The Chairman of the Dangote Group, Aliko Dangote, has issued a strong appeal to Nigeria’s wealthy elite.
He urged them to redirect the enormous funds currently spent on luxury items like Rolls-Royce cars and private jets toward establishing industries that stimulate economic growth and create essential employment opportunities.
Speaking after a meeting with President Bola Tinubu at Aso Rock Villa on Saturday, Dangote lamented the nation’s culture of extravagant consumption, stating that national development depends heavily on the responsibility and patriotism of local investors.
Dangote criticized the widespread use of high-end imports, contrasting it with the country’s past policy under the military regime, where local manufacturing was prioritized
“If you look at the Nigerian policy before, during the military, everybody from the president downwards used Peugeot 504. That was the highest. So, when a president is using 504, you cannot come as a commoner, as a businessman, or whoever you are, to be using Rolls-Royce,” he said.
He particularly pointed out the proliferation of private jets: “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.”
“If you have money for a Rolls-Royce, you should go and put up an industry in your locality or anywhere in Nigeria where there is a need,” he added.
Dangote noted the urgency of industrialization, citing Nigeria’s rapid population growth of 8.7 million babies every year, which places significant demands on infrastructure and power delivery.
Dangote stressed that Nigeria must cease its over-reliance on foreign investors, asserting that no external capital will commit without strong domestic participation.
He said: “We should stop calling for foreign investors. No foreign investor will come here unless domestic investors are active.”
The business mogul framed tax payment as a fundamental civic duty and a partnership with the government, emphasizing that paying taxes ensures children can attend school and hospitals can function.
He provided an optimistic update on the Dangote Refinery, revealing that it would soon generate a surplus that could address 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.
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