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From Juliana Taiwo-Obalonye, Abuja
Africa’s richest man, Aliko Dangote, has praised President Bola Tinubu’s recent UK visit as a pivotal moment that will “open quite a lot of doors” for Nigerian and African investors, spotlighting a landmark £746 million agreement to upgrade Nigeria’s ports and infrastructure.
Speaking to journalists after a courtesy visit to President Tinubu in Lagos on Tuesday, Dangote who said he came to extend Eid Mubarak greetings and inquired about the president’s health, noted the economic ripple effects of Tinubu’s high-profile trip.
He lauded the visit’s outcomes: “I think it has opened ways. Today, diplomacy without the economic part of it is not complete. So I believe his visit will open quite a lot of doors and you can see the agreement that was signed for actually improving our infrastructure, especially in the ports and other areas, which is almost £746 million, that’s quite a lot.”
Dangote, whose Dangote Group spans refineries, cement, and more across Africa, framed the deal not just as funding but as a powerful vote of confidence amid Britain’s own economic pressures. “It’s not that easy dealing with British, getting this kind of money out of them. They too are struggling on their own. But I think this to show confidence, it’s not about the money, it’s about the confidence in Nigeria,” he said.
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He predicted a domino effect: “So the moment they do that, there will be other countries that will follow suit. So it’s not the £746 million, we too can do that to any other country and invest. But I think it is something to show an appreciation of Mr. President’s good work, the infrastructure he has been building, this will help and complement, but there will be other countries that will do. Germany will come, others… so they will line up and start coming now. This is supposed to be a win-win situation.”
For Nigerian investors, Dangote urged seizing the moment, pointing to untapped opportunities at the UK’s credit agency. “For Nigerian investor it has shown that we can also go to the same agency and tap the resources. It means that the agency now is open for business for Nigerians, and we will go as private people to go and look for them to give us support. It’s a credit agency, which we haven’t really tapped those resources for very long time. So I think with what has happened now. It shows that there is capacity for them to fund some of our projects.”
Dangote’s endorsement comes as Nigeria navigates global headwinds, including oil sector volatility tied to international tensions.
He acknowledged the risks but expressed hope for de-escalation. “It means quite a lot. We don’t have much to do with it, but you know the world is a global village, and it definitely will affect us, unfortunately. But we pray this situation will be sorted out, it’s not going to escalate,” he noted, warning of knock-on effects: “If it doesn’t de-escalate, we’ll end up paying big prices… Africa is very busy paying debts and putting this again on top of us is going to add a lot of hardship on the government, on the people, on everybody.”
He highlighted everyday impacts—“People like barbers, people who are making bread, people who have industries, who have to fire their own generators”—and drew parallels to COVID-19 measures, citing Indonesia’s reduced workweeks. “So I pray, and we all need to pray that this thing de-escalates… we in Africa, we don’t have any reserves… If they don’t work that day, they won’t eat. So I think really, we just need all hands on deck to pray that this thing comes to an end.”
