The sustained investments of the Dangote Group across Africa are playing a major role in driving industrialisation and unlocking the continent’s economic potential, the Africa Finance Corporation has said. AFC President and Chief Executive Officer, Samaila Zubairu, made the remarks at the Lagos Economic Summit, where business leaders and economic experts discussed Africa’s investment opportunities.
According to Zubairu, investments by indigenous companies such as Dangote are helping African economies create jobs, reduce dependence on imports and conserve scarce foreign exchange. He said the impact of such investments goes beyond individual businesses, as stronger local production can improve economic competitiveness and create opportunities across different sectors.
Zubairu noted that recent economic reforms had helped improve foreign exchange stability, strengthen reserves and ease inflationary pressures in some areas. However, he stressed that the next priority should be accelerating industrial growth, raising productivity and creating more employment opportunities across the continent.
Also speaking at the summit, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, described industrialisation as one of the strongest routes to sustainable economic development. He called for better coordination between trade and industrial policies, arguing that local manufacturers need stronger support to compete effectively and contribute more to the wider economy.
The founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s rapidly growing population presents a major opportunity for industrial investment, while pointing to the Dangote Refinery as an example of investment aimed at keeping more capital within the continent. Financial Derivatives Company Managing Director, Bismarck Rewane, added that Nigeria was gradually moving from a consumption-driven economy towards investment and production. Participants also called for stronger credit infrastructure, better national identification systems and greater investment in skills to prepare Africa’s growing youth population for a more productive economy.
source: punch
