President of the Dangote Group, Aliko Dangote, has urged federal and state governments to prioritize engaging “local investors” as a strategy for fostering economic development.
Speaking at the Taraba International Investment Summit in Jalingo, which hosted investors from Nigeria and beyond, Africa’s richest man emphasized the critical role domestic investors play in attracting foreign counterparts.
“No foreign investors would come into a country where local businesses are not thriving,” Dangote said. He further elaborated:
“I want to give a word of advice, Your Excellency, the only way for you to attract foreign investments or investors is by having local investors. Domestic investors are the ones who actually attract foreign investors.
“If you don’t invite local investors to come and invest, no foreigner will come and invest. Foreigners are attracted only when they see prospects for investment. Once they see that, yes, things are flowing, you don’t have to invite them, they will come.”
Dangote highlighted the economic contributions of his Dangote Cement Factory, revealing that the federal government earns fifty-two kobo for every One Naira generated by the business.
“I’m sure it might interest you to know that the federal government of Nigeria, not even the state, makes more money from, for example, our cement business. For every N1 that we turn around, 52 kobo goes to the federal government of Nigeria.
“So, that’s the benefit. When the government facilitates and provides the right conditions, businesses thrive. What we should do, also, is behave responsibly and pay our taxes.”
He encouraged the government to continue supporting domestic investments, stating that doing so would spur job creation and economic growth.
Dangote praised Governor Agbu Kefas for organizing the investment summit, describing it as a platform that would position Taraba State as an investment hub.
He noted the state’s rich resources, including arable land for agriculture, which he said could drive job creation and poverty reduction.
“We will invest in Taraba State. We will not go anywhere and invest. This is home. We will keep creating jobs,” Dangote assured.
Similarly, the Chairman of the United Bank for Africa (UBA), Tony Elumelu, expressed his organization’s commitment to investing in Taraba State.