Businessman Aliko Dangote has advised wealthy Nigerians to shift their spending from luxury cars and private jets to building industries that can boost the economy and create jobs.
He spoke on Saturday after meeting President Bola Tinubu at the Presidential Villa in Abuja. Dangote said the habit of buying expensive cars and private jets has grown sharply, while investments in manufacturing and other productive sectors remain low.
He recalled simpler times in Nigeria’s past, saying, “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.”
Dangote said he is troubled by how crowded private jet terminals have become, adding that the money used to buy the jets could help Nigeria build strong industries across different states.
“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,” he said.
He urged the elite to use their resources to build factories, support agriculture, and strengthen the banking sector. According to him, Nigeria needs massive investment to meet the growing demands of a fast-rising population.
“Population growth is 8.7 million babies every year. So we need to deliver power, infrastructure, and other essentials,” he said.
Dangote also stressed that companies must pay taxes faithfully, describing it as both a duty and part of a partnership with government.
“When you have a company, the number one shareholder is the government. We need an enabling environment from the government, and as corporate citizens, we must pay our taxes. I cannot cheat my partner,” he said. “If I pay tax, children can go to school and hospitals can function.”
He warned against depending too heavily on foreign investors, saying Nigeria must show strong local investment before outsiders will take interest.
“We should stop calling for foreign investors. No foreign investor will come here unless domestic investors are active,” he said. “We must industrialise our country. Nobody will do it but us.”
Dangote also gave an update on the Dangote Refinery, saying it will soon produce more than the country needs. He said the refinery should be able to supply between 15 million and 20 million litres above Nigeria’s demand by February, allowing for exports to neighbouring countries.
“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.
He earlier urged Nigerians in October to support local products as a way to grow the economy and create more jobs.
