Africa’s richest man, Aliko Dangote, has urged Nigerians to prioritise local investment as a pathway to attracting foreign capital.
Speaking at a public lecture at Federal University of Technology Owerri, themed “Enterprise, Leadership and Service to Humanity,” Dangote said foreign investors are more likely to commit funds when they see strong domestic confidence.
“Foreign investment follows local confidence. It does not lead it,” he said.
During the event, Dangote pledged to build a N550 million student hostel for the university and donated N25 million to students through the Student Union Government.
Dangote emphasised that sustainable economic development must be driven by local capital, not reliance on external funding. He cited Asian economies as examples of countries that grew through strong domestic investment.
“If we do not invest in our own economy, others will not,” he said.
He also warned against overdependence on imports, arguing that it weakens local industries and limits job creation.
“Importing finished goods is importing poverty, inflation and unemployment,” he added.
The industrialist stressed that manufacturing remains central to job creation and economic resilience. He highlighted Nigeria’s youthful population as a key advantage, noting that with the right skills and support, it can drive industrial growth.
Dangote also pointed to the global competitiveness of Nigerian talent, citing engineers trained within his refinery and fertiliser operations who are now being recruited internationally.
The latest pledge adds to Dangote’s long-standing investments in education and philanthropy through the Dangote Foundation, reinforcing his influence on Nigeria’s economic and social development.
