Africa’s richest man, Aliko Dangote, has revealed that only 15% of Nigeria’s Gross Domestic Product (GDP) comes from government activities, with the private sector driving the remaining 85%.
Speaking at the launch of Ibrahim Babangida’s autobiography in Abuja, Dangote credited the former military president with revolutionizing Nigeria’s economy by removing restrictive import licensing policies and issuing banking licenses. He noted that Babangida’s policies empowered Nigerian entrepreneurs and paved the way for the nation’s thriving private sector.
Dangote highlighted how, under Babangida’s leadership, five Nigerians were given the opportunity to purchase oil blocks, a decision that significantly shaped the country’s oil industry. He stated that no other African country has a private sector as dominant as Nigeria’s, attributing this to Babangida’s vision for economic liberalization.
In appreciation of Babangida’s contributions, Dangote pledged ₦8 billion towards the former leader’s presidential library project, committing ₦2 billion annually over the next four years. He assured that if the project extends beyond that period, he will continue his financial support.
