The President and Chief Executive of Dangote Industries Limited, Aliko Dangote,has praised former Head of State, Gen. Ibrahim Badamasi Babangida (IBB) for implementing policies that liberated the private sector in Nigeria during his regime.
Dangote made this statement on Thursday during the unveiling of the book “A Journey in Service”, the autobiography of the former Head of State.
The event also served as a fundraiser for the IBB Presidential Library.
Africa’s wealthiest man donated N8 billion to the IBB Presidential Library, to be paid at N2 billion annually over the four years allocated for the project’s completion.
He further pledged that if the project extends beyond this timeframe, he would continue to donate N2 billion annually until it is finished.
Dangote, who is the largest employer of labour after the government, commended Babangida for his transformative policies that encouraged Nigerian investors to play prominent roles in the economy.
He particularly highlighted the abolition of import licences, which helped stimulate domestic industries.
These reforms, among others, ensured that Nigeria now has more private-sector involvement than any other country in Africa.
This shift, he said, led to a contribution of 85% of the country’s GDP from the private sector, while the government contributes just 15%.
“Your Excellency, I would like to express my sincere gratitude for all you have done for Nigeria.
“Many may not realise 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.
“In the past, we used to struggle to obtain licences through intermediaries, including Indians,” he said.
Dangote recalled how Babangida’s policies facilitated the growth of Nigerian businesses, enabling them to thrive.
“Your Excellency, in 1986, you abolished the requirements for import licences, and it was because of that decision that we were able to reach the highest levels of growth.
“I recall a day when you granted almost 30 of us banking licences. You also instructed five Nigerians to pay N1 million each for oil blocs.
“Your Excellency, I could continue to list all the reforms you introduced that liberated the private sector, which is why Nigeria has more private sector involvement than any other country in Africa.
“It is only in Nigeria where government contribution to GDP is a mere 15%, with the remainder being driven by the private sector,” he added.
Dangote expressed the hope that future Nigerian leaders will adopt similar policies for the betterment of the country.
“I want to thank you once again, and I am confident that future leaders will continue to follow your example, working closely with the private sector,” he stated. (vitalnewsngr.com)
