Dangote Slams Wealthy Africans Who Own Private Jets But Build No Factories
By Aboki Forex —
Aliko Dangote has criticised wealthy Africans who spend heavily on private jets and luxury while failing to invest in factories and other productive businesses. The billionaire industrialist said Africa's rich must look beyond personal comfort and put more of their wealth into investments that can grow the continent's economy.
He spoke in an interview with ARISE News, where he discussed wealth, luxury, industrialisation and the legacy he hopes to leave behind.
No factories, no growth
Dangote questioned the priorities of wealthy Africans who own aircraft but have little to show in productive industries.
"What I see people now owning aircraft all over the place, flying all over, they don't have one single factory," he said.
He argued that such spending does little to expand Africa's productive capacity, create employment or accelerate economic development.
"So it means that they're not actually helping in growing the economy, and that has to change," he added.
He bought his first jet aged 22
Dangote said he was not always opposed to owning luxury assets. He bought his first private aircraft at about the age of 22, but said his priorities changed considerably as he grew older and accumulated more wealth.
"There's nothing that I've not seen," he said.
He also revealed that he has lived in his current home for 36 years and has no plans to move.
Industrialising Africa
Dangote said his biggest ambition is no longer simply about building personal wealth.
"My own real biggest, what do I want to leave as a legacy, is to industrialise Africa," he said. "I cannot do it alone, but I'm 100% sure in the next two, three years, other Africans will join."
He said Africa needs more wealthy individuals to take ownership of the continent's economic transformation by investing in industries rather than concentrating their wealth on personal luxuries. Foreign investors are increasingly looking towards Africa, he added, but they need large-scale opportunities capable of attracting substantial capital.
Dangote's business interests cover cement, oil refining, fertiliser, petrochemicals and food production, with the group holding significant investments across Africa.
His latest comments echo the message he delivered at the launch of the Dangote Petroleum Refinery's initial public offering on the Nigerian Exchange, where he urged wealthy Nigerians to invest more in productive ventures. He has also announced plans to list the refinery on the US stock market after the Nigeria IPO.
He has separately spoken about not having a son, his pride in his three daughters, and his plan to donate one third of his estate to the Aliko Dangote Foundation.
The takeaway
For Nigerian businesses, the message points to a familiar gap. The refinery IPO is designed to let ordinary Nigerians and other Africans buy into a large industrial asset, the kind of domestic productive capacity Dangote says the continent still lacks.