Africa’s Richest Man Reiterates the Pertinence of Local Investment

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Aliko Dangote biography photo

Aliko Dangote

Africa richest man and CEO of Dangote Group, Aliko Dangote has charged Nigeria local investors to increase their level of investments as he reiterated the the pertinence of local investments to the growth of economy and attraction of  foreign investment.

The billionaire industrialist argued that instead of seeking for foreign investors, African and Nigerian investors should take the lead by investing in the local economy.

Dangote who spoke with leading construction magazine, Euroasia Industry, in an interview was quoted saying, “It is not all about government. What drives foreign investment is local investment. We in the private sector need to do our bit and we need to invest in our economy.”

A statement released by Dangote Group corroborated Dangote’s demonstration in his stance as he owns  huge investments in all sectors of the economy. For instance, apart from recently commissioning  the line three at Obajana Cement Plant, Dangote Cement has expansion projects worth about $2.5 billion in additional capacity already on stream. With lines three and four coming on at Ibese and line four at Obajana, another $1 billion 6 million ton-cement plant in Calabar will soon commence.

However, Dangote explained that constant power supply by the government will go a long in spurring local investments.  He said, “Electricity is the most fundamental tool for change. When you look at it, power alone can create a large middle class.”

“GDP will grow by more than 9 percent if the government fixes the power within the next two years. You will see many people come out of the poor segment and into the middle class. That’s why I keep saying that, if there is enough power today, you will see 60 per cent of young graduates who are creative go and build businesses of their own”, he added.

He assures foreign investors who are observing the economy from afar that they can make more money in Africa than in Asia, adding that Nigeria is better than any other part of Africa in terms of return on investment.

“But you have to actually believe in what you are doing and you have to have a strategy for achieving your vision. Once you have this, the sky is the limit,”  the business mogul quipped.