Business magnate and Africa’s richest man, Aliko Dangote, has urged business owners to invest more capital in the continent to boost industrialisation instead of sending capital abroad.

Mr Dangote, also president and chief executive officer of Dangote Group, spoke at Unstoppable Africa 2026 on Tuesday in New York, U.S., where he underscored the need for local investment that leverages the African Continental Free Trade Area (AfCFTA).

The entrepreneur stressed that continued capital outflows would hamper Africa’s industrial growth.

“We must believe in our continent,” Mr Dangote said at the two-day forum, according to a statement by the organisers.

Calling for more investment in the continent despite economic challenges, he stated, “Once you start, it gets easier. But the more you don’t do anything, it becomes difficult.”

More than 3,000 African and global business leaders attended the event, with discussions centred on industrialisation and economic opportunities in Africa.

To attract private investment in the African economy, Director of the African Department at the International Monetary Fund, Eine Zeidane, called for structural reforms and stronger domestic financial markets and wider African markets through AfCFTA.

The UN Deputy Secretary-General Amina J. Mohammed, who closed the forum, said that with advances in technology and artificial intelligence, Africa had the opportunity to invest in these areas to boost growth.

“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. What we need is the opportunity, infrastructure, and investment to deploy them at scale. This is a moment for Africa to shape its own AI story, combining the continent’s talent with the technology and infrastructure needed to build the future,” Ms Mohammed said.