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The Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has called on the Nigerian private sector to take the lead in driving trade growth and economic transformation, rather than depending on government intervention.
He made the call while delivering a keynote address at the International Chamber of Commerce (ICC) Nigeria 2025 Annual Dinner and Dance, held in Lagos.
Speaking on the theme, “Tackling Global Trade Frictions for Peace and Prosperity”, Ikazoboh said global tariff wars, supply chain disruptions and protectionist policies have reshaped the international trade landscape and created an urgent need for private sector innovation, investment and leadership.
He described trade, before an audience of leaders from the public and private sectors, captains of industry, diplomats and members of the international business community, as the “soul of nations”, stressing that global commerce has historically driven peace, stability and prosperity. He noted that no nation can achieve sustainable growth in isolation, as trade binds economies and creates shared incentives for cooperation.
According to him, African countries, Nigeria in particular, are at a point where private sector led trade can determine the continent’s path towards diversification, industrialisation and regional integration.
“Africa is at a crossroads, and the future we want will depend on proactive action. Governments cannot shoulder this transformation alone. The private sector must take the lead in driving diversification, boosting industrial capacity and deepening regional trade,” he stressed.
“For Nigeria in particular, this is not the time for complacency. Competing globally requires our businesses to step forward, innovate and champion trade beyond our borders,” he added.
Ikazoboh praised the Dangote Group as an example of how private enterprise can transform national trade outcomes. He recalled that Nigeria was once a major importer of cement, spending heavily on foreign exchange. However, due to Dangote Cement’s sustained investments in manufacturing, logistics and energy infrastructure, Nigeria has evolved into one of Africa’s top three cement exporters, supplying markets across West, Central and Southern Africa.
“The private sector must not wait for government to drive trade. True trade leadership comes from innovation, risk taking and long-term investment, qualities the private sector already possesses,” Ikazoboh said.
“What Dangote Cement has achieved in turning Nigeria from a cement importer to a major exporter shows what is possible when businesses lead boldly.”
He noted that while trade barriers such as tariffs, logistics bottlenecks and infrastructure deficits create operational challenges, they also present opportunities for forward thinking companies to innovate and expand.
He said the Dangote Group has built regional trade corridors, developed export routes for cement, fertiliser and refined petroleum products, and strengthened intra-African commerce, aligning with the goals of the African Continental Free Trade Area (AfCFTA).
“Trade restrictions create both challenges and opportunities for the Dangote Group, but the company uses its diversified operations, competitive pricing and focus on Pan African integration to build resilience.
“In addition to this, the Group also navigates trade frictions by building local capacity, developing new trade routes and leveraging trade for export opportunities in products like fertiliser and refined petroleum products.”
Ikazoboh reaffirmed the need for Africa to accelerate the implementation of the AfCFTA, describing it as a game changing platform that gives African producers access to a 1.4-billion-person single market. He stated that despite Africa’s intra continental trade standing at only 15 to 16 per cent, compared to Asia’s 59 per cent and Europe’s 68 per cent, the continent has the potential to unlock exponential growth.
“With the African Continental Free Trade Area, we have drawn a line in the sand. Africa cannot continue exporting raw materials and importing the finished products that should be made on our own soil. AfCFTA is a true game changer, a unified market of 1.4 billion people. And even if only half participate actively, the scale alone is enough to create thousands of new African millionaires,” he emphasised.
The Dangote Cement Board Chairman also warned, however, that the continent must first confront long standing challenges such as nontariff barriers, overlapping regulations, visa restrictions and inadequate infrastructure.
He closed by reinforcing Nigeria’s potential to lead the continent’s economic renaissance.
“Nigeria has energy, talent and limitless potential. If potential were a tradable commodity, we would be the biggest exporters in the world. With the right mindset and partnerships, we can build a more prosperous, peaceful and interconnected Africa.”
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