The Nigerian Industrial Behemoth That Could Reshape the African Economy

Earlier in August, it was reported that Nigeria's Dangote Refinery secured a $1 billion underwriting for its upcoming stock market listing, which is set to become Africa's largest IPO. Indeed, the whole the continent has seen lots of economic growth in the last few years: According to the United Nations, growth across Africa was expected to reach 4.0% in 2026. The history of economic development on the continent is a vexed one; access to critical resources, whether its minerals or petrochemicals, has not always equated to improved economic conditions. To understand what is going on in Africa, we talk to Joe Studwell, the author of How Africa Works: Success and Failure on the World's Last Developmental Frontier. The product of a decade of reporting, Studwell's book argues that African countries, in many instances, have failed to adopt development strategies (an industrial policy that favors export manufacturing for instance) that mirror Asian counterparts. And while development has been uneven, Studwell is optimistic that the seeds of sustained development are increasingly taking root, at least in some countries. We speak to Studwell about the Dangote IPO, why development has historically been so difficult, Rwanda's dreams of becoming Africa's Singapore, and why Lagos is one of the most impressive cities in the world.

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