President of the Dangote Group Aliko Dangote, has urged both the federal and state governments to focus on supporting local investors as a critical step toward driving economic development in Nigeria.
Dangote shared his advice during the Taraba International Investment Summit held in Jalingo, which saw the participation of investors from both within Nigeria and beyond. The event provided a platform to discuss strategies for attracting investments to the state.
As Africa’s richest man, Dangote emphasized that domestic investors play a crucial role in attracting foreign investment. He pointed out that foreign investors are unlikely to invest in a country where local businesses are struggling. For foreign capital to flow, local businesses must first show potential and demonstrate that the investment environment is thriving.
Domestic Investors as Key to Foreign Investment
“I want to give a word of advice: the only way to attract foreign investments is by supporting local investors. Domestic investors are the ones who attract foreign investors. If you don’t create an environment for local investors to thrive, no foreign investor will come. Foreigners are drawn to opportunities, and they come when they see that things are flowing,” Dangote stated.
Dangote’s Contribution to the Nigerian Economy
Dangote also highlighted the significant contributions of his Dangote Cement Factory to the federal government’s finances. According to him, for every ₦1 the company earns, the federal government receives ₦0.52 in taxes. This, he explained, shows the vital role that businesses play in generating government revenue, particularly when there is strong governmental support.
He called on the government to continue its encouragement of domestic investments, emphasizing that such investments are essential for job creation and economic growth.
Taraba: A Land of Investment Opportunities
During the summit, Dangote also commended Governor Agbu Kefas for organizing the event, which he believes will open Taraba State to new investment opportunities. Dangote highlighted the state’s rich resources, particularly its vast arable land, which could be used for agricultural production. He emphasized that agriculture in Taraba could not only create jobs but also contribute to reducing poverty both within the state and the wider nation.
“We will invest in Taraba State. This is home for us. We are not looking to invest elsewhere. We will keep creating jobs here,” Dangote assured the audience.
UBA’s Commitment to Investing in Taraba
Also expressing support for Taraba’s investment prospects, Tony Elumelu, Chairman of the United Bank of Africa (UBA), reiterated his organization’s readiness to invest in the state, further highlighting the growing interest in Taraba as a key investment destination.
