‘Foreign investors won’t save Africa, we will’ – Dangote rallies support for local businesses

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has made a bold call to action for African governments and citizens.

He said Africa should stop waiting for foreign investors and start backing local businesses as the true engine of development.

Speaking during a Fireside Chat at the Afreximbank Annual Meetings in Abuja, Aliko Dangote declared that no meaningful development will happen in Africa without empowering indigenous businesses.

“If local businesses don’t believe in their country—with all the information and exposure they have to turn things around—how can you convince foreign investors that things are better?” he asked pointedly.

Aliko Dangote argued that African countries must prioritise local industry over external capital, insisting that sustainable economic transformation must come from within.

“It is local businesses that will bring the real development, not foreign investors,” he emphasized.

He added that just as American leaders advocate “America First,” it is time for Africa to embrace an ‘Africa First’ philosophy, leveraging the continent’s vast natural and human resources to fuel homegrown prosperity.

Aliko Dangote also acknowledged the harsh realities of doing business across the continent. He pointed to regulatory instability, policy inconsistency, and hostile business environments as key challenges stifling local enterprise.

“Each time there’s a change in political leadership, new governments often reverse the gains of the previous ones,” he lamented. “That hurts businesses and makes it hard for them to grow.”

Despite these hurdles, Aliko Dangote believes African governments can raise the needed capital for infrastructure and development from within the continent, especially if they build alliances and support policies that favour indigenous firms.

The CEO of Dangote Group sent a clear and urgent message: “Africa’s transformation won’t be imported. It must be built by Africans, for Africans, starting with bold investment in local business”.

source: My Joy Online