Economists, industry leaders brand Dangote investments as catalysts for Africa’s economic growth

…Call for stronger support for indigenous manufacturers

By Mohammed Danlami 

Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa, citing their impact on job creation, import substitution, foreign exchange conservation and economic competitiveness. 

The experts spoke at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification. 

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.

He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment. 

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

He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits. 

Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity. 

In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production. He added that sustained investments in productive sectors will continue to stimulate 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.