Dangote investments powering Africa’s industrialisation — AFC

Samaila Zubairu, President and CEO of the Africa Finance Corporation, emphasized the significance of Dangote Group's continuous investments across Africa in unlocking the continent's economic potential during the Lagos Economic Summit. At the event, focusing on 'The Real Deal: Africa's Greatest Investment Opportunity', Zubairu highlighted how these investments were creating jobs, encouraging import substitution, maintaining foreign exchange stability, and bolstering Africa's economic competitiveness.

Although recent reforms had improved foreign exchange stability, bolstered reserves, and reduced inflation, Zubairu stressed that the attention should now pivot towards industrial growth, productivity enhancement, and job creation.

Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, echoed Zubairu's sentiments, asserting that industrialisation remains the most effective path to sustainable economic development in Africa. He called for better alignment of trade and industrial policies, stressing that local manufacturers needed strategic support to compete effectively and yield broader economic benefits.

Nigeria's energy investment, as exemplified by the Dangote Refinery, was cited by Ugodre Obi-Chukwu, founder and CEO of Nairametrics, as a significant opportunity to retain capital within the continent and bolster local production capacity. During his keynote address, Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, outlined Nigeria's gradual shift from a consumption-led economy to one driven by investment and production.

Rewane highlighted that sustained investments in productive sectors would stimulate growth, generate employment, and improve living standards. The summit also focused on strengthening credit infrastructure, improving national identification systems, and expanding investment in skills development to boost the productivity and global competitiveness of Africa's burgeoning youth population.