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President Bola Tinubu credits Dangote Group’s investments with expanding domestic production, creating jobs and conserving foreign exchange.
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The conglomerate operates across cement, fertiliser, sugar, salt and petroleum refining, supporting local supply chains.
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Tinubu says private-sector investment and industrial harmony are critical to delivering jobs and improving Nigeria’s productive capacity.
October 27, (THEWILL) – President Bola Tinubu has linked Dangote Group’s investments in manufacturing, agriculture and petroleum refining to job creation, import substitution and efforts to strengthen Nigeria’s industrial capacity.
Tinubu, represented by Vice President Kashim Shettima, made the remarks on Monday during a visit to the conglomerate’s pavilion at the 32nd Nigeria Economic Summit in Abuja.
The President said investments in strategic sectors were helping expand domestic production, reduce dependence on imported goods, conserve foreign exchange and stimulate economic activity.
Dangote Group has operations spanning cement manufacturing, fertiliser production, sugar refining, salt processing and petroleum refining. Its investments support local value addition and supply chains across construction, agriculture, manufacturing and energy.
Tinubu said his administration was working to create conditions for public- and private-sector investors to expand operations and generate productive employment.
The group is described as Nigeria’s second-largest employer of labour after the Federal Government, underscoring the role of large private businesses in employment and industrial development.
Refining and manufacturing at the centre of investment drive
Among the group’s major investments is the Dangote Petroleum Refinery and Petrochemicals complex in Lagos, which is positioned to increase domestic refining capacity and reduce reliance on imported refined petroleum products.
Greater domestic production could help conserve foreign exchange previously spent on imports, although the scale of any benefit depends on local output, domestic demand and the refinery’s contribution to reducing imports over time.
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The group’s cement, fertiliser and other manufacturing operations also contribute to domestic supply, reducing the need to source some products from abroad and supporting related businesses.
Tinubu said Nigeria had performed below its economic potential for too long, adding that “there is no shortcut for economic development.”
He used the summit to defend the Federal Government’s economic reforms and stress the importance of industrial harmony and private-sector-led growth.
Summit focuses on jobs and productivity
The 2026 Nigeria Economic Summit, themed “Growth That Works: Delivering Jobs, Productivity and Shared Prosperity,” brings together policymakers, business leaders, investors and other stakeholders to discuss ways to accelerate growth, raise productivity and expand employment.
Tinubu’s remarks placed private-sector investment at the centre of that agenda, with the Dangote Group serving as an example of large-scale investment across sectors considered important to Nigeria’s industrialisation.
The President’s commendation also highlighted the government’s expectation that sustained investment would strengthen domestic supply chains, expand productive capacity and help build a more competitive economy.
However, translating industrial investment into broader prosperity depends on how effectively increased production supports jobs, local businesses and access to essential goods.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
