Dangote Urges Wealthy Nigerians to Invest in Industries, Not Luxury Cars

Chairman of Dangote Group, Aliko Dangote, has urged wealthy Nigerians to redirect money spent on luxury cars and private jets into building industries capable of transforming the nation’s economy. Speaking after a meeting with President Bola Tinubu at Aso Rock Villa, Abuja, Dangote warned that excessive consumption culture was hindering efforts to expand local manufacturing and job creation.

Focus on Local Investment, Not Luxury

Dangote said Nigeria’s elite must reconsider priorities by shifting attention away from ostentatious spending to productive economic ventures. He recalled that past Nigerian leaders, particularly during the military era, used locally assembled vehicles, a culture that discouraged extravagant spending.

According to him, the growing number of luxury automobiles and private jets in the country does not reflect national economic realities. He argued that such wealth should be channelled into industries that promote development. “Those private jets could be in industries creating jobs,” he stated, adding that manufacturing and agriculture should be key pillars of national development.

Dangote maintained that local investors must take the lead in industrial growth rather than depending on foreign investment. He warned that countries seeking rapid economic progress must rely on domestic participation before attracting international partners.

Tax Compliance as National Duty

The industrialist also used the opportunity to emphasise strict tax compliance, describing it as a patriotic responsibility as well as a business obligation. Dangote noted that government is essentially the primary stakeholder in every company, given the pivotal role taxes play in providing public services.

Dangote argued that a society where companies fail to pay taxes will encounter challenges in education, healthcare and general governance. Dangote insisted that tax compliance strengthens the partnership between private enterprise and the state, enabling government to meet increasing demands.

Industrialisation Must Start With Nigerians

Dangote strongly cautioned against the continuous appeal for foreign investment, stressing that no external investor will commit serious capital in a country where local investors are not visibly active. He added that good governance, clear regulations and rule of law will inspire confidence among Nigerians first, before attracting international interest.

He underscored that only Nigerians can industrialise Nigeria, stating, “Nobody will do it but us.” He called for the removal of real and perceived risks to investment in order to strengthen the country’s industrial capacity.

Dangote Refinery to Produce Surplus as Exports Begin

The Dangote Refinery, according to him, is expected to produce more fuel than Nigeria requires by February, projecting an excess of 15 to 20 million litres per day. He stated that products will subsequently be exported to neighbouring West African countries, helping to reduce fuel scarcity across the region.

Dangote explained that the objective is to position Nigeria as Africa’s refining hub, noting that most African countries rely heavily on imported petroleum products. He reiterated that consumption within the region should be sustained by local production capacity and not foreign refineries.

He also reminded Nigerians that strengthening local industries, including manufacturing and refining, would support economic growth and improve job opportunities across the country.