LAGOS, Nigeria — Leading economists, financiers and private-sector leaders have identified large-scale investments by the Dangote Group as an important catalyst for industrialisation, job creation and economic diversification in Nigeria and across Africa.
Speaking at the Lagos Economic Summit, themed “The Real Deal: Africa’s Greatest Investment Opportunity,” the experts said investments in domestic production could help African economies reduce import dependence, conserve foreign exchange and strengthen their competitiveness in global markets.
They also called on governments to provide stronger policy and financing support for indigenous manufacturers as countries across the continent seek to move from commodity dependence towards higher-value production.
AFC urges shift from stabilisation to economic growth
President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, praised the Dangote Group for maintaining significant investments across Africa, describing private-sector capital deployment as critical to unlocking the continent’s economic potential.
Zubairu said recent economic reforms had helped improve foreign-exchange stability, strengthen external reserves and ease some inflationary pressures.
However, he argued that the next phase of economic policy should focus more heavily on expanding industrial output, raising productivity and creating sustainable employment.
The AFC chief’s comments reflect a broader challenge facing African economies: translating macroeconomic stabilisation into stronger real-sector growth and higher incomes.
Dangote investments highlight Africa’s industrial opportunity
Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said industrialisation remains one of the most effective routes to sustainable economic development.
He called for closer coordination between trade and industrial policies, arguing that domestic manufacturers need a more supportive operating environment to compete with imported products and expand production.
According to Yusuf, policies affecting tariffs, foreign exchange, taxation, infrastructure and access to finance should work together rather than undermine domestic investment.
The discussion placed large-scale industrial projects such as the Dangote Refinery within the wider debate over Africa’s ability to develop local production capacity and retain more value within its economies.
Ugodre Obi-Chukwu, founder and CEO of Nairametrics, said Africa’s rapidly expanding population represents a major long-term opportunity for industrial investors.
He argued that investments in large-scale production could help retain capital within the continent while increasing domestic supply and reducing reliance on imported goods.
Nigeria moves towards investment-led growth
Delivering the keynote address, Bismarck Rewane, Managing Director of Financial Derivatives Company Limited, said Nigeria was gradually moving away from an economy dominated by consumption towards one increasingly driven by investment and production.
He said sustained investment in productive sectors would be crucial to generating economic growth, expanding employment opportunities and improving living standards.
For Africa, the challenge is particularly significant as governments grapple with high youth unemployment, infrastructure deficits, limited industrial capacity and the need to create millions of new jobs for a growing working-age population.
Experts seek stronger support for local manufacturers
Participants at the summit called for a broader policy framework capable of supporting indigenous companies as they expand production and compete internationally.
They identified access to credit, reliable infrastructure, efficient trade policies and predictable regulation as critical requirements for attracting and retaining productive investment.
The summit also highlighted the importance of strengthening national identification systems and credit infrastructure to improve access to finance and expand economic participation.
Skills development was another major area of concern, with participants stressing the need to equip Africa’s growing youth population with technical and professional capabilities required by modern industries.
Africa’s investment opportunity
The discussions underscored the growing importance of private capital in Africa’s economic transformation.
While governments remain responsible for providing infrastructure, regulation and macroeconomic stability, speakers at the summit argued that large-scale private investment will be essential to expanding manufacturing capacity and creating jobs at the scale required by Africa’s demographic growth.
For Nigeria, the emergence of major domestic industrial investments is also reshaping the country’s economic conversation around import substitution, foreign-exchange conservation and value-chain development.
The experts therefore urged policymakers to create conditions that allow indigenous businesses to scale, arguing that stronger local manufacturing capacity could help African economies become more resilient, competitive and less dependent on external supply chains.
The central message from the summit was that Africa’s investment opportunity will ultimately depend not only on attracting capital, but on directing it into productive industries capable of creating jobs, increasing exports, strengthening domestic supply chains and generating sustain