Dangote Acknowledges Babangida’s Economic Reforms, Supports IBB Presidential Library with N8bn
Africa’s richest man and President of Dangote Industries Limited, Aliko Dangote, has praised former Head of State, Gen. Ibrahim Badamasi Babangida (IBB), as the architect of Nigeria’s private sector development. He credited Babangida’s economic policies for laying the foundation that enabled businesses like his to thrive.
Speaking at the launch of Babangida’s autobiography, A Journey in Service, and the fundraising event for the IBB Presidential Library, Dangote announced a donation of N8 billion to support the project. He committed to providing N2 billion annually over the next four years and pledged to continue the annual contributions until the library is completed.
Reflecting on Babangida’s impact on Nigeria’s economy, Dangote highlighted key policies that spurred private sector growth. He commended Babangida for abolishing import licences in 1986, a decision that he said empowered Nigerian entrepreneurs and allowed industries to flourish. “Your Excellency, in the past, we struggled to secure licences, often relying on intermediaries. Your reforms changed that, giving Nigerian investors direct access and the opportunity to grow,” Dangote stated.
He noted that Babangida’s policies transformed the economic landscape, leading to the private sector now contributing 85% of Nigeria’s Gross Domestic Product (GDP), compared to the government’s 15%. “Nigeria has the highest level of private sector involvement in Africa, thanks to your vision,” he added.
Dangote also recalled Babangida’s role in granting banking licences and facilitating Nigerian ownership in the oil sector. “I remember when you approved banking licences for nearly 30 entrepreneurs in one day and asked five Nigerians to invest N1 million each in oil blocs. These bold decisions reshaped our economy,” he remarked.
On his donation to the IBB Presidential Library, Dangote said, “This project is essential for preserving history, and I am committed to seeing it completed. I will provide N2 billion annually for the next four years, and if necessary, continue until it is finished.”
Other high-profile Nigerians also contributed to the library’s development. Abdul Samad Rabiu, Chairman of BUA Group, donated N5 billion, while retired Gen. Theophilus Yakubu Danjuma, founder of the TY Danjuma Foundation, pledged N3 billion.
Former President Olusegun Obasanjo, who chaired the event, commended Babangida for documenting his experiences, though he warned that reactions to the book would be mixed. Similarly, former President Goodluck Jonathan lauded Babangida’s role in Nigeria’s history, emphasizing that his tenure remains an integral part of the nation’s story.
During a book review, former Vice President Yemi Osinbajo highlighted Babangida’s admission that late Chief Moshood Abiola won the annulled 1993 presidential election. Babangida described the decision to nullify the election as the most difficult of his career but expressed relief that former President Muhammadu Buhari later honored Abiola posthumously with Nigeria’s highest national award.
The event underscored Babangida’s lasting influence on Nigeria’s private sector, with business leaders and former presidents acknowledging his contributions to economic reforms and governance.
Stay informed, Stay ahead with The Ameh News
Discover more from Ameh News
Subscribe to get the latest posts sent to your email.
