Dangote Leads IBB Presidential Library Naira Rain With N8Billion Donation, Lauds His Stoppage Of Import Licence Policy

The President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has lauded former Head of State, Gen. Ibrahim Badamasi Babangida for liberating 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 memoir of the former Head of State.

The event also served as a fundraiser for the IBB Presidential Library with Dangote announcing a donation of N8 billion for the construction of the project.

He explained that the the N8 billion will be paid at at N2 billion annually over the four years allocated for the project’s completion adding that should the construction last beyond the timeframe, he would continue to donate N2 billion annually until it is finished.

Dangote, in his remarks commended the former military president for his transformative policies that spurred 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 while expressing 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.”

On his contribution to the IBB Presidential Library project, 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.

In his remarks, former military head of state, General Abubakar AbdulSalam recall how a soothsayer, in 1992, predicted that Babangida will run the country someday.

Abubakar said: “Let me go back memory lane. While we were growing up in the little town of Minna about 80 years ago, as far back as 1952, a soothsayer told us that IBB was going to be the head of state of this country. We never believed him. Then Captain Gowon, a young smart officer, lured us to join the military. When we joined the army, all our hope was to get to the rank of a captain and retire. God in his mercy propelled us to become generals and by the grace of God, both of us later became heads of state.

“My relationship with Ibrahim has gone a long way—over 80 years. Ibrahim, I want to thank you again for your friendship and brotherhood. No moment goes by when we remember our escapades without bringing smiles to our faces. May these smiles continue during our twilight.”

Former President Olusegun Obasanjo, who chaired the event, remarked that by writing his memoir, 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 Babangida for the launch of his memoir and stated 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 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,” 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 Abiola with the Grand Commander of the Federal Republic title, a recognition reserved for Nigerian presidents.