Aliko Dangote Urges Nigerian Government to Safeguard Local Industries Amid Global Economic Downturn

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Aliko Dangote, President of the Dangote Group, has emphasized the need for robust government policies that protect and nurture domestic industries amidst the current global economic challenges. Speaking at the Nigeria Manufacturers’ Summit in Abuja, Dangote underscored Nigeria’s potential to thrive economically through strategic support for local industries.

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He highlighted that while various factors hinder Nigeria’s manufacturing sector, the primary issue lies in government policies affecting investments. Dangote advocated for policies that not only attract investments but also ensure their sustained growth and competitiveness.

Dangote pointed to successful industrialization models in Asia, where proactive government interventions supported local industries and attracted foreign investments. He stressed the importance of long-term policy frameworks that treat industries as national assets, protecting them from external threats and environmental changes beyond individual operators’ control.

Reflecting on Nigeria’s progress in cement production, Dangote noted that strategic government support transformed the country into Africa’s largest cement producer and exporter. He cited Dangote Cement’s substantial contributions to tax revenue, surpassing the entire banking sector in 2023, as a testament to the benefits of protective policies.

Disputing claims that protective measures lead to reduced competitiveness or monopolies, Dangote cited examples from China, Korea, and India, where protective policies spurred economic growth and global competitiveness.

In conclusion, Dangote urged a reevaluation of Nigeria’s industrialization policy, advocating for a balanced approach that protects local industries while fostering collaboration with foreign investors to address broader economic challenges.

This rewrite focuses on the key points of Dangote’s speech, emphasizing his advocacy for protecting local industries and fostering economic growth through strategic government policies.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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