African business magnate Aliko Dangote delivered a provocative message to entrepreneurs across the continent at the Imo State Economic Summit 2025 held in Owerri on Thursday, urging them to invest at home first.
Speaking passionately to a gathering of business leaders and policymakers, Dangote emphasised that local investment is the foundation for attracting international capital. “If we don’t invest at home, there is nobody on earth who will come and invest here,” he said.
Setting the tone, Dangote credited the administration of Bola Ahmed Tinubu for bold economic reforms in Nigeria, asserting that recent policy shifts are already paying dividends. “I want to first of all thank President Bola Tinubu for his bold policies, which are already yielding results. He really took some bold economic steps, one of which was the removal of fuel subsidy,” Dangote remarked.
He went on to urge local entrepreneurs not to wait for foreign players but to lead the way in transforming Africa’s investment landscape.
Dangote pointed out that Africa holds about 30 percent of the world’s mineral resources, yet much of the investment and value-creation opportunities remain unclaimed locally. “When I say at home, I mean in Nigeria and Africa. There are so many potential and mineral resources in Africa,” he noted. “If we don’t lead the way by putting down investment, who do we expect to come and invest in our continent?”
His remarks carried a sense of urgency: local investors must step forward or risk ceding their opportunities to outside interests.
Highlighting his own company’s ambitions, Dangote detailed plans to scale up major projects within Nigeria. He revealed that the Dangote Group intends to become the “number one” fertilizer producer by 2028, increasing urea output from 3 million to 12 million tonnes. “We are investing heavily in fertilizer… we want to become the number one fertilizer plant in Nigeria by 2028,” he declared.
Moreover, he disclosed that the Dangote Refinery is being expanded to process 1.4 million barrels per day, surpassing global competitors: “The refinery will be at 1.4 million barrels per day… this has never been done anywhere in the world.”
In acknowledgement of one of the key enablers of growth, Dangote also praised the power initiative in Imo State, saying “there can never be growth without power,” and lauding Governor Hope Uzodinma for the 375 megawatt electricity project.
