Ex-senator urges Nigerian billionaires to invest in education, industry

A former Ondo State senator, Ayo Akinyelure, has called on Nigerian billionaires to invest in industries within their respective states, aiming to create employment opportunities for the country’s youth.

Akinyelure, who represented Ondo Central Senatorial District from 2011 to 2015 and again from 2019 to 2023, emphasised that such investments could significantly reduce the likelihood of youth-led protests against the government.

In a statement released on Thursday, the former lawmaker urged President Bola Tinubu to introduce a bill in the National Assembly that would require billionaires to establish industries in their home states.

Akinyelure highlighted the importance of following the example set by industrialist Aliko Dangote, who has established numerous factories across Nigeria, employing thousands of citizens.

“Would the situation be like this if a minimum of 10 billionaires in each state of the federation invest in agriculture or industry that can employ an average of 5,000 to 10,000 graduates from the labour market? This is doable; they all became billionaires from our collective national resources endowed by God to our country,” Akinyelure stated.

He further urged the government to consider mandating that billionaires who have benefited from government patronage reinvest a portion of their wealth back into the country, particularly in sectors like power and industry.

“Let our President come up with Executive bills that will enable known Nigerian billionaires to invest in the power and industrial sectors of our economy to the benefit of all,” he added.

Akinyelure also expressed concern over the transfer of wealth out of Nigeria, often due to fears of corruption investigations.

He suggested that instead of chasing billionaires with anti-corruption agencies like the EFCC, the government should incentivise them to establish industries in their local communities, thus addressing unemployment and boosting local economies.

Reflecting on the ongoing protests, the ex-senator urged demonstrators to engage in dialogue with the government, expressing confidence in Tinubu’s ability to address the nation’s challenges.

“We should remember that no one is an island and no one can boast of perfection. President Bola Tinubu is not God; he is a human being like any one of us. We all democratically elected him as our President, and we should exercise patience,” Akinyelure stated.

He added the importance of peace and constructive dialogue, warning that continued protests could lead to chaos and undermine the nation’s progress.