By: Kenneth Appiah Bani
Nigerian billionaire businessman Aliko Dangote has called on wealthy Nigerians to invest more of their money in productive businesses rather than spending huge sums on private jets.
According to Dangote, while he understands the desire among wealthy individuals to own private aircraft, he believes the country would benefit more if such resources were directed into businesses that create jobs, generate economic activity and contribute to national development.
Speaking in an interview, Dangote revealed that he himself bought his first private jet at the age of 22 and a half. However, his experience in business has since influenced his thinking about how wealth can be used to support economic growth.
“I had my first private jet at 22 years and a half,” he said.
Dangote urged individuals who can afford private aircraft costing between $90 million and $100 million to consider investing similar amounts in productive ventures.
“So I try as much as possible to encourage people who are riding 90, 100 million dollars aircraft, please go and put that into business. We are not going to create a great nation without doing something productive,” he said.
The billionaire stressed that the creation of a strong and prosperous nation requires investment in industries and businesses rather than excessive spending on luxury items.
He also recalled an experience in Abuja which, he said, made him reflect on the growing number of private jets owned by wealthy Nigerians.
Dangote said he once spent about 30 minutes searching for a parking space in Abuja before noticing the number of private aircraft around the area.
“It took me 30 minutes to find a parking space in Abuja. It was Wednesday or Thursday. And I said, ‘Oh, I wish this place was full of factories, not private jets,’” he recalled.
His comments have renewed discussions about wealth, luxury spending and the role of Nigeria’s wealthy business community in the country’s economic development.
Dangote’s argument is that private wealth can have a greater impact when invested in factories, companies and other productive ventures capable of creating employment and expanding economic opportunities.
While private jets remain a symbol of wealth and financial success, Dangote believes the bigger priority should be finding ways to turn private capital into investments that can contribute to building a stronger Nigerian economy.
