Dangote Cement Chairman Urges Private Sector to Lead Nigeria’s Economic Transformation

Dangote Cement Chairman Urges Private Sector to Lead Nigeria’s Economic Transformation

Lagos – The Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has called on Nigeria’s private sector to take the lead in driving trade growth and economic transformation, urging businesses not to rely solely on government intervention.

He made the call during his keynote address at the International Chamber of Commerce (ICC) Nigeria 2025 Annual Dinner and Dance in Lagos, speaking on the theme: “Tackling Global Trade Frictions for Peace and Prosperity.”

Highlighting the impact of global tariff wars, supply chain disruptions, and protectionist policies, Ikazoboh stressed that private sector innovation, investment, and leadership are critical for sustainable economic growth.

“Trade is the soul of nations,” he said, noting that commerce has historically driven peace, stability, and prosperity. “No nation can achieve sustainable growth in isolation. African countries, Nigeria in particular, must leverage private sector-led trade to drive diversification, industrialization, and regional integration.”

Ikazoboh cited the Dangote Group as a model for private sector-driven transformation. He recalled that Nigeria was once a major importer of cement, heavily reliant on foreign exchange. Today, through sustained investments in manufacturing, logistics, and energy infrastructure, Nigeria has become one of Africa’s top three cement exporters, supplying markets across West, Central, and Southern Africa.

“The private sector must not wait for government to drive trade. True trade leadership comes from innovation, risk-taking, and long-term investment,” he said. “What Dangote Cement has achieved shows what is possible when businesses lead boldly.”

He noted that while trade barriers such as tariffs, logistics bottlenecks, and infrastructure deficits pose challenges, they also present opportunities for companies to innovate and expand. The Dangote Group has built regional trade corridors and developed export routes for cement, fertilizers, and refined petroleum products, contributing to intra-African commerce and aligning with the goals of the African Continental Free Trade Area (AfCFTA).

Ikazoboh urged African nations to accelerate AfCFTA implementation, describing it as a game-changing platform that gives producers access to a 1.4-billion-person single market. He pointed out that Africa’s intra-continental trade currently stands at only 15–16 percent, compared to Asia’s 59 percent and Europe’s 68 percent, signaling vast untapped potential.

“With AfCFTA, Africa cannot continue exporting raw materials and importing finished products that should be made locally,” he said. “Even if only half of the market participates actively, the scale alone is enough to create thousands of new African millionaires.”

Concluding his address, Ikazoboh emphasized Nigeria’s potential to lead Africa’s economic renaissance. “Nigeria has energy, talent, and limitless potential. With the right mindset and partnerships, we can build a more prosperous, peaceful, and interconnected Africa.”