Leading economists, financial experts and industry stakeholders have described investments by Dangote Group as important drivers of industrialisation and economic transformation in Nigeria and across Africa.
The experts spoke at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they also called for stronger government support for indigenous manufacturers and policies capable of accelerating economic diversification.
President and Chief Executive Officer of the Africa Finance Corporation, AFC, Samaila Zubairu, commended Dangote Group’s investments across Africa, describing them as critical to unlocking the continent’s economic potential.
Zubairu said recent economic reforms had contributed to greater foreign exchange stability, stronger reserves and easing inflationary pressures, but argued that the next priority should be expanding industrial production, productivity and employment.
Chief Executive Officer of the Centre for the Promotion of Private Enterprise, CPPE, Muda Yusuf, said industrialisation remained central to sustainable economic development.
He called for greater coordination between trade and industrial policies, stressing that local manufacturers needed strategic support to compete effectively and deliver wider economic benefits.
Founder and Chief Executive Officer of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population represented a major industrial opportunity, with investments such as the Dangote Refinery helping to retain capital within the continent while expanding domestic 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 anchored on investment and production.
Rewane said sustained investment in productive sectors would be critical to stimulating economic growth, generating employment and improving living standards.
Participants also identified stronger credit infrastructure, improved national identification systems and greater investment in skills development as necessary to raise the productivity of Africa’s growing youth population and improve its global competitiveness.
They said sustained support for indigenous businesses and productive investments would be crucial to translating Africa’s population and resource advantages into jobs, stronger domestic industries and long-term economic growth.