Aliko Dangote, Africa’s richest man and Chairman of Dangote Group, has urged Nigeria’s affluent class to reconsider extravagant spending on luxury items, including Rolls-Royce cars and private jets, and instead invest in ventures that promote economic growth and create employment opportunities.
Speaking after a meeting with President Bola Tinubu at Aso Rock Villa on Saturday, Dangote criticised the culture of ostentatious consumption, emphasising that the country’s progress depends heavily on the active involvement and responsibility of local investors.
Recalling Nigeria’s past policies, Dangote highlighted that during military rule, even the president and top officials drove modest vehicles such as the Peugeot 504.
“Back then, the highest you could see was a Peugeot 504. So, if the president was using that, no businessman or ordinary citizen should be flaunting wealth with a Rolls-Royce,” he said.
Dangote also raised concerns about the proliferation of private jets at Nigerian airports, noting that such wealth could be redirected into industrial projects that generate jobs.
“It pains me when I go to the local airport, whether here or in Lagos, and even finding a parking space for your plane is impossible because everybody has a private jet. Those private jets could be in industries creating jobs,” he said.
He stressed that sustainable development requires a strong focus on manufacturing and agriculture, supported by robust banking systems, and highlighted Nigeria’s urgent need for employment opportunities given a population growth of 8.7 million annually.
“Some people may not know the position of the country as we speak. Population growth is 8.7 million babies every year. So we need to deliver power, infrastructure, and other essentials,” Dangote added.
On corporate responsibility, Dangote emphasised the importance of tax compliance, framing it as a partnership with government.
“When you have a company, the number one shareholder is the government. We need an enabling environment from the government, and as corporate citizens, we must pay our taxes. I cannot cheat my partner. If I pay tax, children can go to school and hospitals can function. The government has huge demands, and we must do our part,” he said.
Dangote also discouraged over-reliance on foreign investors, insisting that no external investor will commit to Nigeria without active domestic participation.
“We should stop calling for foreign investors. No foreign investor will come here unless domestic investors are active. Good policies, governance, and rule of law attract local investors, and foreign investors follow to partner or establish their own operations,” he said.
He stressed that industrialisation must be led by Nigerians. “We must industrialise our country. Nobody will do it but us. Once we industrialise, foreigners will partner with us or invest in Nigeria. We must remove both real and perceived risks to investment,” Dangote said.
The businessman provided an update on the Dangote Refinery, revealing that by February, production is expected to exceed domestic needs by 15–20 million litres, enabling exports to neighbouring countries and easing fuel scarcity across West Africa.
“We are working to make Nigeria the refining hub of Africa. African countries import products, and we want to ensure that whatever we consume is produced locally,” he said.
Dangote’s comments follow previous calls for Nigerians to support homegrown products, stressing that the path to sustainable growth, industrialisation, and national prosperity lies in channelling wealth into productive ventures rather than conspicuous consumption.
