African Renaissance Retreat

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African Renaissance Retreat took place in Kigali, Rwanda from September 6th to 8th, 2024. Addressing a gathering of influential leaders and entrepreneurs, Dangote, Africa’s richest man, stressed that the continent’s youthful population and abundant natural resources offer unparalleled opportunities for growth and global influence.

With a youthful population poised to drive economic innovation, Africa stands at a pivotal moment of transformation. In a world where connectivity is key, Africa seeks to leverage its uniqueness for growth and development. Recognizing the need for collaboration across sectors, the Retreat calls for unified efforts to harness Africa's strengths and resources. By fostering dialogue and action, the event aims to pave the way for a prosperous and sustainable future.

The gathering, initiated by Dangote, aimed to unite African business leaders and policymakers to tackle the continent’s challenges and promote Africa as a prime destination for investment. Dangote reflected on the success of his own business, which operates in 14 African countries, despite obstacles like inconsistent government policies, infrastructure deficits, and economic instability.

Dangote, Africa’s richest man — Dangote industries limited

Speaking on Africa’s wealth, Dangote noted that the continent is home to approximately 30% of the world’s mineral reserves, including the largest deposits of gold, cobalt, uranium, platinum, and diamonds. Additionally, Africa holds 65% of the world’s arable land and 10% of its renewable freshwater resources, making it a key player in global economic prosperity. “These assets are critical for driving not just Africa’s growth but that of the world,” Dangote remarked.

former Nigerian President Olusegun Obasanjo and Dangote

The event featured contributions from prominent African figures, including Rwandan President Paul Kagame, former Nigerian President Olusegun Obasanjo, former Liberian President Ellen Johnson Sirleaf, and former Ethiopian Prime Minister Hailemariam Dessalegn.

The retreat also served as a platform to address issues such as conflicts, energy and food security, supply chain disruptions, debt crises, and development funding. Dangote emphasized the importance of dialogue in shaping Africa’s future narrative and driving transformative change.

The closing resolutions include plans to improve the free movement of people across Africa, reduce logistics costs, and expand internet access—seen as crucial for unlocking the continent’s economic potential.

Theo Edwards for YAME

Nigeria To Meet Its Own Fuel Needs

Nigeria is supposed to meet the needs of West, East, and Central Africa in terms of supply

By Sylvester Samba

Dangote Industries Limited, based in Nigeria, confirmed the country's Federal Government support towards the completion of its Petroleum Refinery. The Dangote refinery, which is designed to maximize petroleum output, will produce enough to allow for a small surplus of fuel for export. Dangote plans to export its diesel to Europe, and gasoline to Latin America, Western, and Central African markets. The evacuation of refined products will be done by sea and through roads. Nigeria is Africa’s largest crude oil producer but lacks refining capacity to meet its own fuel needs.

A press release issued by the group dated Monday 4th November 2019 disclosed that the Honorable Minister of State for Petroleum Resources, Chief Timipre Sylva made the pronouncement that his government is going to ensure the completion of the historic 650,000 BPD, Dangote Petroleum Refinery during an official visit to the Petrochemical complex located at the Lekki Free Trade Zone in Lagos, Nigeria. Sylva said the Dangote Refinery and Petrochemical was a testament that the country possesses an enabling environment for businesses to thrive and that the success of the project will boost investors' confidence in the country's oil and gas project. He implored Nigerians to support the refinery project to ensure it creates more value-added to the economy.

There is no way a project of this magnitude will be going on, and the government will not be interested.

The country's Minister of State for Petroleum Resources said the project signals a lot if it succeeds, adding that the whole world is looking at the success of the project. And they will come to Nigeria to at least also enjoy the benefit of investing in the country.

In his remarks, Aliko Dangote, Group President, and Chief Executive, Dangote Group, said his group believed in Nigeria. He said there is a three percent growth population increase annually in Nigeria.

Nigeria is supposed to meet the needs of West, East, and Central Africa in terms of supply.

Mr. Devakumar Edwin, the company's Group Executive Director, Strategy, Capital Projects and Portfolio Development, said that the asset creates a market for 11billion per annum of Nigerian crude, and can meet 100 percent of the Nigerian requirement of all liquid products.

The minister who was led on a tour of the Refinery by the Group President & Chief Executive, Dangote Industries Limited, Aliko Dangote, and the company's Executive Director, Strategy, Capital Projects and Portfolio Development, Mr. Devakumar Edwin, was accompanied by the Chairman, Senate Committee on Petroleum Downstream, Senator Sabo Nakudu; Chairman, Senate Committee on Services/member, Senate Committee, Upstream, Senator Muhammad Musa; GMD, Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari; Director, Department of Petroleum Resources (DPR), Mr. Ahmed Shakur; Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote; and the Executive Secretary, Petroleum Equalization Fund (PEF), Mr. Ahmed Boboi; among others.