Nigeria will struggle to achieve lasting economic resilience unless it expands domestic manufacturing and reduces dependence on imported products that can be competitively produced within the country, Dangote Group has said.
The industrial conglomerate said a stronger productive economy would create employment, stimulate local businesses, conserve foreign exchange and give Nigeria a stronger platform for exports.
Group General Manager, Abdullahi Bello Danmusa, presented the company’s position during Dangote Special Day at the Abuja International Trade Fair.
He represented Fatima Wali Abdurrahman, Regional Director and Senior Adviser to the President and Chief Executive of Dangote Group.
Danmusa said trade could deliver greater benefits to the economy when it is supported by a strong domestic manufacturing base.
Nigeria, he argued, faces a fundamental choice between continuing to import goods it has the capacity to manufacture and developing industries capable of producing competitively for both domestic and international markets.
Dangote Group has invested across cement, sugar, salt, seasoning, packaging, fertilizer, petrochemicals and petroleum refining.
The company said those investments demonstrate the potential impact of domestic industrial capacity on employment, enterprise development and economic activity.
Danmusa also emphasized the importance of taxation to national development, saying the group considers tax compliance an important part of its economic responsibilities.
The First Deputy President of the Abuja Chamber of Commerce and Industry, Professor Adebisi Adesugba, also highlighted the importance of private industrial investment to Nigeria’s economy.
Representing ACCI President Emeka Obegolu, SAN, Adesugba said investments by Dangote in cement, refining, fertilizer, agriculture and petrochemicals had contributed to domestic production, employment and reduced reliance on imports.
He described the company as a strategic partner of the Chamber and said cooperation between major manufacturers and business organizations could help create opportunities for entrepreneurs and attract investment.
The Dangote Special Day formed part of activities at the Abuja International Trade Fair and brought together business executives, government representatives, investors and entrepreneurs.
Discussions focused on taxation, industrialization, trade, investment and the role of domestic production in strengthening the economy.
The central message from the event was that Nigeria cannot build a resilient economy solely as a marketplace for goods produced elsewhere.
Expanding the country’s capacity to manufacture, compete and export will be essential to reducing import dependence and creating sustainable economic opportunities.
