Advocate stronger support for indigenous manufacturers

Leading economists, financial experts and industry stakeholders have described 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, who spoke at the Lagos Economic Summit, themed: ‘The Real Deal: Africa’s Greatest Investment Opportunity’, urged governments to implement policies to strengthen local industries and accelerate economic diversification.

President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended 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 had 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, therefore, 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 on 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, adding that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards..