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Africa’s richest man, Aliko Dangote, has criticised wealthy Africans for spending heavily on private aircraft while failing to channel their resources into factories and other productive investments.
Dangote made the remarks during an interview with ARISE News, where he argued that Africa needs more private capital directed towards industrialisation and economic development.
The billionaire industrialist said he had become less interested in personal luxury as his priorities shifted towards building productive assets and contributing to Africa’s economic growth.
“What I see people now owning aircraft all over the place, flying all over, they don’t have one single factory,” Dangote said.
“So it means that they’re not actually helping in growing the economy, and that has to change.”
Dangote, who said he acquired his first private aircraft at about the age of 22, noted that his perspective on wealth and personal possessions had changed over the years.
“There’s nothing that I’ve not seen,” he said.
He also spoke about his private life, revealing that he had lived in his current home for 36 years and had no plans to relocate.
“You know how long I’ve been here? Thirty-six years,” Dangote said.
Asked whether he intended to move, he replied: “I don’t plan on leaving. I’m very comfortable here.”
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“Once I come in in the evening, it’s difficult to take me out of my house,” he added.
Dangote had made a similar appeal during the launch of the Dangote Petroleum Refinery’s initial public offering at the Nigerian Exchange, urging wealthy Nigerians to consider putting more of their money into productive investments rather than expensive personal assets.
In the ARISE News interview, he linked his position to the legacy he hopes to leave behind, saying industrialising Africa remains his biggest ambition.
“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.”
According to Dangote, foreign investors are also increasingly interested in Africa but require large-scale opportunities capable of attracting significant capital.
“Foreigners are very interested now, they want to invest in Africa, but they don’t have big-ticket items,” he said.
“So right now, they have started seeing big-ticket stuff, and they will join. And we will join to develop our own continent, Africa.”
Dangote’s business interests span cement, refining, fertiliser, petrochemicals and food, with the group pursuing major investments across Africa.
He said his focus was no longer simply on accumulating personal wealth but on building industries that can create jobs, expand manufacturing capacity and stimulate broader economic activity.
