President of the Dangote Group, Aliko Dangote, has said that every naira invested in local manufacturing has the potential to circulate up to 200 percent within the Nigerian economy.
Dangote made the assertion while delivering a keynote address at the 5th Adeola Odutola Lecture organised by the Manufacturers Association of Nigeria (MAN) during its 53rd Annual General Meeting held in Lagos last week.
Speaking on the theme, “Enhancing Nigeria’s Industrial Growth Through the ‘Nigeria First’ Policy,” the industrialist emphasized that prioritising local production remains the surest path to sustainable economic growth, job creation, and foreign exchange stability.
He urged the federal government to ensure the effective implementation of its “Nigeria First” policy initiative, which is designed to promote the consumption of locally made goods and services.
Every naira spent on locally manufactured products doesn’t just create value once—it multiplies itself across the economy. From raw material suppliers to transporters, distributors, and retailers, the impact of manufacturing is far-reaching. Studies have shown that such investments can circulate up to 200 percent within the economy,” Dangote stated.
He noted that countries that have achieved rapid industrialization did so by protecting and promoting their local industries, stressing that Nigeria must adopt the same model if it hopes to diversify its economy away from oil dependence.
Dangote also called for improved infrastructure, stable power supply, and consistent policy frameworks to support manufacturers and attract new investors.
Earlier, the President of MAN, Otunba Francis Meshioye, commended Dangote for his consistent advocacy for local manufacturing and reaffirmed the association’s commitment to working with the government to boost industrial productivity.
The Adeola Odutola Lecture, held annually as part of MAN’s AGM, serves as a platform for policymakers, business leaders, and industrial stakeholders to discuss strategies for strengthening Nigeria’s manufacturing sector.
Follow us on all social media platforms @dailyquery for news and analyses around the globe.
