Foreign Investors Can’t Save Africa; We Must – Dangote

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has issued a powerful call to action, urging African leaders and citizens to prioritize local businesses over foreign investment as the true drivers of sustainable development.

Speaking during a Fireside Chat at the Afreximbank Annual Meetings in Abuja, Dangote stressed that meaningful progress on the continent will only be achieved when indigenous businesses are empowered and trusted to lead.

“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 challenged.

Dangote emphasized that while foreign capital can play a role, Africa’s real transformation must be fueled from within. He argued that governments must deliberately invest in and protect local industries, likening his message to the “America First” policy, and calling for an “Africa First” mindset.

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

Drawing from his own experience, Dangote pointed to key barriers holding back African entrepreneurs, including regulatory uncertainty, inconsistent policy environments, and political instability. These factors, he said, often undermine investor confidence and stall growth.

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

Despite these challenges, Dangote remains optimistic about Africa’s potential. He believes the continent has enough natural and human resources to fund its own development, provided governments adopt business-friendly policies and foster regional cooperation.

In a clear and urgent message to leaders across the continent, he concluded:

“Africa’s transformation won’t be imported. It must be built by Africans, for Africans starting with bold investment in local business.”

Billionaire industrialist Aliko Dangote shares insights on how Africa can position itself for remarkable transformation over the next five years. pic.twitter.com/xnQv7HjnQ7

— Aikon (@Aikoges) June 28, 2025

Source: Nkonkonsa.com