The President of Dangote Group, Aliko Dangote, has said that domestic investors play a critical role in attracting foreign investment.

Speaking at the Taraba International Investment Summit in Jalingo, which drew participants from across Nigeria and beyond, Dangote stressed the importance of prioritizing indigenous businesses to foster sustainable growth, create jobs, and strengthen the national economy.

The business mogul urged federal and state governments to support local investors.

According to Dangote, no foreign investor would be willing to invest in a country where local businesses are struggling, emphasizing that the success of indigenous enterprises is a key indicator of a viable investment climate.

“I want to give a word of advice, Your Excellency, the only way for you to attract foreign investments or investors is by having local investors. Domestic investors are the ones who actually attract foreign investors.

“If you don’t invite local investors to come and invest, no foreigner will come and invest. Foreigners are attracted only when they see prospects for investment. Once they see that, yes, things are flowing, you don’t have to invite them, they will come,” Dangote said.

Dangote further revealed that the federal government earns fifty-two kobo for every one naira generated by his Dangote Cement Factory. This, he said, highlights the significant contribution of local businesses to national revenue.

“I’m sure it might interest you to know that the federal government of Nigeria, not even the state, makes more money from, for example, our cement business. For every N1 that we turn around, 52 kobo goes to the federal government of Nigeria. So, that’s the benefit. When the government facilitates, they give you what it takes to create your own business. What we should do, also, you should behave and pay your taxes.

“So, I want to encourage that the government should continue to encourage investment, especially domestic investment. If you encourage, you have more investment. If you don’t encourage, there will not be jobs,” he maintained.

Africa’s richest man praised Governor Agbu Kefas for organizing the Investment Summit, describing it as a strategic move to open Taraba State to investment opportunities.

He noted that Taraba is richly endowed with natural resources, particularly vast arable land suitable for agriculture, which, if properly harnessed, could generate employment and significantly reduce poverty both in the state and across the country.

“We will invest in Taraba State. We will not go anywhere and invest. This is home. We will keep creating jobs,” he added.

Meanwhile, the Chairman of the United Bank of Africa, Mr Tony Elumelu, reaffirmed his organisation’s commitment to investing in Taraba State, expressing readiness to support the state’s economic growth.