Africa’s richest man, Aliko Dangote, has challenged Lotus Capital Limited to significantly expand its investments in Nigeria’s productive sectors, saying the country needs more long-term financing to accelerate industrialization and economic growth.
Dangote, President and Chief Executive of Dangote Industries Limited, made the call at the 20th anniversary celebration of Lotus Capital in Lagos, where he urged the non-interest financial institution to pursue ambitious investments during its next two decades of operations.
He identified manufacturing, agriculture, infrastructure, energy, ports and industrial development as key sectors where non-interest finance could help mobilise capital, expand production and create jobs.
According to Dangote, Nigeria’s high borrowing costs and limited access to long-term funding make it necessary to explore alternative financing models capable of supporting major projects and businesses.
He also emphasized the importance of trust and integrity in investment, arguing that investors must have confidence in those managing their funds before committing their money.
“Money doesn’t follow profit only; it follows trust first,” Dangote said, recalling that his family was among Lotus Capital’s earliest major corporate clients.
He commended the company’s Managing Director and Chief Executive Officer, Hajara Adeola, for establishing and sustaining a pioneering non-interest financial institution despite the challenges of introducing the model into Nigeria’s financial system.
Lotus Capital highlights 20 years of growth
Speaking at the event, Adeola said the company was established to promote financial inclusion by offering investment opportunities aligned with Islamic principles and ethical values.
She disclosed that Lotus Capital had established four mutual funds registered with the Securities and Exchange Commission and collaborated with the Nigerian Exchange to develop the NGX Lotus Islamic Index.
The company also advised the Federal Government on its first three sovereign Sukuk issuances, which supported the financing of more than 4,000 roads and nine bridges across the country.
Adeola said the institution would strengthen partnerships with businesses, entrepreneurs and industrial players to develop financing solutions for agriculture, manufacturing, real estate and renewable energy.
Chairman of Lotus Capital, Fola Adeola, recalled the challenges of introducing non-interest investment products two decades ago, noting that the company’s first product, the Halal Fund, attracted strong demand and was oversubscribed after an initial target of ₦1 billion.
Other stakeholders at the anniversary celebration also called for wider adoption of non-interest finance to support infrastructure, housing, technology, small businesses and other areas of the economy.
Dangote’s challenge underscores the growing importance of alternative financing in mobilizing capital for Nigeria’s industrial ambitions, particularly as businesses seek funding beyond conventional lending channels.
#AlikoDangote #LotusCapital #NigeriaEconomy #IslamicFinance #Investment #Industrialisation #BusinessNews #OnPointGis
