Dangote Group Chairman, Aliko Dangote, has urged wealthy Nigerians to divert money spent on luxury items like Rolls Royce cars and private jets into building industries that create jobs and drive economic growth.
Speaking after a meeting with President Bola Tinubu at the Presidential Villa, he lamented a culture of conspicuous consumption and recalled that, in earlier years, even presidents used modest official cars, which discouraged elites from outspending the state on luxury.
He said anyone who can afford a Rolls Royce should instead establish factories in their communities or anywhere in Nigeria where investment is needed, arguing that many of the private jets crowding local airports could have been productive industrial assets.
Dangote stressed that Nigeria’s development hinges on strong local investment in manufacturing and agriculture, backed by a solid banking system, and warned that rapid population growth of about 8.7 million babies every year demands massive expansion in power, infrastructure and basic services.
He framed tax payment as both a civic duty and a partnership with government, noting that the state is effectively the number one shareholder in every company and that tax revenues are vital for schools, hospitals and other public services.
Dangote cautioned against over reliance on foreign investors, insisting that no serious external investor will commit to Nigeria unless domestic investors are already active and confident, supported by good policies, governance and rule of law.
He said Nigerians must lead the push for industrialisation, remove real and perceived investment risks and then allow foreign partners to join or invest once a strong local base exists.
Dangote also revealed that his refinery is on track to produce surplus fuel by February, estimating output of 15 to 20 million litres above Nigeria’s daily needs, which would enable exports to neighbouring countries and help reduce fuel scarcity across West Africa.
He added that the goal is to make Nigeria a refining hub for Africa so that the region’s fuel consumption is met largely by locally produced products rather than imports, and again encouraged Nigerians to embrace homegrown goods to strengthen the economy.
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