Speaking during an interview with Nicolai Tangen, the chairman of Dangote Group reflected on the economic realities that reshaped several of his investments and pushed the company toward a more export-driven strategy.
According to Dangote, the volatility of Nigeria’s foreign exchange market made sustaining those industries increasingly difficult at the time.
“Yes, I exited that (flour and textile) because of the foreign exchange challenges,” he said.
While the company stepped away from those sectors, Dangote stressed that the group has since repositioned itself around businesses capable of generating strong dollar earnings through exports.
Push for Dollar Earnings and Investor Confidence
The billionaire industrialist explained that the conglomerate is now heavily focused on export-oriented operations, particularly through its cement, refinery, petrochemical, and fertiliser businesses.
He disclosed that the group is introducing a new value proposition aimed at reassuring foreign investors who worry about currency instability and difficulties repatriating profits from Nigeria.
“We guarantee to pay you dividends in dollars because we are very well into exports,” Dangote said.
“Eighty percent of our revenue will be in dollars, that is why we are saying you have a choice.”
According to him, local investors may still choose to receive dividends in naira, but international shareholders seeking protection from exchange-rate risks can opt for dollar payments instead.
Dangote acknowledged that many foreign investors hesitate to invest in emerging markets because of concerns over accessing foreign currency when it is time to move profits abroad.
“Most foreign investors, sometimes, once they invest in a company, what actually matters to them is that when they get their dividends, it is difficult to also get money to buy and remit your money,” he explained.
“But we have addressed that issue.”
‘We Produce What Nigerians Need’
Discussing the philosophy behind his investments, Dangote said his business empire has always been built around solving local problems and reducing Nigeria’s dependence on imported goods.
The entrepreneur described the strategy as “backward integration” — producing locally what the country would otherwise spend scarce foreign exchange importing.
“We produce what we need,” he said.
“We are now producing things that when you wake up as a human being every morning, you must use part of what we produce.”
Over the years, the Dangote Group has expanded across cement, sugar, salt, fertiliser, oil refining, and petrochemicals, sectors considered critical to both household consumption and industrial development.
Selling Luxury Homes Abroad to Focus on Nigeria
Dangote also offered rare insight into the personal sacrifices behind his rise as one of Africa’s most influential industrialists.
The billionaire disclosed that he sold off his luxury properties in both the United States and the United Kingdom so he could fully concentrate on building industries in Nigeria.
“When I decided to go into the industry, you know what I did? I sold all my properties in the US,” he said.
“I had two houses in the US, big mansions, and I had a house in the UK. I wanted to really sit in Nigeria and concentrate.”
Dangote said the decision reflected his belief that managing large-scale industrial ventures required total commitment and physical presence.
Today, despite his immense wealth, he says he avoids owning holiday homes abroad and prefers staying in hotels whenever he travels.
“Now my life is very simple. Wherever I go, I use hotels. I pay,” he said.
“When I leave, nobody will call me and say I have a burst pipe or something is wrong.”
A Long-Term Industrial Vision
The remarks provide a deeper glimpse into Dangote’s long-standing ambition to transform Nigeria from a heavily import-dependent economy into a major industrial and export hub.
His comments also come at a time when many Nigerian manufacturers continue to grapple with foreign exchange shortages, rising production costs, and currency instability.
For Dangote, however, the future lies in industries capable of earning hard currency while meeting essential domestic demand — a strategy he believes will strengthen both his businesses and Nigeria’s economic resilience in the long run.