President of the Dangote Group, Alhaji Aliko Dangote, has advised the federal and state governments to patronise local investors for economic development.
He gave the advice at the Taraba International Investment Summit in Jalingo, which attracted investors from across Nigeria and beyond.
Africa’s richest man said domestic investors are the ones who will attract foreign investors as, according to him, no foreign investors would come into a country where local businesses are not thriving.
“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 at tracted 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 explained. He further disclosed that the Federal Government benefits 52 kobo for every N1.00 he makes from the Dangote Cement Factory.
“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 N1.00 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, is behave and pay your taxes.
“So, I want to encourage the government to 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.
Dangote commended Governor Agbu Kefas for organising the Investment Summit, which he noted would open Taraba up for investments. According to him, Taraba State is endowed with resources, including a vast arable land for agricultural production, which he said would create jobs and reduce poverty in the state and the country as a whole. He assured that his organisation would invest in Taraba State.
Also speaking at the event, former Vice President of Nigeria, Atiku Abubakar, has said that investments remain the veritable tool of achieving economic recovery and prosperity, noting:
“Indeed, if Taraba aspires to realise its potential and grow its economy sustainably, it must endeavour to leverage private sector resources including finance, skills and technology.
“No Nigerian state has the necessary fiscal and financial space to independently drive growth and achieve sustainable development.
“Building strategic partnerships between the state, private investors, local businesses, and communities is critical in addressing resource gaps and unlocking the potential of the state to facilitate investments.”
On his part, Chairman of the United Bank of Africa (UBA), Tony Elumelu, assured of his organisation’s readiness to invest in Taraba State.
