Africa’s richest man, Aliko Dangote, has challenged Nigeria’s wealthy to redirect their resources from luxury spending into productive investments capable of creating jobs and driving economic growth.
Dangote said Nigeria would struggle to reach its full economic potential if its richest citizens continued to commit huge sums to luxury rather than production.
The Dangote Group President spoke on Monday at the Nigerian Exchange in Lagos during the formal launch of the Initial Public Offering of Dangote Petroleum Refinery and Petrochemicals.
He urged wealthy Nigerians who own expensive private aircraft to consider putting their resources into businesses and industries that contribute to the wider economy.
“I try as much as I can to encourage people who are riding $900 million aircraft to please go and put that into production,” Dangote said.
“We are not going to be a great nation without doing something productive.”
The billionaire said his own attitude towards luxury had changed significantly over the years, revealing that he bought his first private jet at the age of 22.
“My career as a businessman, I really had a great time. I was telling somebody that right now I don’t mind, I can take a commercial, I can take anything. I had my first private jet at 22 and a half years old,” he said.
Dangote’s comments came as shares in his three-year-old refinery were offered to the public through the IPO, opening another avenue for Nigerians to invest in the country’s industrial sector.
He maintained that greater investment in production was essential if Nigeria was to build a stronger and more prosperous economy.
