By ebosele@hotmail.com –
Economists, financial experts and industry stakeholders have identified investments by the Dangote Group as major drivers of industrialisation and economic transformation across Nigeria and Africa.
The experts said the investments were contributing significantly to job creation, import substitution, foreign exchange conservation and improved economic competitiveness.
They spoke at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they called on governments to implement policies that strengthen local industries and accelerate economic diversification.
President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group for its sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.
Zubairu noted that while recent economic reforms had improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus should now shift towards expanding industrial production, productivity and employment.
Also speaking, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remained the most effective pathway to sustainable economic development.
He called for better coordination between trade and industrial policies, stressing that local manufacturers needed strategic support to compete effectively and deliver broader economic benefits.
Founder and Chief Executive Officer of Nairametrics, Ugodre Obi-Chukwu, said Africa’s rapidly growing population represented a significant industrial opportunity.
According to him, investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity and reducing dependence on imports.
In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria was gradually transitioning from a consumption-led economy to one driven by investment and production.
Rewane added that sustained investments in productive sectors would continue to stimulate economic growth, create jobs and improve living standards.
Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development.
They said such measures would enhance the productivity and global competitiveness of Africa’s growing youth population while creating an enabling environment for increased private-sector investment.
