Africa’s richest man and Chairman of Dangote Group, Alhaji Aliko Dangote, has issued a powerful and direct challenge to Nigeria’s wealthy elite, urging them to immediately curb the culture of extravagant consumption and divert funds spent on luxury items like Rolls-Royce cars and private jets into productive local industries.
Speaking to correspondents after a meeting with President Bola Tinubu at the Aso Rock Villa on Friday, Dangote argued that the nation’s economic development and crucial job creation goals hinge on the financial responsibility and commitment of its wealthiest citizens.
The Problem of Luxury Consumption
Dangote strongly lamented the prevalent display of wealth in non-productive assets, suggesting that this mindset is hindering Nigeria’s necessary industrialization.
“If you have money for Rolls-Royce, you should go and put up an industry in your locality or anywhere, part of Nigeria, wherever you feel there is a need,” Dangote stated. “Everybody has a private jet. Those private jets should be in industries, so that we can create jobs.”
The industrialist drew a historical comparison to Nigeria’s past, recalling a period where the President and common citizens used the same locally assembled vehicles, contrasting that humility with the current environment where private jets clutter Nigerian airports.
The Imperative of Industrialization
The billionaire stressed that for Nigeria to transition from an import-dependent economy to a self-sufficient powerhouse, the focus must shift aggressively toward manufacturing and agriculture, supported by a strong and reliable banking sector.
He underscored the severe demographic pressure facing the country:
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Population Growth: Nigeria’s population grows by approximately 8.7 million babies every year.
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Massive Demand: This growth necessitates colossal and immediate investments in essential areas like power, infrastructure, healthcare, and education, tasks that cannot be accomplished through imports or consumption alone.
Investing at Home vs. Wooing Foreigners
A core part of Dangote’s message was a clear dismissal of the nation’s heavy reliance on foreign direct investment (FDI). He insisted that local commitment must precede external interest.
“We should stop calling for foreign investors. There’s no foreign investor who will come here,” he argued. “The invitation of a foreign investor is for a domestic investor. What attracts a domestic investor is good policies, good governance, and the rule of law.“
Dangote maintained that once Nigerian entrepreneurs demonstrate confidence by investing their capital locally, foreign partners will naturally follow, either through partnerships or by setting up their own operations.
The Partnership for Prosperity
The Chairman of the Dangote Group also emphasized that national development requires a reciprocal partnership between the government and the private sector.
He urged corporate citizens to fulfill their civic responsibilities, particularly the diligent payment of taxes. “When you have a company, the number one shareholder is the government… We, too, as corporate citizens, must make sure that we pay our taxes,” he said.
He linked tax compliance directly to social development, arguing that proper tax utilization could fund better schools and hospitals, thereby removing the need for the elite to travel to London or Cairo for medical care.
