The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has credited former Head of State, Gen. Ibrahim Badamasi Babangida (IBB), with pioneering policies that liberated Nigeria’s private sector. Dangote made the remarks on Thursday during the unveiling of A Journey in Service, Babangida’s autobiography, which also served as a fundraiser for the IBB Presidential Library.
At the event, Africa’s richest man pledged N8 billion towards the library’s construction, committing to an annual donation of N2 billion over the next four years. He further assured that if the project extended beyond the timeline, he would continue contributing N2 billion annually until its completion.
Dangote, Nigeria’s largest private employer after the government, commended Babangida for policy reforms that empowered local investors. He highlighted the abolition of import licences as a game-changer, stimulating domestic industries and ensuring Nigeria’s private sector now contributes 85% of the country’s GDP, compared to the government’s 15%.
“Your Excellency, many may not realize that you were the architect of Nigeria’s private sector. Anyone who has succeeded in this space today owes it to you because you created the enabling environment. Before your administration, we struggled to obtain licences through intermediaries, including foreigners,” Dangote stated.
Reflecting on Babangida’s policies, he noted how the 1986 abolition of import licences spurred economic growth. “I recall a day you granted nearly 30 of us banking licences and asked five Nigerians to pay N1 million each for oil blocs. Your bold decisions unlocked opportunities that propelled the private sector to unprecedented heights,” he added.
Dangote expressed hope that future Nigerian leaders would embrace similar policies, strengthening private sector collaboration for national development.
On his contribution to the IBB Presidential Library, he said, “I estimate this project will take at least four years to complete. I will contribute N2 billion annually for four years, totaling N8 billion. If it extends beyond that, I will continue my annual support.”
Other notable Nigerians also made significant donations. The Founder of BUA Group, Abdul Samad Rabiu, pledged N5 billion, while the Founder of the TY Danjuma Foundation, Theophilus Yakubu Danjuma, committed N3 billion.
Former President Olusegun Obasanjo, who chaired the event, lauded Babangida’s decision to document his experiences but warned that the book would elicit diverse reactions. Similarly, former President Goodluck Jonathan described Babangida as an integral part of Nigeria’s history.
During the book review, former Vice President Yemi Osinbajo quoted Babangida acknowledging that late business mogul Moshood Abiola won the 1993 presidential election. However, Babangida admitted that annulling the election was the most difficult decision of his life.
“There was no doubt in my mind; MKO Abiola won the election. He satisfied all the requirements,” Babangida reportedly stated.
He acknowledged the annulment as a defining moment in his career but found solace in former President Muhammadu Buhari’s posthumous recognition of Abiola with the Grand Commander of the Federal Republic (GCFR) title, an honor reserved for Nigerian presidents.
