LAGOS, April 28 – Africa’s richest man Aliko Dangote has called for increased domestic investment in Nigeria, arguing that local capital is the key to attracting foreign investors and driving sustainable economic growth.
Speaking at a public lecture at Federal University of Technology Owerri, Dangote stressed that foreign investment typically follows domestic confidence rather than leading it.
“If I refuse to invest in Nigeria and Africa, no foreign investor will be willing to stake his funds here,” he said. “Foreign investment follows local confidence. It does not lead it.”
During the event, themed “Enterprise, Leadership and Service to Humanity,” Dangote also pledged to construct a ₦550 million (about $404,000) student hostel at the university and announced a ₦25 million donation to students through the Student Union Government.
Beyond philanthropy, the industrialist used the platform to advocate for a shift toward domestic investment-led development. He argued that countries that have successfully industrialized built strong local investment ecosystems rather than relying heavily on foreign capital.
Drawing comparisons with Asian economies, Dangote noted that their growth was largely driven by internal investment, which laid the foundation for long-term economic expansion.
Reflecting on his own journey, he explained that he started in commodity trading before moving into large-scale manufacturing through backward integration, a strategy that helped build one of Africa’s largest industrial conglomerates.
Dangote warned that Nigeria’s dependence on imports undermines economic stability, job creation, and industrial growth.
“Importing finished products is importing poverty, inflation and unemployment,” he said, urging policymakers and businesses to prioritize local production.
He highlighted manufacturing as the most sustainable path to job creation and economic resilience, emphasizing the need to develop domestic industries.
Dangote also pointed to Nigeria’s young population as a major economic advantage, noting that with the right investment in skills, mentorship, and financing, the country could unlock significant growth potential.
He added that Nigerian engineers trained within his industrial operations are increasingly being recruited internationally, particularly in the Gulf region, demonstrating the global competitiveness of local talent.
The remarks reinforce Dangote’s long-standing position that Africa’s economic transformation must be driven from within, with local investors taking the lead in building industries and creating value.
