Why I don't own a residential property abroad – Aliko Dangote explains

For most wealthy individuals, owning assets and properties comes with various motivations.

This can often be associated with diversified investments, luxury, status, or residential use.

For Nigerian industrialist Aliko Dangote, who is also the wealthiest person in Africa, not having a residential property abroad is based on his primary focus on industrialization at home.

Speaking at a gathering in Nigeria over the weekend, Dangote shared that despite his vast wealth, he does not own a residential property abroad.

He explained that his only residential properties are his house in Lagos, Nigeria; the one in his hometown of Kano, also in Nigeria; and a rented property in Abuja, Nigeria.

“The reason I don’t have a London or America house is solely because I wanted to focus on industrialization in Nigeria,” he said.

“I am very passionate about the Nigeria dream and apart from my Lagos house, I have another one in my home state, Kano, and a rented one in Abuja.

“If I have houses all over, in America and co, I would not be able to concentrate and build something for my people,” Dangote said.

Recently, Aliko Dangote has been in the news for the operationalization of his Dangote Refinery, which is currently producing diesel products in Nigeria.

The $19 billion investment, which opened in May 2023, will have the capacity to produce 650,000 barrels per day once fully operational.

The refinery, about the size of 4,000 football fields, is located at the Lekki Free Zone outside of Lagos, Nigeria.