The founder and CEO of the Dangote Group, the largest industrial conglomerate in West Africa, Aliko Dangote gave a key note address at the 2022 Zenith Bank International Trade Seminar.

Speaking during the Seminar, Dankote called on Nigeria’s business, banking and political leaders to encourage non-oil exports.

He said if he were a banker, he would lend money only to export-based industries, because they are safer.

“I don’t want to give you money to set up a factory when you have to import 80% of your raw materials. It does not make sense”, he wrote.

Dangote drew attention to the low level of Nigeria’s non-oil exports compared with other African top oil producers – in 2021, non-oil exports accounted for only 12% in value of Nigeria’s exports compared with 46% in Algeria and 16% in Angola.