe and Kate Fotso, and the founder of Teyliom, Yérim Sow. Wamkele Mene, Secretary General of African Continental Free Trade Area. Mostafa Terrab of OCP Group, Moulay Hafid Elalamy of Saham Group, Akinwumi Adesina of the African Development Bank, Benedict Oramah of Afreximbank, and Jim Ovia, the founder of Zenith Bank, were the other attendees. Renowned figures in the world of finance could not miss the event. The President of Bank of America Bernie Mensah, Aigboje Aig-Imoukhuede of Access Holdings, Abdul Samad Rabiu of United Bank of Africa (BUA) Group, James Mwangi of Equity Group Holdings, Jeremy Awori of Ecobank Transnational Incorporated, and Nku Nyembezi of Standard Bank Group, were also invited.
