Africa’s richest man, Aliko Dangote, has called for increased local investment as a catalyst for attracting foreign capital into Nigeria’s economy.
Dangote made the remarks during a public lecture at the Federal University of Technology Owerri (FUTO), where he also pledged to construct a N550 million student hostel to support infrastructure development at the institution.
In addition, the business mogul announced a N25 million donation to students through the Student Union Government, reinforcing his commitment to education and youth empowerment.
Speaking on the theme “Enterprise, Leadership and Service to Humanity,” Dangote emphasised that domestic investment is a critical signal that drives foreign investor confidence.
“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.”
He argued that countries that achieved rapid industrialisation, particularly in Asia, relied primarily on strong domestic investment ecosystems rather than external capital inflows.
Reflecting on his entrepreneurial journey, Dangote noted that he began his career in commodity trading—distributing cement and other goods—before transitioning into large-scale manufacturing through backward integration. Today, his conglomerate, Dangote Group, is one of the largest industrial enterprises on the continent.
He stressed that Nigeria’s long-term economic stability depends on reducing import dependence and prioritising local production.
“Importing finished products is importing poverty, inflation and unemployment,” Dangote said, warning that excessive reliance on imports undermines job creation and weakens domestic industries.
According to him, manufacturing remains the most sustainable pathway to economic growth, job creation, and resilience, especially in developing economies.
Dangote also highlighted Nigeria’s youthful population as a major advantage, noting that with the right investment in skills, mentorship, and access to finance, the country could unlock significant economic potential.
He pointed to the growing global demand for Nigerian talent, revealing that engineers trained within his refinery and fertiliser operations are increasingly being recruited by firms in the Gulf region, where they are valued as expatriates.
The industrialist’s latest pledge adds to his extensive philanthropic record, particularly in education, health, and humanitarian initiatives. Over the years, Dangote has remained a prominent figure in driving both economic development and social impact across Nigeria and Africa.
