Federal Gov’t, Dangote Urge Localised Production To Unlock Africa’s Economic Potential

The federal government of Nigeria and Dangote Industries Limited have called for localized production and patient capital to unlock Africa’s economic potential.

This message was emphasised during the African Private Capital Association (AVCA) Week held in Lagos from April 28 to May 2, 2025.

Keynote addresses were delivered by the minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and founder and CEO of Dangote Industries, Aliko Dangote. Both speakers highlighted the crucial role of localized production and patient capital in fostering economic growth across the continent.

Oduwole expressed Nigeria’s commitment to transforming policy into actionable results, stating, “we are proud to host the private capital ecosystem, bringing Africa and the world to Lagos, the commercial heartbeat of the continent, for a bold conversation about investment and economic opportunities that will define the future. Nigeria is moving forward, and we want the world to join us.”

She presented a comprehensive plan aimed at boosting private sector growth, enhancing Nigeria’s capital markets, diversifying exit strategies, and facilitating more strategic acquisitions.

Oduwole emphasized that the economy serves as a platform for local and regional businesses to scale, pointing out, “we are offering a platform within a $3.4 trillion economy.”

Dangote reiterated the importance of focusing on manufacturing and backward integration to reduce import dependence and create prosperity.

He remarked, “building industries from within Africa provides jobs and establishes a foundation for economic resilience.” Dangote further asserted, “to achieve lasting prosperity in Africa, we must look inward, attract African capital, invest in our youth and talent, and create systems that support local growth.”

Chairman of African Capital Alliance, Okey Enelamah stated, “our approach from the outset was to create an enabling environment by educating local pension funds to develop market infrastructure and ensure returns through successful investments.

The private sector plays a critical role in shaping businesses and partnering with governments to deliver measurable impact.”

Other speakers at the event also emphasized the necessity for both global and local pension funds to engage more actively in private equity investments, highlighting infrastructure as a powerful tool for utilizing employee savings.

CEO of InfraCredit, Chinua Azubike suggested that investor-led solutions combining public, private, and blended finance are vital for attracting capital to essential high-impact projects in energy, transport, and digital infrastructure.

Furthermore, the Association announced the appointment of Danladi Verheijen, co-founder and CEO of Verod, as chair, and Ann Wyman, senior partner at AfricInvest, as vice chair of AVCA’s Board of Directors, effective immediately. The conference concluded with the announcement that Dar es Salaam, Tanzania, will host the 22nd Annual AVCA Conference in 2026.