Africa’s richest man, Aliko Dangote, has pledged a staggering N8 billion to the Ibrahim Badamasi Babangida (IBB) Presidential Library, vowing to contribute N2 billion annually over the next four years. If the project extends beyond that timeframe, Dangote assured continued support at the same annual rate until its completion.
The announcement was made on Thursday at the launch of “A Journey in Service,” the autobiography of former military Head of State, Gen. Ibrahim Badamasi Babangida. The book unveiling also served as a fundraising event for the presidential library project, attracting prominent figures from Nigeria’s political and business elite.
Dangote Hails Babangida as the ‘Architect of the Private Sector’
In his speech, Dangote lauded Babangida’s leadership, describing him as the pioneer of Nigeria’s private sector revolution. He credited the former military ruler with implementing transformative economic policies that enabled local businesses to thrive, citing the abolition of import licences as a landmark decision that reshaped the country’s economy.
“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 this country. Anyone who has achieved prominence in the private sector today owes it to you, as you provided the necessary reforms that made it possible,” Dangote said.
Recalling key policy shifts under Babangida’s administration, Dangote highlighted how removing bureaucratic bottlenecks helped local businesses flourish. “In 1986, you abolished import licences, and it was because of that decision that we were able to achieve remarkable growth. I also recall a time when you granted nearly 30 of us banking licences in one day,” he added.
The business magnate noted that Babangida’s reforms contributed to a dramatic shift in Nigeria’s economic landscape, with the private sector now accounting for 85% of the nation’s Gross Domestic Product (GDP), compared to a mere 15% contribution from the government. He urged future leaders to emulate Babangida’s approach in fostering economic growth through strategic private sector partnerships.
A Billionaire’s Commitment to Preserving IBB’s Legacy
On his substantial contribution to the IBB Presidential Library, Dangote stated: “Your Excellency, I believe this project will require at least four years to complete. To support its realisation, I pledge to contribute N2 billion each year over the next four years, totaling N8 billion. If the project extends beyond this period, I will continue to donate N2 billion annually until its completion.”
Dangote’s commitment was among the highest financial pledges made at the fundraising event, but he was not alone in supporting the initiative. Other influential Nigerian business figures also contributed handsomely. Abdul Samad Rabiu, Chairman of BUA Group, announced a donation of N5 billion, while retired Lt. Gen. Theophilus Yakubu Danjuma, founder of the TY Danjuma Foundation, pledged N3 billion.
Former Presidents Weigh In on Babangida’s Legacy
Former President Olusegun Obasanjo, who chaired the event, commended Babangida for documenting his experiences in the autobiography but cautioned that the book might provoke mixed reactions.
“By writing this book, Babangida has not only contributed to history but has also documented it for future generations. However, he should be prepared for a range of reactions—some good, some bad, and some outright ugly,” Obasanjo remarked.
Former President Goodluck Jonathan also paid tribute to Babangida, describing his influence on Nigeria’s history as undeniable. “Nigeria’s story cannot be complete without mentioning IBB’s contributions,” Jonathan stated.
Babangida Opens Up on 1993 Election Annulment
A notable moment during the event came when former Vice President Yemi Osinbajo, while reviewing Babangida’s memoir, quoted an excerpt in which the former military ruler admitted that the late Moshood Abiola won the annulled 1993 presidential election.
“There was no doubt in my mind; MKO Abiola won the election. He satisfied all the requirements,” Babangida reportedly wrote in his book. However, he described the decision to annul the election as the most difficult of his career.
Babangida also noted that while the controversial annulment remains a defining moment in his legacy, he found some solace in former President Muhammadu Buhari’s decision to posthumously honour Abiola with the Grand Commander of the Federal Republic (GCFR) title, a recognition typically reserved for Nigerian presidents.
A Monument for Future Generations
The IBB Presidential Library, once completed, is expected to serve as a historical repository documenting Babangida’s tenure and Nigeria’s political evolution. The facility is envisioned as a centre for research, learning, and national dialogue, housing archives, books, and materials related to the country’s governance and development.
With major financial commitments from Nigeria’s top business leaders, the project has taken a significant step forward. However, its completion timeline remains dependent on sustained funding and project execution.
As Dangote’s pledge underscores, Nigeria’s private sector remains deeply intertwined with the country’s political and historical landscape, shaping its future while preserving its past.
