By Dare Balogun, 31st January, 2025
News SOCIETY WATCH following for you; Apart from industrialists like Aliko Dangote and Abdul Samad Rabiu of BUA, many so-called billionaires in Nigeria are merely “portfolio billionaires”—wealthy on paper but lacking significant industrial investments that drive economic growth.
Take Femi Otedola, for example. He has sold off most of his physical assets and now focuses on portfolio investments. Jim Ovia, while successful, primarily earns from rents and interest collection. These individuals, despite their wealth, have not significantly contributed to large-scale job creation like Dangote and Rabiu, who have built industries in food, cement, and now refining, employing hundreds of thousands directly and indirectly.
The big question remains: why don’t these portfolio billionaires commit to industrial projects that could reduce Nigeria’s dependence on imports and create massive employment? Why are essential goods like building materials, pharmaceuticals, and other daily necessities still so expensive despite a population of over 200 million people that guarantees a ready market?
Instead of investing in local production, many of Nigeria’s wealthy elites hoard wealth abroad, refusing to take risks in their own country. Meanwhile, successive governments spend decades traveling the world searching for foreign investors. From Obasanjo to Jonathan, Buhari, and now Tinubu, the cycle of global investor scouting continues—over 24 years of seeking external help instead of fostering internal growth. And whoever takes over from Tinubu will likely continue the same pattern.
Do we truly understand what we need to build a self-sufficient nation? Until Nigeria’s wealthy elites embrace industrial investments over portfolio wealth, and the government prioritizes local enterprise over foreign dependency, true economic independence will remain elusive.
