Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets

Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets

Africa’s richest man, Aliko Dangote, has called on wealthy Nigerians to redirect funds currently spent on luxury cars and private jets into industrial investments that can generate jobs and foster sustainable economic growth.

In a widely shared interview, the Dangote Group chairman warned that the country’s elite have increasingly prioritized lavish spending over productive ventures. “If you have money to buy a Rolls-Royce, you should take that money and put up an industry in your locality or anywhere there is need,” Dangote said.

He expressed concern over the number of private jets parked at local airports, arguing that the resources tied up in such assets could instead create employment opportunities.

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Dangote highlighted Nigeria’s growing population, with an estimated 7.8 million births annually, stressing that both government and private sector actors must invest in infrastructure, power, and productive businesses.

Acknowledging the country’s high taxes, he maintained that businesses must still meet their obligations. “For a company like ours, the tax we pay is too much, but we don’t mind… What we are asking for is an enabling environment, but we too must do our civic duties,” he said.

He also urged Nigerians to prioritize domestic investment over foreign capital, noting that attracting investment depends on good policy and rule of law. “We should stop calling for foreign investors because there’s no foreign investor anywhere. What attracts investment is good policy and rule of law,” Dangote added.

Dangote urges wealthy Nigerians to invest in industries, not luxury cars, private jets