Africa’s richest businessman and Chairman of Dangote Group, Aliko Dangote, has renewed calls for aggressive local production and stronger backward integration, warning that Nigeria cannot emerge as Africa’s leading manufacturing hub while remaining heavily dependent on imports.
Naija247News reports that Dangote made the remarks during a high-level fireside chat at the Lagos Business School (LBS) Breakfast Club economic outlook session held in Lagos. The forum, themed “Challenges and Opportunities for Making Nigeria the Leading Manufacturing and Services Hub in Africa,” brought together top executives, policymakers, academics and financial experts to examine Nigeria’s industrial prospects ahead of 2026.
Speaking during the interactive session moderated by Professor Olawale Ajai of Lagos Business School, Dangote stressed that backward integration remains the backbone of sustainable industrialisation. According to him, countries that have successfully built competitive manufacturing sectors did so by prioritising domestic production and reducing exposure to external supply shocks.
“If Nigeria truly wants to become a manufacturing hub, we must produce more locally and reduce our dependence on imports,” Dangote said. “Backward integration is not optional; it is the foundation for building competitive and resilient industries.”
Naija247News gathered that Dangote also highlighted the opportunities presented by the African Continental Free Trade Area (AfCFTA), describing it as a game changer for Nigerian manufacturers willing to scale up production and efficiency. However, he cautioned that access to Africa’s vast single market would favour only firms that are cost-effective and operationally efficient.
“AfCFTA opens doors, but only businesses that are competitive will benefit meaningfully,” he noted, urging Nigerian manufacturers to focus on productivity, technology adoption and supply chain optimisation.
The session opened with a presentation on Nigeria’s 2026 economic outlook by the Managing Director of Financial Derivatives Company, Bismarck Rewane, who analysed macroeconomic trends, fiscal pressures and policy signals shaping long-term growth. Rewane argued that Nigeria’s industrial expansion would depend on macroeconomic stability, investor confidence and policies that reward productivity.
Naija247News understands that participants engaged in robust discussions on supply chain resilience, infrastructure gaps, innovation and private-sector-led growth. Many contributors emphasised the need for closer alignment between government policy, infrastructure investment and private capital to unlock Nigeria’s industrial potential.
Commenting on the dialogue, Professor Ajai said Nigeria’s future competitiveness would be driven by innovation, technology and human capital development. “Skills, innovation and technology will determine whether Nigeria leads Africa’s manufacturing and services sectors,” he said.
Lagos Business School noted that the Breakfast Club continues to serve as a platform for shaping strategic conversations on Nigeria’s economic direction. The event was supported by First Bank of Nigeria, Optimus Bank, Cowry Asset Management Limited and Afrinvest Limited.
As Nigeria grapples with foreign exchange pressures and rising import costs, Naija247News reports that Dangote’s call for backward integration resonates as both an economic necessity and a long-term strategy for industrial self-reliance.
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