Aliko Dangote met Canadian Prime Minister Mark Carney at his office in Canada to discuss investment partnerships between Canada and Africa, in a meeting the Dangote Group described as focused on opportunities inside Canada.
The stated agenda was the direction less commonly reported. According to the group, the discussions covered expanding investment opportunities in Canada and how the Dangote Group, alongside other African investors, might contribute to Canadian economic growth. The two also discussed Canada’s Africa Strategy and two-way trade flows.
No investment figure, sector, agreement or timeline was disclosed.
“Strategic partnerships between Africa and Canada have immense potential to drive sustainable growth and create value for both regions,” Dangote said. “There is a strong case for increasing investment, fostering innovation, and building mutually beneficial commercial relationships.”
He said closer economic ties would create jobs, support innovation and advance industrial development.
Dangote also met Ahmed Hussen, a member of parliament who chairs Canada’s foreign affairs committee. Hussen was born in Mogadishu and arrived in Canada as a refugee at 16, later serving as immigration minister and international development minister. Those discussions covered trade, investment and long-term cooperation.
A G7 prime minister taking a personal meeting with an African industrialist about outbound African capital is a departure from the pattern of the past two decades, in which Western governments have positioned themselves as sources of development finance for Africa rather than destinations for African investment.
Carney spent his career in central banking before entering politics, running the Bank of Canada through the financial crisis and the Bank of England through Brexit, which gives the meeting a different character from a routine trade call.
The timing sits alongside the largest capital raising Dangote has attempted. Dangote Petroleum Refinery and Petrochemicals has filed with Nigeria’s Securities and Exchange Commission for an initial public offering expected to conclude in October, seeking about $5 billion in what would be the largest share sale ever conducted in Africa. Exchanges in South Africa, Kenya, Egypt, Ghana and Rwanda have held talks with the company’s advisers about allowing local investors to take part.
