The Nigerian private sector must take the reins in driving trade growth and fundamental economic transformation, rather than waiting for government intervention. That was the clear message delivered by Emmanuel Ikazoboh, the Chairman of Dangote Cement Plc, during his keynote address at the International Chamber of Commerce (ICC) Nigeria 2025 Annual Dinner and Dance in Lagos.
Speaking on the crucial theme, “Tackling Global Trade Frictions for Peace and Prosperity,” Ikazoboh noted that the international trade landscape has been irrevocably reshaped by protectionist policies, global tariff wars, and widespread supply chain disruptions. He stressed that this new environment creates an urgent, non-negotiable need for private sector leadership, innovation, and investment.
Addressing an influential audience that included public and private sector leaders, diplomats, and members of the international business community, Ikazoboh described trade as the “soul of nations.” He argued that global commerce has historically been the primary driver of prosperity, stability, and peace. Crucially, he emphasized that no nation can achieve sustainable growth by operating in isolation, as trade effectively binds economies and creates shared incentives for cooperation.
According to the Dangote Cement Chairman, Nigeria, alongside other African countries, is standing at a critical juncture where private sector-led trade is the only factor that can determine the continent’s path towards robust industrialization, diversification, 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.
He specifically targeted Nigerian businesses: “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.”
Ikazoboh held up the Dangote Group as a powerful example of how private enterprise can radically transform national trade outcomes. He recalled that Nigeria was once a major importer of cement, spending heavily on foreign exchange, an issue that the Dangote Group successfully reversed through localized capacity building and investment.
