Africa’s richest man and president of the Dangote Group, Aliko Dangote, has urged African leaders to invest in local businesses, citing it as the ultimate move for development and liberation from underdevelopment.

During a Fireside Chat at the 32nd Afreximbank Annual Meetings held in Abuja, Nigeria, on Friday, June 28, he warned against total dependence on foreign investors to develop businesses within the continent.

Acknowledging the impact of these foreign investors on our local industries, he highlighted that the interest of these foreigners would remain paramount instead of the growth of local business and the various economies in Africa.

“It is local businesses that will bring the real development, not foreign investors. They [foreign investors] come with capital, yes, but also with their own interests,” Dangote said, igniting a rousing applause from the audience.

He added that “true economic independence comes when we, as Africans, build and grow our own industries.”

Dangote cautioned African leaders against prioritise foreign companies over indigenous companies. “It is time for Africa to embrace an ‘Africa First’ philosophy, leveraging the continent’s vast natural and human resources to fuel homegrown prosperity,” he stated.

Citing himself as an example, he admonished that, “If I can do it, others can too.” Dangote Group which started as a modest trading firm has become one of the continent’s most powerful industrial empires.

Dangote, whose conglomerate spans cement, sugar, salt, and oil refining, urged African leaders to create an enabling environment for local businesses to thrive.

“But they need support from the government and belief from the people,” he continued.

The remarks come amid ongoing debates about the role of foreign direct investment (FDI) in African economies.

While FDI is often touted as a sign of confidence in emerging markets, critics argue that it can sometimes sideline local players and lead to profit repatriation with little long-term benefit to host countries.

Several business leaders, such as Tony Elumelu, Chairman of Heirs Holdings and founder of the Tony Elumelu Foundation, Ghana’s Finance Minister Dr. Cassiel Ato Forson, and Professor Jeffrey Sachs of Columbia University, present, supported Dangote’s sentiments, calling for stronger collaboration among local entrepreneurs and stressing the need for investment in African talent, innovation, and production.

To create an enabling environment for businesses to thrive in Africa, governments must address the issue of high inflation, interest rate, currency depreciation, excessive business taxes (import and export taxes), among others.