The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has praised former Head of State, Gen. Ibrahim Badamasi Babangida (retd), popularly known as IBB, for implementing policies that liberated the private sector in Nigeria during his regime.

Mr 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 a rate of N2 billion annually over the four-year period 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 Mr 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.

Mr Dangote recalled how Mr 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, expressing hope that future Nigerian leaders would 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.”

On his contribution to the IBB Presidential Library project, Mr Dangote said, “Your Excellency, based on what I have observed, I believe this project will require at least four years to complete. I would like to contribute N2 billion each year for the next four years, amounting to N8 billion in total. Should the project extend beyond four years, I will continue to contribute N2 billion annually.”

Other prominent Nigerians also pledged contributions to the library’s construction. The Chief Launcher and Founder of BUA Group, Abdul Samad Rabiu, donated N5 billion, while the co-Chief Launcher and Founder of the TY Danjuma Foundation, Theophilus Yakubu Danjuma, donated N3 billion.

Former President Olusegun Obasanjo, who chaired the event, remarked that by writing his memoir, Mr Babangida had not only contributed to making history but also to documenting it. However, he cautioned the former military head of state to expect varied reactions to the book, including good, bad, and ugly ones.

Former President Goodluck Jonathan also praised Mr Babangida for the launch of his memoir, stating that Nigeria’s history would be incomplete without the story of the former head of state.

During the book’s review, former Vice President Yemi Osinbajo quoted Mr Babangida as saying that late Moshood Abiola, who contested the 1993 presidential election on the platform of the Social Democratic Party, won the election. However, Babangida described the annulment of the election as the most difficult decision of his life.

“There was no doubt in my mind; MKO Abiola won the election. He satisfied all the requirements,” Mr Babangida was quoted as saying.

The former military leader noted that while the annulment of the election remained a defining moment in his career, he took solace in the fact that former President Muhammadu Buhari posthumously honoured Mr Abiola with the Grand Commander of the Federal Republic title, a recognition reserved for Nigerian presidents.