Dangote Donates N8bn to IBB Library
By Patience Ikpeme
Aliko Dangote, President and Chief Executive of Dangote Industries Limited, has pledged a substantial donation of N8 billion to the Ibrahim Badamasi Babangida (IBB) Presidential Library project.
The donation will be disbursed in annual installments of N2 billion over the project’s initial four-year timeframe. Dangote further committed to continuing the N2 billion annual contributions should the project extend beyond the initial four years.
Dangote made the announcement on Thursday during the unveiling of “A Journey in Service,” the autobiography of former Head of State, General Ibrahim Badamasi Babangida. The event also served as a fundraising initiative for the IBB Presidential Library.
Africa’s wealthiest man and the nation’s largest employer of labor after the government, Dangote praised Babangida for implementing policies during his regime that significantly liberalized the Nigerian private sector. He commended IBB for his transformative policies that encouraged Nigerian investors to take prominent roles in the economy.
Dangote specifically highlighted the abolition of import licenses, a move he credited with stimulating the growth of domestic industries. These reforms, among others, he argued, have resulted in greater private sector involvement in the Nigerian economy compared to any other African nation. He noted that the private sector now contributes 85% to the country’s GDP, while the government’s share is just 15%.
“Your Excellency, I would like to express my sincere gratitude for all you have done for Nigeria,” Dangote stated. “Many may not realize 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 licenses. In the past, we used to struggle to obtain licenses through intermediaries, including Indians.”
Dangote recounted how Babangida’s policies facilitated the expansion of Nigerian businesses, enabling them to flourish. “Your Excellency, in 1986, you abolished the requirements for import licenses, and it was because of that decision that we were able to reach the highest levels of growth,” he recalled. “I recall a day when you granted almost 30 of us banking licenses. 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,” Dangote added. He expressed hope that future Nigerian leaders will emulate these 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.”
Regarding his contribution to the IBB Presidential Library, Dangote stated, “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 notable Nigerians also made significant donations to the library project. Abdul Samad Rabiu, Chief Launcher and Founder of BUA Group, pledged N5 billion, while Theophilus Yakubu Danjuma, co-Chief Launcher and Founder of the TY Danjuma Foundation, donated N3 billion.
Former President Olusegun Obasanjo, who chaired the event, noted that by writing his memoir, Babangida had contributed not only to making history but also to documenting it. He cautioned, however, that Babangida should expect a variety of reactions to the book, both positive and negative.
Former President Goodluck Jonathan also praised 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 review, former Vice President Yemi Osinbajo quoted Babangida as acknowledging that late Moshood Abiola, the Social Democratic Party candidate in the 1993 presidential election, won the election. 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 remains a defining moment in his career, he found solace in the fact that former President Muhammadu Buhari posthumously honored Abiola with the Grand Commander of the Federal Republic title, a recognition reserved for Nigerian presidents.
