President and Chief Executive of the Dangote Group, Aliko Dangote, has maintained that local businesses hold the key to developing their countries.
He said local entities bring about the real transformation over foreign investors.
Speaking during a 鈥淔ireside Discussion鈥 at the Afreximbank Annual Meetings in Abuja, Nigeria, Dangote stressed that genuine development must come from within the continent.
鈥淚f local businesses don鈥檛 believe in their country鈥攚ith all the information and exposure that they can turn things around鈥攈ow can you convince foreign investors that things are better in your country?鈥 he asked pointedly.
Aliko Dangote, Africa鈥檚 richest man according to Forbes Magazine, insisted that partnerships and regional alliances are essential to mobilising capital and driving growth across indigenous enterprises.
He called for an urgent shift in focus toward empowering homegrown entrepreneurs.
鈥淭hey are the ones who can bring about the needed development and transformation鈥攏ot foreign investors,鈥 he declared.
鈥淚f America鈥檚 President can say 鈥楢merica First鈥, then Africa must do the same.鈥
Aliko Dangote said the continent must begin a deliberate 鈥淎frica First鈥 campaign, leveraging its vast resources and economic potential for the benefit of Africans.
But he did not shy away from highlighting the challenges.
He described the business climate in many African countries as hostile to growth, citing poor regulatory environments, inconsistent government policies, and reversals in national priorities whenever political power changes hands.
鈥淭hese policy inconsistencies are killing businesses across Africa,鈥 he lamented. 鈥淲e must stop undoing progress every time there鈥檚 a new administration.鈥
Despite the difficulties, Aliko Dangote remains confident that African governments can raise the funds they need for infrastructure and development without waiting on foreign aid鈥攊f they empower the right players at home.
鈥淭he time is now to back our own,鈥 he concluded. 鈥淎frica鈥檚 future depends on Africans.鈥