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Leading economists, financial experts and business leaders have described investments by Dangote Industries Limited as major catalysts for industrialisation, job creation and economic growth in Nigeria and across Africa.
They spoke on Thursday at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” sponsored by Dangote Industries Limited.
The stakeholders said large-scale investments in productive sectors were helping to boost local production, reduce dependence on imports, conserve foreign exchange and strengthen Africa’s economic competitiveness.
President and Chief Executive Officer of the Africa Finance Corporation, Samaila Zubairu, commended the Dangote Group for its sustained investments across the continent.
Zubairu said recent economic reforms had helped improve foreign exchange stability, strengthen external reserves and ease inflationary pressures, but stressed that the next priority should be to drive industrial growth, productivity and employment.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, said industrialisation remained critical to achieving sustainable economic development.
He called for better coordination between trade and industrial policies, noting that local manufacturers needed stronger government support to compete effectively and expand their contribution to the economy.
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Founder and Chief Executive Officer of Nairametrics, Ugodre Obi-Chukwu, said Africa’s rapidly growing population offered significant opportunities for industrial investment.
He noted that projects such as the Dangote Refinery were helping to retain capital within Africa while expanding local production capacity.
In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria was gradually moving from a consumption-driven economy towards one increasingly driven by investment and production.
Rewane said sustained investments in productive sectors would be crucial to generating employment, supporting economic growth and improving living standards.
The participants also called for stronger credit infrastructure, improved national identification systems and greater investment in skills development to unlock the potential of Africa’s youthful population.
They maintained that creating an enabling environment for indigenous businesses and manufacturers would be essential to attracting more investment, expanding production and accelerating economic diversification across the continent.
