Africa’s richest man, Aliko Dangote, has challenged Nigeria’s wealthy citizens to channel more of their resources into factories and other productive investments capable of creating jobs, expanding industrial capacity and strengthening the economy.
Dangote made the call on Monday as the Dangote Petroleum Refinery and Petrochemicals opened its public share offer, using his own experience with wealth and luxury assets to argue that capital invested in production delivers greater national value than conspicuous consumption.
The industrialist disclosed that he acquired his first private jet at about 22, but said his priorities had since changed, noting that he could now travel on commercial flights when necessary. He urged other wealthy Nigerians to reconsider spending billions of dollars on luxury aircraft when such funds could be deployed to build businesses and industries.
Dangote recalled being in Abuja and spending about 30 minutes looking for parking, an experience that prompted his remark that he would rather see the capital city filled with factories than private jets. He stressed that Nigeria could not build a strong economy without sustained investment in productive activities.
His intervention coincides with the refinery’s ₦2.15 trillion public offer, through which 4.1 billion ordinary shares are being offered at ₦525 each. The offer, which opened on September 14, is scheduled to close on October 13, giving individuals and institutions an opportunity to acquire ownership in the multibillion-dollar industrial venture.
Beyond raising capital, the share offer is designed to broaden Nigerian participation in the refinery, with Dangote previously stating that employees and ordinary Nigerians, including drivers and other workers, should have an opportunity to own stakes in the company. The initiative therefore links industrial investment with wider wealth participation.
Built at an estimated cost of $20 billion in Lekki, Lagos, the refinery has a current production capacity of 700,000 barrels of crude oil per day, while the company is seeking to expand that capacity to about 1.4 million barrels daily. Its expansion could further increase domestic refining capacity, reduce dependence on imported petroleum products and deepen local value addition in the oil industry.
According to the report by ARISE News, Dangote’s message ultimately goes beyond private jets; it is a call for Nigeria’s capital to move into production, technology and industries that generate employment, increase domestic output and build economic resilience. His advocacy, coming alongside the refinery’s IPO, places industrial ownership and productive investment at the centre of the debate over how Nigeria’s private wealth can contribute more directly to national development.
