Aliko Dangote, President and Chief Executive of the Dangote Group, has strongly urged African entrepreneurs to prioritise investing within the continent, asserting that local commitment is the essential catalyst for attracting foreign direct investment (FDI).
Speaking at the Imo State Economic Summit 2025, Dangote argued that if local investors do not take the lead, international partners will lack the incentive to commit capital to Africa.
The industrialist, whose conglomerate spans cement, sugar, and oil refining, rooted his advice in his own investment philosophy.
He highlighted that robust domestic investment signals confidence in the economic environment, governance, and rule of law of host nations, serving as the primary attractor for significant foreign capital.
Dangote framed domestic investment as a prerequisite for external confidence. He openly praised Nigerian President Bola Tinubu for his recent "bold policies," noting that economic reforms, specifically the removal of the fuel subsidy, were already benefiting those who had committed to large-scale domestic projects.
He stressed that the ability to invest large sums at home was not possible without a stable, predictable, and rule-based business environment.
“If we don’t invest at home, there is nobody on earth who will come and invest here. What attracts foreign investors is the domestic investments, and that’s what we are doing,” Dangote stated.
He later reiterated his position in response to a question about his massive refinery expansion: “I don’t have anywhere else to go and invest but at home.”
He stressed the vast, untapped potential of the continent, noting that Africa holds about 30 per cent of the world’s mineral resources. This wealth, he argued, necessitates local ownership and initiative.
A key focus of Dangote's address was the critical role of infrastructure. He specifically emphasised that effective power supply is non-negotiable for economic growth, telling attendees: “There can never be growth without power.”
The industrialist pointed out that local governments must ensure an enabling environment.
He commended Imo State Governor, Hope Uzodinma for the state's 375 megawatt electricity initiative, emphasising that creating a reliable operating environment is what draws serious investors like the Dangote Group.
He assured the Governor of his intention to invest directly in Imo State, pending a feasibility assessment of the most suitable sector for commitment.
The Dangote Group plans exemplify the massive domestic investment he advocates. The company is actively pursuing aggressive capacity expansion across its key sectors in Nigeria.
The Dangote Refinery, which was initially built with a capacity of 650,000 barrels per day (bpd), is undergoing significant expansion. Dangote confirmed that the refinery’s capacity will be expanded to 1.4 million barrels per day.
This massive scale would position the facility as the largest single-train refinery in the world, surpassing the current benchmark set by India's Reliance refinery.
Furthermore, the Group is substantially increasing its investment in the agricultural sector. Dangote announced that the company plans to be the largest fertiliser investor in Nigeria by 2028.
