Dangote, Afreximbank Reaffirm Partnership to Boost African Industrialization
Analysts say his alignment with Afreximbank could catalyze more transformative initiatives and spur economic renaissance across the continent.
CAIRO, Egypt- Africa's richest person, Aliko Dangote, and the leadership of the African Export-Import Bank (Afreximbank) met in Cairo on Monday to reaffirm their strategic partnership aimed at driving industrialization and economic transformation across the continent, writes Baboloki Semele.
During his visit to Afreximbank's headquarters, the Nigerian billionaire and founder of Dangote Industries Ltd. commended the successful collaborations that have enabled mega-projects like Dangote's oil refinery - set to be Africa's largest with a capacity of 650,000 barrels per day.
"This refinery stands as a testament to Africa's industrial prowess," Dangote said of the $19 billion facility under construction in Nigeria. He praised Afreximbank's financing support, which he said was crucial to the project's realization.
In turn, Afreximbank's president, Benedict Oramah, hailed the partnership's role in bolstering intra-African trade and prosperity through industrialization initiatives championed by Dangote's conglomerate.
"Both parties are deeply committed to the noble cause of transforming trade dynamics and fostering widespread prosperity across Africa," Oramah told reporters after meeting with Dangote.
Beyond the refinery project, the two parties discussed broadening cooperation in key sectors like infrastructure, manufacturing and agriculture to boost regional economic integration.
Founded in 1993, Afreximbank is a pan-African multilateral financial institution with the mandate of financing and promoting intra- and extra-African trade. It has been a lead arranger of syndicated loans for Dangote's industrial projects across Africa.
With an estimated net worth of $13.5 billion, Dangote is Africa's wealthiest person, deriving his fortune from his company's vast operations spanning cement, food and now petroleum refining.
Analysts say his alignment with Afreximbank could catalyze more transformative initiatives and spur economic renaissance across the continent.