Govt contributes only 15% to Nigeria’s GDP — Aliko Dangote

The Chairman of Dangote Group, Aliko Dangote, has revealed that the government’s contribution to Nigeria’s Gross Domestic Product (GDP) is only 15 percent, while the rest comes from the private sector.

Dangote, whose wealth recently surged by almost 100 percent, made this revelation on Thursday while speaking at the launch of the autobiography of former military president, General Ibrahim Babangida, ‘A Journey in Service’, and the unveiling of the former leader’s presidential library in Abuja.

The billionaire businessman, who emphasised the importance of the private sector, also stated that Nigeria has a larger private sector than the entire African continent.

He commended Babangida for pioneering the expansion of the private sector in Nigeria by abolishing the requirement for import licences, an act he described as a catalyst for the sector’s growth in the country.

Dangote also announced an annual donation of N2 billion for the next four years towards the construction of the Babangida Presidential Library in Abuja.

He said, “Your Excellency, I would like to stand here and thank you so much for what you did for Nigeria. Many people actually don’t know that you were the one who established the private sector in Nigeria.

“You gave us licences. I remember that we used to struggle to get license through Indians. Your Excellency, in 1986, you abolished the requirement for import licensing, and that is why we grew to the highest level. I remember one day, you gave almost 30 of us banking licences.

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“You also took five Nigerians and asked them to go and pay one million naira each for oil blocks. I can continue to count on and on. For that singular act that you did, that is why Nigeria has more private sector than the entire African continent. It is only in Nigeria that the government contributions to GDP are only 15%, with the rest coming from the private sector. 

“So, I want to thank you, and I’m sure future leaders will continue to do so because you are one leader who realised from the beginning that one cannot clap with one hand.

“So, Your Excellency, I know that this project, with what I have seen, is going to take about four years to deliver, and Your Excellency, I want to contribute N2 billion every year for the next four years, which is N8 billion and if the project drags more than 4 years, I will continue to pay 2 billion every year.”

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