Dangote investments driving Africa’s industrial growth, say AFC, experts

• Seek stronger support for indigenous manufacturers

By Beifoh Osewele

Leading economists, financial experts and industry stakeholders have identified the Dangote Group’s investments as key drivers of industrialisation and economic transformation in Nigeria and across Africa.

They said the investments had contributed to job creation, import substitution, foreign exchange conservation and the continent’s economic competitiveness.
The experts spoke at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to introduce policies that would strengthen indigenous industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, described the Dangote Group’s sustained investments across Africa as critical to unlocking the continent’s economic potential.

Zubairu said recent economic reforms had improved foreign exchange stability, strengthened external reserves and eased inflationary pressures.

He, however, stressed that attention must now shift to industrial growth, productivity and employment creation.

Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remained Africa’s most viable path to sustainable economic development.

He called for better alignment between trade and industrial policies, arguing that local manufacturers needed strategic support to compete effectively and deliver wider economic benefits.

Founder and Chief Executive Officer of Nairametrics, Ugodre Obi-Chukwu, described Africa’s growing population as a major industrial opportunity.

He said investments such as the Dangote Refinery were helping to retain capital within the continent, reduce dependence on imports and strengthen local production capacity.

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria was gradually moving away from a consumption-driven economy towards one anchored on investment and production.

Rewane said sustained investment in productive sectors would stimulate economic growth, create jobs and improve living standards.

Participants also called for stronger credit infrastructure, improved national identification systems and increased investment in skills development to raise the productivity and global competitiveness of Africa’s growing youth population.