Africa’s richest man, Aliko Dangote, has criticised wealthy Nigerians who choose to spend millions of dollars on private jets and luxury cars instead of investing in industries that could generate jobs and boost the economy.
During a media briefing in Lagos, the industrialist warned that Nigeria’s economic situation would continue to deteriorate if the country’s elite remain focused on extravagant lifestyles rather than productive investments.
Dangote described this trend as a “misplacement of priorities,” especially at a time when unemployment is rising and the nation’s population is expanding rapidly.
“If you have money for a Rolls Royce, you should go and put up an industry in your locality or any part of Nigeria where there is a need,” he told journalists.
He added that it bothered him to see overcrowded parking spaces for private jets at airports in Lagos and Abuja. “Everybody has private jet. Those private jets should be in industries so that we can create jobs.”
Dangote stressed that many wealthy individuals may not fully grasp the urgency of Nigeria’s current challenges, noting that the country welcomes about 8.7 million newborns every year.
He warned that the surge in private jet ownership, paired with low levels of local manufacturing, reflects a dangerous pattern that could threaten Nigeria’s long-term economic stability.
According to him, directing wealth into factories, agro-processing plants, refineries, and other productive ventures would not only reduce unemployment but also strengthen the nation’s economic foundation.
Dangote urged policymakers to build a more supportive climate for industrialisation and called on affluent Nigerians to lead by example by investing in sustainable, job-creating sectors.
