February 21, (THEWILL) – Africa’s richest man and President of Dangote Group, Aliko Dangote, has lauded former military president General Ibrahim Babangida (rtd) for his pivotal role in expanding Nigeria’s private sector. He credited Babangida’s economic policies, particularly the abolition of import licences, as a catalyst for private sector growth.
Dangote made these remarks on Thursday at the launch of Babangida’s autobiography, A Journey in Service, and the unveiling of the IBB Presidential Library in Abuja.
Highlighting the significance of private enterprise in national development, Dangote disclosed that the government’s contribution to Nigeria’s Gross Domestic Product (GDP) stands at just 15%, with the private sector accounting for the remaining 85%.
“Many people may not realise it, but General Babangida was instrumental in establishing the private sector in Nigeria,” Dangote stated.
“Before 1986, obtaining business licences was arduous, often requiring negotiations through foreigners. But that year, Your Excellency abolished the requirement for import licences, paving the way for business expansion.”
The industrialist also recalled how Babangida issued banking licences to nearly 30 Nigerian entrepreneurs while facilitating local participation in the oil sector by granting oil blocks to indigenous investors.
“For that singular act, Nigeria today boasts a stronger private sector than the entire African continent,” he added.
As part of his commitment to honour Babangida’s legacy, Dangote pledged N2 billion annually for the next four years to support the completion of the IBB Presidential Library.
“From what I have seen, this project will take about four years to complete. I will contribute N2 billion each year, making it N8 billion in total. If the project extends beyond four years, I will continue to fund it at N2 billion per year,” he assured.
The event attracted high-profile dignitaries, including government officials, business leaders, and key stakeholders in Nigeria’s economic and political landscape.
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