Reported by: Ijeoma G | Edited by: Gabriel Osa
Africa’s richest man, Aliko Dangote, has issued a stern warning to Nigeria’s wealthy class, criticising what he described as an alarming obsession with private jets and luxury cars while the country struggles with economic fragility, limited industrial growth, and rising unemployment. Speaking during a media interaction in Lagos, the industrialist expressed concern that the continued diversion of capital into extravagant personal assets rather than productive ventures places Nigeria at greater long-term risk.
Dangote voiced deep frustration over what he called the “misplaced priorities” of affluent Nigerians at a time when the nation faces mounting pressures, including rapid population growth and the expansion of a labour market that is unable to absorb its swelling youth population. He noted that Nigeria adds an estimated 8.7 million babies to its population each year, a rate that demands serious planning, economic expansion, and job-creating industries.
In his remarks, Dangote lamented the growing fleet of private aircraft owned by individuals, describing it as symbolic of a deeper disconnect between personal wealth accumulation and national needs. He explained that during visits to airports in Lagos and Abuja, it had become increasingly difficult to find parking space due to the sheer number of privately owned jets. According to him, such resources would have made far greater impact if directed toward establishing industries capable of providing employment and reducing Nigeria’s dependence on imports.
The billionaire emphasised that investments in areas such as manufacturing, agro-processing, energy, refineries, and technology hubs could transform the country’s economic landscape. By contrast, he warned that a culture driven by luxury consumption deepens inequality, weakens productivity, and leaves the nation vulnerable to external shocks. Dangote urged Nigeria’s elite to rise to the demands of national responsibility, arguing that genuine wealth should be measured by the number of livelihoods improved, not personal possessions accumulated.
He also appealed to policymakers to strengthen the business environment by reducing bureaucratic obstacles, supporting local production, and ensuring stability that encourages long-term industrial investments. A supportive ecosystem, he noted, would make it easier for private sector players to commit capital to transformative ventures rather than redirect wealth into non-productive assets.
Stone Reporters’ remark draws a parallel to global patterns seen in several developing economies, where widening gaps between elite spending and industrial investment have historically stalled growth. Similar scenarios in parts of Latin America and Southeast Asia show that economic progress accelerates only when wealthy citizens and government institutions jointly champion production-focused development rather than conspicuous consumption.
Dangote’s concerns reflect broader economic realities confronting Nigeria. The country faces a critical need for job-intensive industries as millions of young people enter the workforce annually. With manufacturing still contributing modestly to GDP, and heavy reliance on imported goods persisting despite decades of reforms, the call for productive investment is both timely and strategic. Economists have long warned that without substantial industrial expansion, Nigeria’s economic model may struggle to sustain its growing population, creating fertile ground for social tension and regional instability.
Dangote’s message serves as a caution for both policymakers and private wealth holders. The choice before Nigeria is clear: redirect capital toward ventures that build capacity, strengthen communities, and secure the nation’s future, or continue along a path where luxury outpaces productivity. His appeal challenges the country’s elite to make decisions that not only reflect personal success but also contribute to lasting national prosperity.
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