Chairman of the Dangote Group, Aliko Dangote, has called on wealthy Nigerians to reduce their appetite for luxury items and instead invest in industries that will stimulate the economy and create jobs.
Speaking to State House correspondents after meeting President Bola Tinubu at the Presidential Villa, Abuja, Dangote criticised the growing culture of extravagant spending among the elite, warning that it does little to drive national development.
He recalled that during the military era, national leaders used modest vehicles, a culture that discouraged excessive display of wealth.
He said, “In the past, everybody from the president downward used Peugeot 504. When a president is using 504, you cannot come as an ordinary businessman and be using Rolls-Royce.”
The billionaire expressed concern over the large number of private jets crowding Nigeria’s airports, describing it as a symbol of misplaced priorities.
“If you have money for a Rolls-Royce, put up an industry in your locality. It pains me when I go to the local airport here or in Lagos and there is no parking space because everybody has a private jet. Those private jets should be industries so we can create jobs,” he said.
Dangote stressed that Nigeria must prioritise manufacturing, agriculture and other productive sectors in order to keep pace with its fast-growing population.
“Population growth is 8.7 million babies every year. These children will need power, infrastructure, schools and hospitals. The demand on government is huge,” he noted.
He said tax payment should be seen as a civic responsibility and a partnership with government.
“When you have a company, the number one shareholder is the government. They give us the environment to operate, so we must pay our taxes. If we all pay tax, your children can go to school and hospitals will work. We don’t need to go to Cairo or London for medicals,” he said.
Dangote also cautioned against placing excessive hope on foreign investors, arguing that international capital only flows to countries where local investors show strong commitment.
“We should stop calling for foreign investors. No foreign investor will come if domestic investors are not investing. Good policies, good governance and rule of law attract domestic investors first. When they invest, foreigners will come,” he said.
He added that Nigeria must remove both real and perceived risks around doing business to encourage more local participation.
“We must industrialise our country. Nobody will do it for us. Once we invest, a foreigner will either partner with us or set up his own operation. It’s like a restaurant—nobody advertises it. If the food is good, people will come,” he said.
