Aliko Dangote, President of the Dangote Group, has emphasized the importance of the Federal Government’s support for domestic industries to mitigate unfair competition and reduce reliance on imports.
He referenced successful strategies employed by countries such as the Benin Republic, the United States, and China as benchmarks for safeguarding local industries.
During a recent visit by the Nigerian Economic Summit Group (NESG) to Dangote Fertiliser Limited and the Dangote Petroleum Refinery & Petrochemicals in Ibeju Lekki, Lagos, Dangote expressed concern that the principle of a free market should not excuse ongoing import dependency.
He pointed out that both developed and developing nations, including the USA and China, take proactive measures to protect their domestic sectors to ensure job retention and promote self-sufficiency.
Furthermore, Dangote noted that the government stands to significantly benefit from a thriving private sector, as evidenced by the fact that 52 kobo (52%) of every naira generated by Dangote Cement contributes to government revenues.
Dangote highlighted the case of the Benin Republic, where the government has implemented restrictions on cement imports as part of an intentional strategy to bolster local industry, despite the geographic proximity of his Ibese plant.
He remarked, “The President of Benin is a personal acquaintance of mine, and my Ibese plant is located merely 28 kilometers from Benin.
Nevertheless, they have chosen to limit imports to protect their local manufacturing interests, primarily comprised of grinding plants.”
Furthermore, Dangote noted that the government stands to significantly benefit from a thriving private sector, as evidenced by the fact that 52 kobo (52%) of every naira generated by Dangote Cement contributes to government revenues.
Dangote also addressed the formidable challenges of establishing industries in Nigeria, particularly the substantial capital investment needed due to inadequate infrastructure.
He stressed that investors often find themselves compelled to assume responsibilities for essential services—such as electricity, transportation, and port facilities—that should typically fall under the purview of government.