Aliko Dangote urged Nigeria’s elite to stop spending on luxury items like private jets and Rolls-Royce cars and instead invest in local industries to create jobs, spur economic development, and encourage foreign investment.
Aliko Dangote, Chairman of Dangote Group, challenged Nigeria’s elite to shift funds from luxury consumption, such as private jets and Rolls-Royce cars, into establishing industries that stimulate economic growth. Following a meeting with President Bola Tinubu, Dangote lamented the extravagant culture, stating, “If you look at the Nigerian policy before, during the military, everybody from the president downwards, everybody, they were all using Peugeot 504. That was the highest.” He insists national development hinges on the responsibility of local investors focusing on manufacturing.
The businessman condemned the ease with which private jets fill airports, arguing the wealth should be channelled into production to create jobs. He also stressed that national growth depends on domestic investment, not foreign capital, emphasizing that “The invitation of a foreign investor is for a domestic investor.” Dangote added that corporate citizens must fulfill their “civic duties” by paying taxes to support infrastructure and social services.