Aliko Dangote, President and CEO of the Dangote Group, has called on African nations to put greater emphasis on supporting local businesses rather than relying heavily on foreign investment. Speaking at a "Fireside Discussion" during the Afreximbank Annual Meetings in Abuja, Nigeria, on June 29, 2025, Dangote underscored the critical role of homegrown enterprises in driving lasting economic growth across the continent.
“Local businesses are the real catalysts for change,” Dangote stated. “If our own entrepreneurs—who understand the landscape and have access to information—don’t have faith in their countries, how can we expect outsiders to?”
Recognized as Africa’s wealthiest individual by Forbes Magazine, Dangote advocated for stronger regional collaboration to unlock capital and strengthen indigenous businesses. He urged African leaders to prioritize the development of local enterprises, arguing they are more capable than foreign investors of fostering meaningful progress.
“If the U.S. can champion an ‘America First’ policy, then Africa must begin to think ‘Africa First,’” he declared.
While acknowledging the continent’s vast potential, Dangote also highlighted serious hurdles. He criticized the unpredictable regulatory environments in many African countries, as well as frequent policy shifts and a lack of continuity during government transitions.
“These inconsistencies are choking business growth across Africa,” he said. “We need to break the cycle of undoing previous gains every time leadership changes.”
Despite these issues, Dangote expressed confidence in Africa’s ability to finance its own development. He believes empowering local businesses will reduce dependency on foreign aid and help build robust, self-sustaining economies.
“The moment to act is now,” he concluded. “Africa’s destiny lies in the hands of its own people.”
Source: myjoyonline.com
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