Billionaire industrialist Aliko Dangote urges Nigeria’s elite to redirect spending on jets and luxury cars into job-creating industries to spur growth.
Africa’s richest industrialist, Aliko Dangote, has called on wealthy Nigerians to shift their spending habits away from high-end luxury items and toward investments that can accelerate industrial growth and create jobs across the country. His remarks, shared in a recent interview clip circulating online, have reignited debate about the role of the nation’s economic elite in driving local development.
Dangote, chairman of the Dangote Group and one of Africa’s most influential business leaders, criticized what he described as an expanding culture of extravagant displays of wealth. According to him, private jets and Rolls-Royce cars—status symbols among the country’s upper class—represent capital that could instead be used to build factories, expand production, and strengthen Nigeria’s economic base.
“If you have money to buy a Rolls-Royce, you should take that money and put up an industry in your locality or in any part of the country where there is need,” he said. He added that he is often struck by the number of private jets visible at airports in major cities, arguing that such aircraft “should be in industries so we can create jobs.”
Read Also: Nigeria’s Foreign Reserves Rise To $46.7 Billion — CBN Report
Dangote warned that Nigeria’s rapidly growing population—expanding by an estimated 7.8 million births each year—demands urgent action to expand infrastructure, electricity supply, and industrial capacity. He said this responsibility does not lie with the government alone, insisting that private investors must show equal commitment.
Although he acknowledged that the country’s tax burden can be heavy, Dangote said businesses must still meet their obligations to support national development. “For a company like ours, the tax that we pay is too much, but we don’t mind,” he said. “If you open a company in this country, the number one shareholder is the government.”
He noted that development requires a partnership between policymakers and corporations: the government must provide an enabling environment, and companies must pay taxes to strengthen the nation’s capacity to deliver services and expand opportunities.
Dangote also cautioned against excessive dependence on foreign investors, asserting that international capital typically follows strong domestic investment. “There’s no foreign investor anywhere,” he said. “What attracts investment is good policy and rule of law.”
Recalling the collapse of his conglomerate’s textile operations years ago, Dangote shared the painful decision to lay off 7,000 workers in a single day—a moment he described as a stark reminder of the urgency of industrial revival. Despite setbacks, he insisted that Nigerian businesses must lead the effort to rebuild the country’s manufacturing base.
“We have to industrialize our country,” he said.
Africa Daily News, New York
