Aliko Dangote, chairman of the Dangote Group, has urged wealthy Nigerians to redirect their resources from lavish purchases to investments that can stimulate the economy and create jobs.
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In a video interview circulating online, the billionaire industrialist criticised the growing appetite for luxury among the elite, warning that excessive spending is diverting capital away from productive ventures that the country urgently needs.
He noted that individuals who can afford high-end items such as Rolls-Royce automobiles and private jets should instead consider using those funds to establish industries that can uplift communities and support national development.
Dangote also pointed to Nigeria’s rapidly expanding population which grows by about 7.8 million people every year, stressing that both government and the private sector must act quickly to strengthen essential services such as electricity and infrastructure.
While acknowledging that the tax burden on businesses is heavy, he maintained that companies must still fulfil their obligations because the government functions as the primary stakeholder in any enterprise operating locally. He added that honouring civic duties supports the creation of an environment where children can receive quality education at home.
He further cautioned against relying on foreign investors, saying Nigeria cannot attract meaningful external capital without strong domestic investment, sound policies and adherence to the rule of law.
Reflecting on past challenges, Dangote recalled how setbacks in the textile sector once forced his conglomerate to lay off 7,000 workers in a single day. He said the experience strengthened his belief that Nigeria must commit to reviving its industrial base.
