Dangote’s Five Steps On How To Build An Economically Viable State

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Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008. REUTERS/Mike Hutchings (SOUTH AFRICA)

 

The President Dangote Group, Alhaji Aliko Dangote was today at the opening ceremony of the Katsina State Economic and Investment Summit with the theme ‘Unlocking Investment Potentials for Sustainable Development’.

He advice states on how to build and develop an economically viable state that will attracts investors from across the world.

Dangote’s Five Steps that need to be taken for potential investors to see an enabling environment.

  • Identify the sectors of the economy where the state has a comparative advantage, and develop information and data which will enable investors evaluate opportunities in these sectors.

 

  • “Publish clear legal and regulatory terms and clear incentives to guarantee profitability for investors.

 

  • “Provide an incumbent land and reasonable supporting infrastructure and let investors do the rest.

 

 

  • “Ensure that all your officials buy in to the vision, (because) nothing will discourage investors’ more than uncooperative and hostile public officials.

 

  • “The final piece of advice is to start with your local investors or those who are already here with you. If they are happy and making good (revenue), they will definitely invest more and the foreigners will cue in.

“You don’t need anybody to come and bring in foreign direct investment (FDI). FDI always follows local direct investment,” he concluded.

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