Nigeria’s biggest investor and Chairman of the Dangote Group, Alhaji Aliko Dangote was received by staff of the Nigerian Investment Promotion Commission at their headquarters in Abuja.
Dangote who was a one-time member of NIPC’s Governing Council is not new to NIPC. His visit is one in a series of engagements between NIPC and stakeholders towards a renewed local direct investors and investment drive, to encourage Nigerians to invest in the economy.
The Executive Secretary/CEO of NIPC, Ms. Yewande Sadiku, in her welcome address cited the Dangote Group as an example of successful business in Nigeria saying that it was only after he conquered his country that he ventured outside.
In his presentation titled: “Stimulating Local Direct Investment to grow Nigeria’s economy”, Dangote shared his investment experience in Cement, Flour, Sugar and Salt refinery, Noodles, Packaging, and Construction. He stated that the Dangote group has invested over $7 billion in Nigeria in the last 15 years and further disclosed that there was $20 billion worth of ongoing investment projects in other sectors.
He further expressed confidence in the Nigerian economy with its large market size, citing the example of how his group transformed Nigeria from being highly dependent on cement imports to becoming a net exporter to seven other West African countries.
He went on to state that significant investments are required to grow Nigeria’s economy and diversify income sources. He advised that there was a need to harness local investment opportunities and attract inflow from Nigerian savings in foreign banks and the diaspora.
At the end, he advised the Commission to strengthen its data collection capability and enhance services to investors in the real sector noting that the focus should be on serious investors who are in for the long haul. What drives foreign direct investment is the success of domestic investments, he said.
NIPC is currently preparing for the “Direct Investors’ Summit, Nigeria 2017” coming up in October, this year. Similar engagements were held with Commercial Attaches of seven focus countries, State Investment Promotion Agencies, and other State stakeholders. Engagements with lawyers, consultants, investment bankers, institutional investors and other professionals are due to follow.
The Summit is being organised in partnership with the National Bureau of Statistics (NBS) and would provide a platform for investors to obtain comprehensive information on available investment incentives, data-driven research on investment opportunities and showcase investment-ready projects across priority sectors of the Nigerian economy.
The NIPC is the foremost agency of the Federal Government charged with the responsibility of collecting, collating, analysing and disseminating information about investments in the country. While the NBS are the custodians of Nigeria’s official statistics.