AFC, Industry Leaders Hail Dangote Investments as Catalysts for Africa’s Economic Growth

 AFC, Industry Leaders Hail Dangote Investments as Catalysts for Africa’s Economic Growth

......Experts call for stronger support for indigenous manufacturers to accelerate industrialisation and economic diversification

Leading economists, financial experts and industry stakeholders have commended the Dangote Group’s investments as major catalysts for industrialisation and economic transformation across Nigeria and Africa.

The experts, who spoke at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” said investments in productive sectors were critical to creating jobs, reducing import dependence, conserving foreign exchange and strengthening Africa’s economic competitiveness.

They also called on governments to implement policies that would strengthen local industries, promote economic diversification and create a more favourable environment for indigenous manufacturers.

Speaking at the summit, President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.

Zubairu noted that recent economic reforms had improved foreign exchange stability, strengthened reserves and eased inflationary pressures. However, he stressed that the focus must now shift towards expanding industrial production, improving productivity and creating employment opportunities.

Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remained the most effective path to sustainable economic development.

Yusuf called for better alignment between trade and industrial policies, stressing that local manufacturers required strategic support to compete effectively and deliver broader economic benefits.

He said stronger policy coordination would help deepen domestic production, improve competitiveness and accelerate Nigeria’s transition from an import-dependent economy to a more productive industrial base.

Founder and Chief Executive Officer of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presented a significant opportunity for industrial expansion.

Obi-Chukwu noted that investments such as the Dangote Refinery were helping to retain capital within the continent while strengthening local production capacity.

He added that such investments could play a significant role in meeting Africa’s growing demand for essential goods and services while supporting economic growth and development.

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 stated 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 to enhance the productivity and global competitiveness of Africa’s growing youth population.

The discussions underscored the need for sustained investment, supportive economic policies and stronger collaboration between government and the private sector to unlock Africa’s industrial potential.