Dangote urges ‘Africa first’ strategy, tells leaders to back local businesses

By Rebecca Okine

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has urged African leaders and citizens to stop relying on foreign investors and instead empower local businesses as the key to sustainable development.

Speaking during a Fireside Chat at the Afreximbank Annual Meetings in Abuja, Mr. Dangote said true economic transformation must be driven from within the continent.

“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 questioned.

Mr. Dangote emphasized that genuine, long-term development in Africa must be led by homegrown enterprises rather than foreign capital. He argued that local businesses are better positioned to understand the continent’s unique challenges and opportunities, making them central to Africa’s economic future.

To advance this vision, he called for an “Africa First” mindset, an economic philosophy that prioritizes African interests, innovation, and self-reliance. Drawing parallels with the “America First” policy promoted in U.S. political circles, he encouraged African leaders to invest in indigenous industries as a pathway to economic resilience and national pride.

Mr. Dangote also acknowledged the difficult environment in which African entrepreneurs operate. He cited policy inconsistency, regulatory instability, and frequent political shifts as significant barriers to business growth.

“Each time there’s a change in political leadership, new governments often reverse the gains of the previous ones,” he noted.

Despite these challenges, he believes African nations can generate the capital required for development internally, if governments commit to business-friendly reforms and actively support local enterprise.