Dangote Urges Wealthy Nigerians to Invest in Industries, Not Private Jets
- Alhaji Aliko Dangote has criticised wealthy Nigerians for spending on luxury items like private jets and Rolls-Royce cars
- The industrialist warned that dependence on imported goods with limited export is harmful to the economy and is like importing poverty
- Dangote emphasised the need for investment in agriculture, industry, and social infrastructure to support a rapidly growing population
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria.
Aliko Dangote, president of the Dangote Group, has condemned the spending habits of wealthy Nigerians who prioritise luxury cars and private jets instead of investing in industries that can create jobs and support national growth.
He advised affluent Nigerians to consider establishing factories instead of spending on cars, private jets and other luxury items. He noted that such investments would stimulate economic activity across communities and help reduce unemployment.
Source: Getty Images
According to The Cable, Dangote argued that Nigeria cannot achieve sustainable development if it continues to rely heavily on imported goods. He stressed that continued import dependence amounts to “importing poverty and exporting jobs”.
“If you have money for Rolls-Royce, you should go and set up an industry in your locality, or anywhere in part of Nigeria, wherever you feel there is a need. Everybody has a private jet. Those private jets should be in industries, so that we can create jobs,” he said.
The industrialist urged wealthy Nigerians with the capacity to invest to channel their resources into productive sectors in order to create jobs in the country.
He said the country must strengthen agriculture, industrialisation, and the banking system if it hopes to address economic challenges and meet its long-term development goals.
He questioned whether Nigeria can truly progress without building industries that support local production.
Nigeria's young population requires critical investments
The industrialist also highlighted the impact of Nigeria’s fast-growing population, noting that about 8.7 million babies are born annually. He said this demographic trend will require significant investments in power, infrastructure, healthcare, and education.
Dangote added that companies have a responsibility to meet their tax obligations, describing the government as “the number one shareholder” through the tax system.
He said an enabling business environment, combined with responsible corporate behaviour, is essential for national development.
Source: Getty Images
He further advised that while foreign investment remains important, Nigeria should focus more on building strong policies that encourage domestic investors to expand their operations.
Dangote plans to become top fertiliser producer
Legit.ng earlier reported that the richest man in Africa plans to make the Dangote Group and Nigeria the world’s leading producer of fertiliser.
Dangote, who spoke at the Imo Economic Summit last week, said his fertiliser plant in Lagos plans to increase urea production from 3 million to 12 million tonnes by 2028.
He encouraged African investors to invest at home in the continent, if they care about economic development, rather than wait for foreign investors.
Don't miss out! Join Legit.ng's Sports News channel on WhatsApp now!
Source: Legit.ng
