No Foreign Investor Will Invest In A Country Where Local Businesses Are Dying – Dangote
Prominent Nigerian business leaders Tony Elumelu and Aliko Dangote have called on both federal and state governments to urgently implement key structural reforms, particularly in electricity access, security, and the ease of doing business, to strengthen investor confidence and accelerate national economic development.
Speaking at the Taraba International Investment Summit held in Jalingo on Wednesday, the Chairman of Heirs Holdings, Tony Elumelu, emphasised that reliable power supply, robust security, and a simplified business environment are critical levers for attracting both local and foreign investment.
“Improving access to electricity is so critical in attracting and supporting investments in the country,” Elumelu said. “Improving the security also helps, and most importantly, ease of doing business.”
Elumelu, who is also the founder of the Tony Elumelu Foundation, highlighted the transformative power of investment, particularly its role in addressing youth unemployment. He stressed that job creation remains one of the most effective means of empowering Nigeria’s large youth population, adding that leaving young graduates without opportunities constitutes a failure of leadership and a betrayal of national potential.
“I love and preach investment everywhere I go because of its benefits,” he said. “One of the most important is engaging our young people. Employment is one of the surest ways of empowering them. It is a betrayal of a generation for people to leave school and not find jobs.”
He also commended the administration of President Bola Tinubu for recent gains in currency stability, acknowledging that while the exchange rate remains high, the predictability it now offers is valuable to investors.
“In Doha yesterday, one of the questions they asked me was about currency,” Elumelu said. “I commended the federal government. We now have stability, not that the rate is low. Investors value stability because it helps them plan ahead. I want to see us do more to bring the rate down.”
Echoing similar sentiments, Africa’s richest man and President of the Dangote Group, Aliko Dangote, urged governments at all levels to actively support and patronise indigenous businesses, warning that no country can expect foreign investors to thrive in environments where local enterprises are struggling.
“Domestic investors are the ones who attract foreign investors,” Dangote said. “No foreign investor will come into a country where local businesses are not thriving. Government must lead by example and support its own.”
Dangote emphasised that unlocking domestic potential through policy support and local investment is the foundation upon which a thriving economy and investor confidence are built.
The summit, hosted by the Taraba State government, attracted key stakeholders from across Nigeria and beyond, drawing public and private sector leaders committed to unlocking investment opportunities across the region. Vice President Kashim Shettima, who represented President Bola Tinubu at the event, reaffirmed the federal government’s commitment to economic reforms and regional development.
The high-level discourse underscored a growing consensus among Nigeria’s business elite that improving basic infrastructure, simplifying regulatory frameworks, and ensuring macroeconomic stability are essential steps toward building a competitive, inclusive, and investor-friendly economy.
No Foreign Investor Will Invest In A Country Where Local Businesses Are Dying – Dangote is first published on The Whistler Newspaper
