Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Nigerian government has been emphatic on attracting foreign investments to boost the Nigerian economy, create job opportunities locally and improve export potentials.

Recently, the government declared that it would no longer allow the importation of goods that are already being produced locally. This move is expected to bring more manufacturers and investors to set up factories in Nigeria.

Africa’s richest man, Aliko Dangote, has said that foreign investors will only be attracted to an economy with a vibrant community of local investors.

Speaking at the Taraba International Investment Summit in Jalingo, the President of the Dangote Group, stated that it is local investors that will attract foreign investors.

He urged the federal and state governments to first stimulate local investments by patronizing local producers to encourage economic development.

This would send a signal to the international community and attract foreign investors.

Dangote explained that no foreign investor is attracted to come to a location where the local businesses are not thriving.

He said;

“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 said.

The businessman, who was recently listed among the Times' 2025 list of 100 philanthropists, noted that key infrastructural challenges must be fixed to make the state attractive to investors.

To drive home the point, Aliko Dangote explained that the federal government makes a lot of money from the cement-making subsidiary of Dangote Industries Limited.

Speaking at the event, which was covered by Channels television, he said;

“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.”

He encouraged the government to do more to facilitate an environment where businesses would thrive, so that more jobs would be created for its indigenes, translating to more taxes and prosperity for all.

Dangote commended the Governor, Agbu Kefas, for organizing the investment summit, noting that with the resources present in Taraba state, more investors can easily be attracted to the state.

He promised that the Dangote industries would continue to invest in Taraba State.

In related news, Dangote has said that the cost of doing business in Ethiopia was 30% less than the cost of doing business in Nigeria.

The billionaire noted that this difference makes his cement mill in Ethiopia the most profitable of all the subsidiaries.

He called on the government to address the erratic power supply problem in Nigeria, as this accounts for the highest operations costs for many manufacturers in the country.

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Source: Legit.ng