He credited Babangida for policies such as the abolition of import licences, which dismantled barriers for local entrepreneurs and spurred industrial growth.
By Deborah Hassan
365Daily – The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has lauded former Head of State, Gen. Ibrahim Badamasi Babangida (retd), for his economic policies that revolutionised Nigeria’s private sector during his tenure.
Dangote made these remarks on Thursday, February 20, 2025, at the launch of “A Journey in Service”, the autobiography of the former military ruler.
The event, which also served as a fundraiser for the IBB Presidential Library, witnessed Dangote’s generous pledge of N8 billion toward the project’s completion. He committed to disbursing N2 billion annually over four years, with an assurance to continue the contributions should the project require more time.
Recognised as Africa’s wealthiest man and the largest private-sector employer in Nigeria, Dangote highlighted Babangida’s crucial role in fostering economic liberalization. He credited Babangida for policies such as the abolition of import licences, which dismantled barriers for local entrepreneurs and spurred industrial growth.
“Your Excellency, many may not realize that you were the architect of the private sector in Nigeria. Anyone in the private sector who has achieved prominence today owes it to you, as you provided us with the necessary licences,” Dangote stated.
Recalling the economic shifts of the Babangida era, Dangote emphasized the significance of reforms that empowered Nigerian businesses. He noted that in 1986, the government abolished import licences, a move that stimulated rapid business expansion.
He further reminisced about how Babangida granted numerous banking licences and allocated oil blocs to Nigerian investors, paving the way for a robust private sector that today contributes 85% of the nation’s GDP.
Other prominent figures also made substantial contributions to the library fund. The Chief Launcher and Founder of BUA Group, Abdul Samad Rabiu, pledged N5 billion, while Theophilus Yakubu Danjuma, Founder of the TY Danjuma Foundation, donated N3 billion.
Former President Olusegun Obasanjo, who chaired the event, acknowledged the importance of Babangida’s memoir in documenting Nigeria’s history. However, he cautioned that the book’s release would likely evoke mixed reactions.
Former President Goodluck Jonathan also praised Babangida’s contributions to Nigeria’s history, emphasizing that the nation’s past would be incomplete without his story.
A major highlight of the event was the book review, where former Vice President Yemi Osinbajo quoted Babangida admitting that Moshood Abiola won the 1993 presidential election.
Babangida described the annulment as the most difficult decision of his career, though he found solace in former President Muhammadu Buhari’s posthumous honour of Abiola with the Grand Commander of the Federal Republic title.