AFC: DANGOTE INVESTMENTS BOOST AFRICA’S INDUSTRIAL GROWTH

The Africa Finance Corporation has described the Dangote Group’s investments across Africa as important to the continent’s industrialisation and economic development.

AFC President and Chief Executive Officer, Samaila Zubairu, said the investments were helping to create jobs, reduce dependence on imports, conserve foreign exchange and strengthen Africa’s competitiveness.

Zubairu made the remarks at the Lagos Economic Summit, where business leaders and economic experts discussed investment opportunities and strategies for accelerating Africa’s development.

He said recent economic reforms had helped improve foreign exchange stability, strengthen reserves and ease inflationary pressures, but stressed that attention must now shift towards increasing industrial production, productivity and employment.

Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, also described industrialisation as essential to achieving sustainable economic growth. He called for better coordination of trade and industrial policies to help local manufacturers compete more effectively.

Nairametrics founder, Ugodre Obi-Chukwu, said investments such as the Dangote Refinery were helping to retain capital within Africa while expanding local production capacity.

Financial analyst Bismarck Rewane added that Nigeria was gradually moving from a consumption-driven economy towards one based more on investment and production.

Participants at the summit also called for stronger credit infrastructure, improved national identification systems and greater investment in skills development to improve productivity and support Africa’s growing workforce.