The Chairman of Dangote Cement Plc, Emmanuel Ikazoboh, has issued a definitive challenge to the Nigerian private sector, asserting that the onus of driving trade growth and economic transformation now rests squarely on its shoulders, demanding a significant shift away from dependence on government intervention.
Ikazoboh delivered this message during his keynote address at the International Chamber of Commerce (ICC) Nigeria's 2025 Annual Dinner and Dance, held in Lagos, before an audience comprising public and private sector leaders, captains of industry, diplomats, and members of the international business community.
Speaking on the theme, ‘Tackling Global Trade Frictions for Peace and Prosperity,’ the Chairman argued that the international trade landscape has been irrevocably reshaped by escalating global tariff wars, persistent supply chain disruptions, and the rise of protectionist policies.
This new reality, he emphasised, creates an urgent and critical need for private sector innovation, bold investment, and decisive leadership.
Describing trade as the soul of nations, Ikazoboh emphasised that global commerce has historically been the principal driver of peace, stability, and prosperity.
He underlined the futility of isolation, noting that no modern nation can achieve sustainable, long-term growth by operating independently, as commerce fundamentally binds economies and creates shared incentives for global cooperation.
According to Ikazoboh, African countries, and particularly Nigeria, stand at a critical crossroads where private sector-led trade will ultimately determine the continent’s trajectory toward diversification, robust industrialisation, and deep 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.
He warned against complacency, arguing that for Nigeria to effectively compete on the global stage, its businesses must “step forward, innovate and champion trade beyond our borders.”
To illustrate the transformative power of private enterprise, Ikazoboh praised the Dangote Group as a blueprint for success in national trade outcomes. He recalled a time when Nigeria was heavily dependent on foreign exchange to fund imports, particularly cement.
However, through sustained, massive investments by Dangote Cement in manufacturing capacity, strategic logistics, and energy infrastructure, the nation has achieved a complete reversal.
Nigeria has now transitioned from a heavy importer of cement to one of Africa's top three exporters, successfully supplying markets across West, Central, and Southern Africa.
“The private sector must not wait for the government to drive trade. True trade leadership comes from innovation, risk-taking and long-term investment, qualities the private sector already possesses.
“What Dangote Cement has achieved in turning Nigeria from a cement importer to a major exporter shows what is possible when businesses lead boldly,” Ikazoboh asserted.
The Chairman noted that while persistent trade barriers, such as complex tariffs, logistical bottlenecks, and inadequate infrastructure, create operational challenges, these very issues present unique opportunities for forward-thinking companies to innovate and expand.
He pointed to the Dangote Group's efforts in building essential regional trade corridors, developing export routes for products like cement, fertiliser, and refined petroleum products, thereby strengthening intra-African commerce and aligning with the overarching objectives of the African Continental Free Trade Area (AfCFTA).
Ikazoboh reaffirmed the continent’s urgent need to accelerate the implementation of the AfCFTA, describing it as a game-changing platform that promises African producers access to a consolidated 1.4-billion-person single market.
He highlighted the stark disparity in trade levels, adding that Africa's intra-continental trade stands at a mere 15 to 16 per cent, dramatically lagging Asia’s 59 per cent and Europe’s 68 per cent.
This gap, he stated, underscores the immense, untapped potential for 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 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.
However, the Dangote Cement Board Chairman issued a concurrent warning that the continent must first decisively confront long-standing operational and regulatory hurdles.
These challenges include non-tariff barriers, overlapping regulations, restrictive visa policies, and chronically inadequate infrastructure, all of which impede the seamless flow of goods and services.
“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,” Ikazoboh concluded.
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