In a bold call to action for Nigeria’s elite, Aliko Dangote, Chairman of the Dangote Group, has urged wealthy Nigerians to reconsider their spending habits and redirect funds from luxury items like Rolls-Royce cars and private jets into building industries that can drive economic growth and generate employment. Speaking after a meeting with President Bola Tinubu at the Aso Rock Villa, Dangote condemned the culture of extravagant consumption, stressing that national development depends heavily on responsible local investment.
Reflecting on the modest lifestyle of Nigeria’s past leaders, Dangote pointed out that during the military era, presidents and top officials drove simple Peugeot 504 cars. “When a president is using a 504, you cannot come as a commoner, as a businessman or whoever you are, to be using Rolls-Royce,” he remarked. He further criticized the prevalence of private jets at Nigerian airports, emphasizing that these resources would be far more impactful if invested in productive industries. “Those private jets will be in industries so that we can create jobs,” Dangote asserted.
The business magnate highlighted the urgent need for investment in manufacturing and agriculture, coupled with strong support from local banks, to meet the challenges posed by Nigeria’s rapidly growing population, which increases by 8.7 million babies each year. He noted that this population surge requires robust infrastructure, consistent power supply, and sustainable development efforts.
Dangote also framed tax compliance as a civic duty and a partnership with the government. He argued that paying taxes is essential for building a functional society where children can access education and healthcare locally, rather than relying on foreign facilities. “When the government gives us the environment to make money, we should also be conscious about doing our own bit,” he said.
Additionally, Dangote emphasized the importance of local investment over reliance on foreign investors. He explained that foreign investors are often drawn to opportunities created by domestic investors, underlining the need for Nigerians to lead the charge in industrialization. “We must industrialize our country. Nobody will do it but us. Once we industrialize, a foreigner will come either to partner with us or invest alongside any Nigerian,” he said.
Looking at practical outcomes, Dangote shared that the Dangote Refinery will soon produce surplus volumes, expected to exceed Nigeria’s domestic needs by February, enabling exports to neighboring countries and reducing fuel scarcity across West Africa. His vision is to establish Nigeria as Africa’s refining hub, ensuring that the continent consumes products produced within its borders.
Earlier this year, Dangote had also encouraged Nigerians to embrace homegrown products as a way to strengthen the economy and generate employment, reinforcing his long-standing message that sustainable national development begins with responsible local action and strategic investment.