*Industry leaders urge stronger support for indigenous manufacturers, describing the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and the African continent regarding job creation, import substitution, Foreign Exchange conservation and competitiveness
Isola Moses | ConsumerConnect
Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.
The industry stakeholders particularly cited the impact of Dangote’s investments on job creation, import substitution, Foreign Exchange (Forex) conservation and economic competitiveness.
The experts spoke at the Lagos Economic Summit theme: “The Real Deal: Africa’s Greatest Investment Opportunity”, where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.
Samaila Zubairu, President and Chief Executive Officer of the Africa Finance Corporation (AFC), commended the Dangote Group’s sustained investments across Africa.
They described them as critical to unlocking the continent’s economic potential.
He noted that while recent economic reforms have improved Foreign Exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.
Dr. Muda Yusuf, Chief Executive Officer (CEO) of Centre for the Promotion of Private Enterprise (CPPE), affirmed that industrialisation remains the most effective path to sustainable economic development.
He advocated better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.
Ugodre Obi-Chukwu, Founder and CEO of Nairametrics, said Africa’s growing population presents a significant industrial opportunity, noting that investments, such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.
In his keynote address, Mr. Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.
He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.
Participants in the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.