Chairman of the Dangote Group, Aliko Dangote, has urged wealthy Nigerians to divert funds spent on luxury items such as Rolls-Royce cars and private jets into building industries that can boost job creation and stimulate economic growth.
In a recent interview clip shared online, Dangote lamented the growing culture of extravagant spending among the elite, saying the country’s development depends on local investors taking responsibility.
“If you have money to buy Rolls-Royce, you should take that money and go put up an industry in your locality or any part of the country where there is need,” Dangote said.
“It pains me sometimes when I go to the local airport, whether it’s here or Lagos. You even find a parking lot — everybody has a private jet. Those private jets should be in industries so we can create jobs.”
Dangote noted that Nigeria’s rapidly growing population demanded urgent action from both government and the private sector.
“Some people don’t know the population of the country as we speak, but the growth rate is 7.8 million babies in a year. We have to deliver a lot of things like power and infrastructure,” he said.
Despite describing taxation as heavy, the African richest man maintained that businesses must meet their obligations to support the nation’s development.
“For a company like ours, the tax that we pay is too much, but we don’t mind, because if you open a company in this country, the number one shareholder is government,” he said.
“What we are asking for is an enabling environment, but we too as corporate individuals should also do our civic duties by paying taxes so that our children can school here. It’s a partnership.”
Dangote also dismissed the over-reliance on foreign investors, stressing that no external investor would commit to Nigeria without strong local participation.
“And we should stop calling for foreign investors because there’s no foreign investor anywhere. The invitation of foreign investor is domestic investor. What attracts investment is good policy and rule of law,” he stated.
Recalling the challenges his conglomerate faced in the textile sector, Dangote revealed the painful decisions that underscore the importance of industrial revival.
“If I tell you what happened to us in textile… we had to sack 7,000 workers in one day,” he said.
“But we had to come back and say we have to industrialise our country,” Dangoted added.
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