Chairman of Dangote Group, Aliko Dangote, has revealed that during the administration of former military president, Ibrahim Babangida, five Nigerians were given the opportunity to acquire oil blocks for just one million naira each.
Speaking on Thursday at the launch of Babangida’s autobiography, ‘A Journey in Service’, and the unveiling of his presidential library in Abuja, Dangote highlighted the former leader’s role in shaping Nigeria’s economic landscape.
He noted that Babangida’s decision to abolish import licensing requirements and issue banking licences to private individuals marked a turning point in Nigeria’s economic development.
“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, ” Dangote said.
He recalled how businesses previously struggled to obtain import licences, often relying on intermediaries. However, Babangida’s reforms changed this, opening up opportunities for direct participation in key industries.
Dangote further noted that the impact of Babangida’s policies is evident in the structure of Nigeria’s economy, where the private sector now contributes 85 percent to the Gross Domestic Product (GDP), while the government accounts for only 15 percent.
“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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He recalled Babangida’s decision to encourage private investment in the oil sector, stating, “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.”
In recognition of Babangida’s contributions, Dangote announced an annual donation of N2 billion over the next four years towards the construction of the Babangida Presidential Library in Abuja. He pledged to continue the donations beyond the initial four years if necessary.
“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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