Nigeria’s richest industrialist, Aliko Dangote, has issued a sharp challenge to the country’s wealthy elite, urging them to curb their taste for luxury and invest instead in industries that can drive growth and create jobs.
Speaking to State House correspondents after a meeting with President Bola Tinubu at the Presidential Villa in Abuja, the Chairman of the Dangote Group criticised what he described as a growing culture of extravagant spending that offers little benefit to national development. He recalled a time when modesty defined leadership, noting that past national leaders and business executives used simple vehicles, a culture that discouraged excessive displays of wealth.
Dangote expressed dismay at the number of private jets crowding Nigeria’s airports, describing them as evidence of misplaced priorities. According to him, resources sunk into luxury assets should be redirected into factories and productive ventures across the country. Such investments, he said, would generate employment and strengthen local economies.
With Nigeria adding millions of people to its population every year, Dangote warned that pressure on infrastructure, healthcare, education and power supply will only intensify. He stressed that rapid industrialisation, alongside stronger investment in manufacturing and agriculture, is critical to meeting these growing demands.
The billionaire also underscored the importance of tax compliance, describing tax payment as a civic responsibility and a partnership with government. He noted that improved public services—from schools to hospitals—depend largely on citizens and companies fulfilling their tax obligations.
Dangote cautioned against placing excessive hope in foreign investors, arguing that international capital is attracted to countries where local investors show confidence and commitment. He said sound policies, good governance and respect for the rule of law are essential to reducing risks and encouraging domestic investment, which in turn draws foreign participation.
“We must industrialise our country. Nobody will do it for us,” Dangote said, insisting that when local investors take the lead, foreign partners will naturally follow.
Private Jets or Factories? Dangote Challenges Nigeria’s Rich on Economic Priorities
