Aliko Dangote has issued a sharp rebuke to Nigeria’s wealthy elite, urging them to divert the billions spent on Rolls-Royces, private jets and other luxury indulgences into industries capable of creating jobs and driving economic growth.
Speaking after a meeting with President Bola Tinubu at the Aso Rock Villa on Saturday, Africa’s richest man lamented what he described as a culture of extravagant consumption at a time when the country faces deep structural challenges. Nigeria’s future, he argued, depends on local investors taking responsibility for national development.
“During the military era, everybody from the president downwards used Peugeot 504,” he said. “When a president is using 504, you cannot come as a commoner or businessman to be using a Rolls-Royce.”
Dangote reserved particular criticism for the proliferation of private jets crowding Nigerian airports. “It pains me when I go to the local airport and even finding a parking space for your plane is impossible because everybody has a private jet,” he said. “Those private jets could be in industries creating jobs.”
‘We must build it ourselves’
Dangote stressed that Nigeria cannot rely on foreign capital to rescue its economy. Robust domestic investment, he said, is the only way to attract credible international partners.
“No foreign investor will come here unless domestic investors are active,” he said. “We must industrialise our country. Nobody will do it but us.”
He argued that national development must be anchored on manufacturing and agriculture supported by a dependable banking system. With Nigeria’s population expanding by an estimated 8.7 million babies a year, Dangote warned that investment in power, infrastructure and basic services is now urgent.
“Some people may not know the position of the country as we speak,” he said. “We need to deliver power, infrastructure and other essentials.”
Taxes as a civic duty
The billionaire also reframed taxation as a form of partnership with the state.
“When you have a company, the number one shareholder is the government,” he said. “We need an enabling environment, and as corporate citizens, we must pay our taxes. If I pay tax, children can go to school and hospitals can function.”
He dismissed the idea that tax obligations could be sidestepped. “I cannot cheat my partner,” he added.
Refinery to exceed domestic demand by February
Dangote revealed that his refinery — billed as Africa’s largest — is close to producing more than Nigeria consumes, with surplus output of 15–20 million litres projected by February. The excess, he said, will be exported to neighbouring countries, easing regional fuel shortages.
“We are working to make Nigeria the refining hub of Africa,” he said. “Whatever we consume must be produced locally.”
In October, Dangote had similarly urged Nigerians to embrace homegrown products to strengthen the economy and create jobs. His latest intervention underscores a broader message: that wealth in Nigeria must shift from symbols of status to engines of production if the country is to break its cycle of underdevelopment.
