FG, Dangote Call for Localised Production, Patient Capital to Unlock Africa’s Economic Potential – THISDAYLIVE

The federal government and Dangote Industries Limited have called for localised production and patient capital to unlock Africa’s economic potential.

This message was emphasised during the African Private Capital Association (AVCA) Week held in in Lagos, convening global investors, fund managers, policymakers and business leaders to explore investment opportunities and address Africa’s economic transformation challenges under the theme ‘Bold Moves: Powering 10x in Africa’.

The event featured keynote addresses from Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, and Aliko Dangote, Founder and CEO of Dangote Industries, with both emphasising the critical importance of localised production and patient capital in unlocking Africa’s economic potential.

The minister highlighted Nigeria’s commitment to transforming policy into performance, noting: “We are proud to be hosting the private capital ecosystem—bringing Africa and the world to Lagos, the commercial heartbeat of the continent—for a bold conversation about investment and economic opportunities that define the future. Nigeria is moving, and we want the world to move with us.”

She described a comprehensive plan to boost private sector growth, impact Nigeria’s capital markets, diversify exit strategies, and enable more strategic acquisitions. She outlined the economy as a platform for local and regional businesses to scale and remarked: “We are offering a platform of a $3.4 trillion economy.”

Addressing the investors in the room directly, Dangote added: “If we want to build lasting prosperity in Africa, we must look inward, attract African capital, invest in our youth, talent, industries, and design systems that scale locally.”

Chairman, African Capital Alliance, Okey Enelamah,  and Managing Director, Akmazo, Alison Klein, Reflected on the evolution of private equity in Nigeria.

A recurring theme throughout the conference was the growing importance of African institutional investors in driving the continent’s private capital ecosystem. Dave Uduanu, Managing Director and CEO of Access ARM Pensions, revealed plans to deploy $500 million in private capital over the next five years, stating: “We are looking to pool resources with other pension funds to create pan-African investment vehicles. This approach would not only mobilise more African capital but would help us invest beyond Nigeria across the continent. We particularly like power, where there is a massive gap in Africa, and we’re not worried about currency—you can make money in any currency if the fundamentals are right.”

Managing Director and Head of Project Development, Africa50, Papa Demba Diallo, underscored the demonstration effect of delivering “replicable, bankable and scalable investment opportunities.” Chief Executive Officer, InfraCredit, Chinua Azubike, suggested that investor-led solutions combining public, private, and blended finance are instrumental to crowding capital for critical high-impact energy, transport, and digital infrastructure projects.

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