OWERRI, Imo State—Africa’s richest man and President of the Dangote Group, Aliko Dangote, has issued a powerful challenge to entrepreneurs across the continent, urging them to prioritize local investment as the essential catalyst for attracting foreign capital.
Speaking on Thursday at the Imo State Economic Summit 2025 in Owerri, Dangote emphasized that African investors must lead by example before the global investment community will take the continent seriously.
Domestic Investment as the Foreign Magnet
Dangote stressed that the responsibility for Africa’s development rests squarely on the shoulders of its own business leaders. He affirmed that foreign investors use domestic commitment as the key metric for confidence.
“Our job is to keep investing at home. If we don’t invest at home, there is nobody on earth that will come and invest here. What attracts foreign investors is the domestic investment, and that’s what we are doing.”
— Aliko Dangote, Chairman of the Dangote Group
The billionaire referenced his own commitment, noting that when questioned by CNN about his decision to double the capacity of the Dangote Refinery, he responded, “I don’t have anywhere else to go and invest but at home. When I say at home, I mean Nigeria and Africa.”
He further pointed out that Africa holds about 30 per cent of the world’s mineral resources, cautioning that local leaders must act decisively to develop these assets or risk losing the opportunities to external interests.
Commendation for Tinubu’s Bold Policies
Dangote used the platform to commend the bold economic reforms implemented by President Bola Tinubu, stating that the policies are already starting to show positive results and have created a favourable environment for investment.
He specifically praised key structural changes:
-
The removal of the fuel subsidy.
-
The exchange rate reforms (unification of the Naira).
-
Other decisive policy shifts that provide the clarity and stability necessary for long-term business planning.
Comparing the Nigerian economy to a lottery ticket, Dangote said, “Nigeria is like a scratch card. You only see the good of it when you scratch the card. Some of us who have scratched the card are seeing the results.”
The industrialist also reaffirmed his group’s commitment to new ventures, assuring the Imo State Governor, Hope Uzodimma, that the Dangote Group is ready to become one of the state’s biggest investors, especially in the fertilizer sector, with plans to become the world’s number one fertilizer producer by 2028.
