• About
  • Advertise
  • Contact
Wednesday, October 15, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Economy

Global Economic Downturn : Dangote Calls On FG To Protect Local Industries

Vital News by Vital News
July 2, 2024
in Economy, National
0
Global Economic Downturn : Dangote Calls On FG To Protect Local Industries

President of Dangote Group, Aliko Dangote and the Vice-President of Nigeria, kashim Shettima and Otunba Francis Meshioye, MAN president during the MAN Summit at the Villa in Abuja.

Share on FacebookShare on Twitter

President of Dangote Group, Aliko Dangote, has advocated policies that safeguard domestic industries and cultivate them into indigenous champions capable of generating jobs and fostering prosperity in face of current global economic woes.

The foremost entrepreneur on Tuesday  told the gathering of manufacturers and investors in Abuja while delivering a speech on ‘Rethinking Manufacturing in Nigeria’ as the keynote speaker at the Nigeria Manufacturers’ Summit that Nigeria has what it takes to be prosperous.

Dangote who noted that though, there are various factors contributing to the underperformance of the manufacturing sector, emphasized that the crucial issue requiring attention is government policy and its approach toward investments and investors.

He pointed out that industrial or manufacturing entities are not like trading entities, while expressing his belief that the fundamental role and responsibility of government should be not only to promote investments and attract investors in manufacturing but also to ensure that these investments are nurtured and protected to facilitate growth and sustainability.

President of Dangote Group, Aliko Dangote and the Vice-President of Nigeria, kashim Shettima and Otunba Francis Meshioye, MAN president during the MAN Summit at the Villa in Abuja.

He said : “In every economic regime, including the most advanced, investment projects in manufacturing and industrial sectors need time and a conducive environment for them to mature, build capacity and scale, to become competitive against those in older and more mature markets.

RelatedStories

Nigeria’s Inflation Drops To 18.02pct

PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence

Father of slain husband forgives Maryam Sanda, Accepts Tinubu’s Pardon

President Tinubu Commends Ododo For Exemplifying Values Of Transparency, Discipline In Governance

“But since the Mid 1980’s, non-industrialized countries and their leaders have been discouraged from protecting and supporting such investment and forced to expose them to unfair competition from stronger, older competitors in their own internal market, even before the newcomers are commissioned.

“Yet these same older/bigger players are well supported in their home markets.”

He listed several examples of government intervention to protect industries : the blocked sale of US steel to Nippon Steel of Japan, the blocked sale of six US port management companies to Dubai Ports World, restrictions on Chinese cranes at US ports, and the US imposition of tariffs such as 100% on Chinese EVs, 50% on semiconductors, medical products, and solar panels.

He also cited the restriction of Russian gas supply to Europe, which led European countries to increase coal usage despite opposition to fossil fuels, and the US government’s distribution of $39 billion in subsidies to incentivize local microchip production.

Dangote referred to Asia as having achieved significant levels of industrialization by pursuing industrial policies where the government played an active role in nurturing and supporting local companies.

“They subsequently leveraged this success to attract foreign direct investment (FDI) into Free Trade Zones,” he said

He emphasized that government protection of industry, does not solely encompass short to medium-term Regulatory Mechanisms such as tax holidays and other incentives which have their place in industrial policy and should be applied when necessary to mitigate investment challenges.

“I am concerned with a long term policy framework which ensures that investors can invest with the understanding that the industry will in the long run be regarded as a national asset and not just investor’s assets, so that when it is threatened, either by external forces or by changes in the environment beyond the control of individual operators, government will take appropriate action to protect investors and support them to survive the threat.

“Almost all countries did this in response to the COVID threat. Those in the pharmaceutical industry may well remember how India protected and supported its pharmaceutical industry,” he said.

While noting that if such policy had been adopted in the past, Nigeria would have boasting of a flourishing textile and tyre industry as well as functioning refineries.

“If we had adopted such a policy and government attitude to the Textile Industry and tyre industry in the 80’s and early 90’s, perhaps our economy today will still be benefitting from the job creation capacities of these industries.

“Or if we had adopted this attitude to our Refining industry, Nigerians would not today be too anxious about Dangote Refinery,” he stated.

Disputing assertions that protecting domestic industries leads to reduced competitiveness, Dangote argued to the contrary, citing examples such as China, Korea, India, and various other Asian nations.

President of Dangote Group, Aliko Dangote is receiving an honour from MAN DG Ajayi Kadri for his contribution to the manufacturing sector in Nigeria, at the MAN Summit at the Villa in Abuja.

He pointed out that these countries successfully developed into robust economies and posed a challenge to the established global economic order precisely because they protected their industries.

He noted that in the past, Nigeria was not competitive in cement production, producing less than 2 million tons of cement per annum up to 2007.

He pointed out that due to strategic government policies and support, Nigeria has since become Africa’s largest cement producer and exporter, ranking among the top 10 globally in competitiveness.

Dangote noted that in 2023, Dangote Cement alone contributed more tax revenue to the government than the entire banking sector.

“In the past, Nigeria was not competitive in cement production. Up to 2007, Nigeria produced less than 2m tons of cement per annum.

“Today, we have about 60 million tons of production capacity and another 9 million tons under construction.

“The foundation for this success story was laid by an administration which decided to extend full support and protection to Nigeria’s cement industry.

“Today , we are among the 10 most competitive cement producers in the world and the biggest cement producer and cement exporter in Africa.

” In 2023, Dangote Cement alone paid more taxes into the coffers of the government than the entire banking industry,” he said.

Dangote also refuted claims that protecting industries would lead to monopoly, stating that it is common knowledge that foreign investors only come when they see that local investors are also doing well.

“I am convinced that when Government Policy becomes more supportive and protective, investors will be more willing to collaborate and partner with the Government in resolving other challenges such as infrastructure deficits, market instabilities and macro-economic issues such as inflation and foreign exchange volatilities,” he added.

Reiterating that Nigeria has all it takes to develop and sustain a globally competitive manufacturing sector, Dangote called for re-thinking of her industrialization policy, by learning from leading countries in the West and the East who are actively protecting their domestic industries. (vitalnewsngr.com)

Tags: cementDangoteEconomygovernment
Previous Post

Abiodun Calls For Synergy Between NIS, Other Security Agencies In Ogun

Next Post

2024 Positive Report On Nigeria Proves Atiku, Obi Wrong About Tinubu’s Reforms – TMSG

Vital News

Vital News

RelatedStories

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Nigeria’s Inflation Drops To 18.02pct

October 15, 2025
PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence
Economy

PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence

October 14, 2025
Father of slain husband forgives Maryam Sanda, Accepts Tinubu’s Pardon
National

Father of slain husband forgives Maryam Sanda, Accepts Tinubu’s Pardon

October 14, 2025
President Tinubu Commends Ododo For Exemplifying Values Of Transparency, Discipline In Governance
Economy

President Tinubu Commends Ododo For Exemplifying Values Of Transparency, Discipline In Governance

October 13, 2025
BHPF : President Tinubu Approves Immediate Release Of N29,284,145,353.78 To 36 States,FCT
Crime

Corruption : An Appeal To President Tinubu To Revisit Controversial Cases Abandoned By Buhari

October 13, 2025
Next Post

2024 Positive Report On Nigeria Proves Atiku, Obi Wrong About Tinubu's Reforms - TMSG

Police Ban Sanusi, Ado Bayero From Conducting Durbar Activities During Eid -el-kabir

Police Rescue Three Indians, Nigerian From Kidnappers in Ogun, Kill Two Suspects

Kogi HOS Congratulates Governor Ododo On Tribunal Victory

Governor Ododo Promises Improved Security At CUSTECH, To Immortalise Two Slain Students

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

CSVDI Urges INEC, National Assembly to Prioritize Local Government Autonomy, Party Supremacy

CSVDI Urges INEC, National Assembly to Prioritize Local Government Autonomy, Party Supremacy

1 year ago
BIPC Commences Full Digital Services To Meet Evolving Business Opportunities – Asemakaha

BIPC Commences Full Digital Services To Meet Evolving Business Opportunities – Asemakaha

2 years ago
NDLEA Arrests 14, 480 Suspects, Seizes  2.4million kg Illicit Drugs In 10 months – Marwa

NDLEA Makes Single Largest Seizure Of Loud, Colorado, Meth In Ekiti, Arrests Kingpin

2 months ago
Hardship : PDP Governors Meet In Asaba, Call On FG To Rejig Economic Policies

Three PDP Lawmakers Defect To APC In Kaduna

8 months ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu US
No Result
View All Result

Highlights

Kenyan Prominent Opposition Leader, Raila Odinga, Dies In India

Lagos Catholic Archbishop, Adewale Martins, Urges Leaders To Prioritise Effective Governance Over Politicking

PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence

FG, GenCos Finalize Implementation Framework For ₦4 trillion Presidential Power Sector Debt Reduction Plan

Father of slain husband forgives Maryam Sanda, Accepts Tinubu’s Pardon

President Tinubu Sends Amupitan’s Name To Senate For Confirmation As INEC Chairman

Trending

Capital Inflows Into Nigeria Up By 67.12% In Q1 2025
Economy

Nigeria’s Inflation Drops To 18.02pct

by Vital News
October 15, 2025
0

Nigeria’s headline inflation rate slowed to 18.02% in September 2025, marking a decline from 20.12% recorded in...

PDP NEC Appoints Damagum As Substantive National Chairman, Zones Presidential Ticket To South

Bayelsa Governor, Duoye Diri, Resigns From PDP

October 15, 2025
Niger Delta Peace Gains Momentum as Lokpobiri Backs Tompolo’s Initiatives

Niger Delta Peace Gains Momentum as Lokpobiri Backs Tompolo’s Initiatives

October 15, 2025
Kenyan Prominent Opposition Leader, Raila Odinga, Dies In India

Kenyan Prominent Opposition Leader, Raila Odinga, Dies In India

October 15, 2025
Lagos Catholic Archbishop, Adewale Martins, Urges Leaders To Prioritise Effective Governance Over Politicking

Lagos Catholic Archbishop, Adewale Martins, Urges Leaders To Prioritise Effective Governance Over Politicking

October 14, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Nigeria’s Inflation Drops To 18.02pct October 15, 2025
  • Bayelsa Governor, Duoye Diri, Resigns From PDP October 15, 2025
  • Niger Delta Peace Gains Momentum as Lokpobiri Backs Tompolo’s Initiatives October 15, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In