Dangote investments powering Africa’s industrialisation — AFC

Dangote Group’s sustained investments across Africa are being presented as a force capable of changing how the continent grows. Samaila Zubairu, president and chief executive of the Africa Finance Corporation, said the company’s projects were critical to unlocking Africa’s economic potential.

Speaking at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” Zubairu said the investments were creating jobs, promoting import substitution, conserving foreign exchange and strengthening Africa’s competitiveness. The summit brought together economists, financial experts and industry stakeholders to discuss the role of indigenous investment in industrialisation and economic transformation.

Zubairu said recent economic reforms had improved foreign-exchange stability, strengthened reserves and eased inflationary pressures. He argued that attention should now turn to expanding industry, raising productivity and creating employment.

Muda Yusuf, chief executive of the Centre for the Promotion of Private Enterprise, described industrialisation as the most effective route to sustainable economic development. He called for trade and industrial policies to work more closely together, saying local manufacturers needed strategic support to compete and deliver wider economic benefits.

Ugodre Obi-Chukwu, founder and chief executive of Nairametrics, said Africa’s expanding population represented a major industrial opportunity. He pointed to the Dangote Refinery as an investment that could keep capital within the continent while strengthening local production. Bismarck Rewane of Financial Derivatives Company said Nigeria was gradually moving from a consumption-led economy to one driven by investment and production.

Participants also called for stronger credit infrastructure, better national identification systems and greater investment in skills. Those measures, they said, would improve the productivity and global competitiveness of Africa’s growing youth population.