Aliko Dangote, Chairman of the Dangote Group, has called on the country’s elite to redirect funds currently spent on luxury items, such as Rolls-Royce cars and private jets, towards establishing industries that drive economic growth and create employment opportunities.
Dangote, while speaking with journalists after a meeting with President Bola Tinubu at Aso Rock Villa on Saturday, condemned the culture of extravagant lifestyle, stressing that the nation’s development depends heavily on the responsibility of local investors.
“If you look at the Nigerian policy before, during the military, everybody from the president downwards used Peugeot 504. That was the highest. So, when a president is using 504, you cannot come as a commoner, as a businessman, or whoever you are, to be using Rolls-Royce,” he said.
“If you have money for a Rolls-Royce, you should go and put up an industry in your locality or anywhere in Nigeria where there is a need.
“It pains me when I go to the local airport, whether here or in Lagos, and even finding a parking space for your plane is impossible because everybody has a private jet. Those private jets could be in industries creating jobs,” he added.
Dangote emphasised that national development requires a strong focus on manufacturing and agriculture, supported by robust banking systems.
He also highlighted the urgent need for job creation, noting Nigeria’s population grows by 8.7 million babies every year, which demands significant investments in infrastructure and power.
“Some people may not know the position of the country as we speak. Population growth is 8.7 million babies every year. So we need to deliver power, infrastructure, and other essentials,” he said.
The billionaire also described the tax compliance as both a civic duty and a partnership with the government.
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“When you have a company, the number one shareholder is the government. We need an enabling environment from the government, and as corporate citizens, we must pay our taxes. I cannot cheat my partner. If I pay tax, children can go to school and hospitals can function. The government has huge demands, and we must do our part,” he added.
The businessman dismissed what he described as over-reliance on foreign investors, insisting that no external investor would commit to Nigeria without strong domestic participation.
He said, “We should stop calling for foreign investors. No foreign investor will come here unless domestic investors are active. Good policies, governance, and rule of law attract local investors, and foreign investors follow to partner or establish their own operations.
Dangote reiterated that industrialisation must be led by Nigerians, saying “We must industrialise our country. Nobody will do it but us. Once we industrialise, foreigners will partner with us or invest in Nigeria. We must remove both real and perceived risks to investment.”
TVC previously reported that the International Monetary Fund says that subsidies, tax incentive infrastructure development and protective regulations will help fast track growth of Industries in Nigeria and other emerging market economies.
In a recent report titled industrial policy and the growth strategy, the Washington Baseline noted that implementing industrial policy as part of their growth strategy countries are faced with competing objectives such as securing sustainable economic growth, maintaining financial and fiscal stability and establishing national champions.
