Business mogul Aliko Dangote has urged Nigeria’s wealthy elite to rethink their spending habits, calling on them to channel money currently spent on luxury items like Rolls-Royce cars and private jets into industries that create jobs and drive economic growth.

Dangote made the appeal after meeting President Bola Tinubu at Aso Rock Villa on Saturday. He expressed concern over the culture of extravagance among the country’s rich, stressing that Nigeria’s development relies heavily on proactive local investment.

“Back in the military era, leaders, including the president, used Peugeot 504s. When leaders live modestly, it sets the tone for everyone else. Today, seeing private jets and Rolls-Royces everywhere is disheartening,” Dangote said.

The billionaire argued that private jets represent wealth that could be better invested in productive ventures. “If you can afford a Rolls-Royce or a private jet, think about putting that money into an industry in your community. That’s how we create jobs and strengthen the nation,” he added.

Highlighting the urgent need for infrastructure and power development, Dangote noted that Nigeria’s population grows by nearly 8.7 million people every year. He emphasized that national growth depends on manufacturing, agriculture, and a robust banking system, supported by active local investors.

Dangote also framed tax compliance as a civic duty. “Companies thrive when the government thrives. Paying taxes ensures schools operate, hospitals function, and the nation moves forward,” he said.

He discouraged over-reliance on foreign investors, insisting that external parties will only commit to Nigeria if domestic investors lead the way. “Industrialisation must be driven by Nigerians. Once we take the lead, foreign investors will follow,” Dangote said.

The Dangote Refinery, he revealed, is on track to produce surplus fuel by February, enabling exports to neighboring countries and helping reduce regional fuel scarcity. “Our goal is to make Nigeria Africa’s refining hub, producing what we consume locally,” he said.

The business leader has consistently encouraged Nigerians to embrace homegrown products, emphasizing that such efforts not only strengthen the economy but also create employment opportunities across the country.