Dangote Urges Wealthy Nigerians to Invest in Industries, Not Luxury Assets

Africa’s richest man, Aliko Dangote, has called on wealthy Nigerians to redirect funds used for luxury lifestyles into building industries that create jobs and support long-term economic growth in the country. He made the appeal in a video interview clip that has gone viral online.

Dangote, who chairs the Dangote Group, warned that the growing culture of extravagant spending among Nigeria’s elite does little to solve the nation’s deepening development challenges. According to him, private wealth should be seen as a tool for nation-building, not just personal comfort.

“If you have money to buy a Rolls-Royce, you should take that money and put up an industry in your locality or any part of the country where there is need,” he said. He added that seeing numerous private jets parked at local airports deeply concerns him, stressing that such funds could be better deployed to establish factories and create employment opportunities.

He highlighted Nigeria’s fast-growing population, noting that about 7.8 million births are recorded each year. This, he said, makes it urgent for both government and private businesses to invest more in power supply, infrastructure, and productive industries to absorb the expanding workforce.

Dangote also acknowledged that the country’s tax burden is high but insisted that companies must still meet their civic responsibilities. “For a company like ours, the tax 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, while calling for policies that create a more enabling business environment.

He further cautioned against over-dependence on foreign capital, arguing that domestic investors hold the real key to Nigeria’s economic growth. According to him, strong local investment, stable policies, and respect for the rule of law are what truly attract sustainable global partnerships.