President Dangote Group Aliko Dangote has said that domestic investors play a critical role in attracting foreign investment.
He spoke Wednesday at the Taraba International Investment Summit in Jalingo, a show which attracted participants from across Nigeria and beyond.
While calling on both the state and federal governments to prioritise indigenous businesses for sustainable growth and job creation, he noted that no foreign investor would be willing to invest in a country where local businesses are not thriving.
He said: “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.”
He revealed that for every one naira generated by Dangote Cement Factory, the federal government earns fifty-two kobo.
The business mogul said: “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 commended Governor Agbu Kefas for the summit initiative, noting that Taraba is richly endowed with natural resources.
Dangote said: “We will invest in Taraba State. We will not go anywhere and invest. This is home. We will keep creating jobs.”
Also speaking at the event, Chairman United Bank of Africa/Founder Tony Elumelu Foundation (TEF) Tony Elumelu said his organisation was ready to invest in Taraba state.
He said: “We are ready to invest in Taraba through Transcorp and the Tony Elumelu Foundation. UBA will also continue to expand its footprint and financial services across Africa…
“Investment helps to create jobs, curb unemployment, improve security, and empower people.”