Africa’s richest man, Aliko Dangote, has criticised wealthy Nigerians who spend millions of dollars on private jets and luxury cars instead of investing in industries that could create jobs and stimulate the economy.
Speaking to newsmen during a briefing in Lagos, the industrialist warned that Nigeria’s economic challenges will worsen if the country’s elite continue to prioritise ostentatious spending over productive investment.
Dangote expressed frustration at what he described as the “misplaced priorities” of many affluent Nigerians, especially at a time when the nation faces rising unemployment and rapid population growth.
During the interaction with journalists, Dangote said, “If you have money for Rolls Royce you should go and put up an industry in your locality or any part of Nigeria that you feel there is a need.
That’s why it pains me when I go to the international airport in Abuja or Lagos, you see that to find a parking for your plane is impossible. Everybody has private jet. Those private jets should be in industries so that we can create jobs.
Maybe some people don’t know the position of the country as we speak because population growth is 8.7 million babies every year.”
Dangote noted that the sharp rise in private jet ownership, coupled with low levels of domestic manufacturing, highlights a d+ngerous trend that could thr+atens Nigeria’s long-term economic stability.
He stressed that channeling wealth into factories, agro-processing plants, refineries, and other productive ventures would not only reduce unemployment but also help Nigeria build a more resilient and diversified economy.
The business magnate urged policymakers to create a more supportive environment for industrialisation and appealed to wealthy individuals to “lead by example” by investing in ventures that generate sustainable jobs.
