Aliko Dangote, President of the Dangote Group and Africa’s wealthiest businessman, has called on both federal and state authorities to prioritize and support homegrown businesses as a critical step toward drawing foreign investment into Nigeria.
Speaking at the Taraba International Investment Summit held in Jalingo, which brought together a wide range of investors from Nigeria and abroad, Dangote emphasized that international capital only follows when domestic industries are thriving.
Local Investment First, Then Foreign Interest
Dangote cautioned leaders not to expect global investors to back an economy where local businesses are struggling or overlooked. According to him, the presence and success of domestic enterprises serve as the strongest magnet for foreign capital.
“To attract international partners, your focus must first be on encouraging Nigerian investors,” he stated. “When foreign investors see that the local economy is dynamic and that entrepreneurs are prospering, they will naturally be drawn to it without being asked.”
Government Gains More Than You Think
Revealing the scale of contributions made by local businesses to government revenues, Dangote noted that the federal government earns 52 kobo for every ₦1 generated by his Dangote Cement operations.
He pointed out that successful local industries boost government revenues through taxation and create employment—benefits that far outweigh the initial effort it takes for government to support such enterprises.
“The federal government benefits immensely from our operations,” Dangote said. “And that’s just one company. With the right incentives, more businesses will thrive, and the government will make even more money.”
He also stressed the need for businesses to reciprocate government support by being responsible corporate citizens, especially by paying taxes diligently.
Taraba State: A Promising Frontier
Dangote praised Governor Agbu Kefas for organizing the summit, which he described as a bold step toward opening Taraba State to new economic opportunities. He highlighted the state’s rich potential, especially in agriculture, due to its abundance of fertile land, saying it could help fight poverty and create long-term jobs.
The business mogul also committed to investing in Taraba, reaffirming his belief in developing opportunities within Nigeria.
“We consider this home, and we’re not looking elsewhere. We will invest in Taraba, create jobs, and drive development,” he pledged.
UBA’s Commitment to Taraba’s Growth
Also present at the summit was Tony Elumelu, Chairman of the United Bank for Africa (UBA), who echoed Dangote’s sentiment. Elumelu affirmed that UBA is ready to support Taraba’s development through investments, further boosting the state’s prospects as a growing business hub.
