Africa’s richest man, Aliko Dangote, has publicly criticized wealthy Nigerians for spending millions on private jets and luxury cars instead of investing in industries that could generate jobs and stimulate the economy.
Speaking to journalists during a briefing in Lagos, Dangote expressed concern that Nigeria’s economic challenges could deepen if the country’s affluent individuals continue to prioritize ostentatious spending over productive investments. He described the trend as a reflection of “misplaced priorities,” particularly worrying in a country facing rising unemployment and rapid population growth.
“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,” Dangote said. He lamented the sharp increase in private jet ownership, noting the difficulty of finding parking space at major airports in Abuja and Lagos due to the proliferation of private aircraft. “Those private jets should be in industries so that we can create jobs,” he added.
Dangote highlighted that Nigeria’s population is growing at a rate of 8.7 million babies per year, emphasizing the urgent need for job creation to absorb the expanding workforce. He warned that the current trend of luxury spending, combined with limited domestic manufacturing, poses a risk to Nigeria’s long-term economic stability.
The industrialist called on wealthy Nigerians to redirect their resources toward productive sectors such as factories, agro-processing plants, and refineries. He argued that such investments would not only reduce unemployment but also contribute to a more resilient and diversified economy.
Dangote also urged policymakers to foster a supportive environment for industrialization, emphasizing that the country’s elite must “lead by example” by investing in ventures that create sustainable employment and strengthen Nigeria’s economic foundations.