African entrepreneurs have been urged to prioritize investing in the continent, according to Aliko Dangote, President and Chief Executive of the Dangote Group. Speaking at the Imo State Economic Summit 2025, Dangote emphasized that local investments are essential for attracting foreign investments, as outsiders are more likely to invest in a region where domestic investors are already committed.
Dangote commended President Bola Tinubu’s economic policies, which have started to yield results, particularly the removal of fuel subsidies. He noted that these policies have created a favorable business environment, encouraging entrepreneurs to invest in Nigeria. The Dangote Group has taken a lead in investing heavily in the country, with plans to expand its refinery capacity to 1.4 million barrels per day, making it one of the largest in the world.
Dangote highlighted the importance of investing in Africa, given its vast mineral resources, which account for approximately 30% of the world’s total. He emphasized that African entrepreneurs must take the initiative to invest in their continent, rather than relying on foreign investors. The Dangote Group has committed to investing in various sectors, including fertilizer production, with the goal of becoming the largest fertilizer plant in Nigeria by 2028.
Effective power supply is also crucial for economic growth, Dangote noted, congratulating the Governor of Imo State, Hope Uzodinma, on the 375 megawatt electricity initiative. The Dangote Group plans to invest in Imo State, with a focus on fertilizer production and other sectors. Dangote’s commitment to investing in Nigeria and Africa is expected to have a positive impact on the continent’s economic development, creating opportunities for growth and job creation.
The Dangote Group’s expansion plans, including the refinery and fertilizer production, are set to contribute significantly to Nigeria’s economic growth. With a focus on investing in Africa, Dangote is leading by example, demonstrating the potential for African entrepreneurs to drive economic development on the continent. As the Dangote Group continues to invest and expand its operations, it is likely to attract more foreign investors, further boosting economic growth in Nigeria and beyond.