WATCH THE VIDEO HERE Aliko Dangote, Chairman of the Dangote Group, has disclosed that the Nigerian government contributes only 15% to the country’s Gross Domestic Product (GDP), with the private sector accounting for the remaining 85%. Dangote made this revelation on Thursday while speaking at the launch of former military president General Ibrahim Babangida’s autobiography, A Journey in Service, and the unveiling of the Babangida Presidential Library in Abuja. The billionaire businessman, whose wealth has nearly doubled in recent times, emphasized the vital role of the private sector in Nigeria’s economy. He also noted that Nigeria boasts a larger private sector than the entire African continent. Dangote credited Babangida with laying the foundation for private sector expansion in Nigeria by abolishing the requirement for import licences in 1986. He described this decision as a game-changer that spurred industrial and economic growth. He recalled how Babangida’s policies enabled entrepreneurs to thrive, highlighting his decision to grant banking licences to about 30 individuals and allow five Nigerians to acquire oil blocks for just one million naira each. “For that singular act, Nigeria today has a more robust private sector than the rest of Africa. It is only in Nigeria that government’s contribution to GDP is as low as 15%, with the private sector driving the remaining 85%,” Dangote stated. In recognition of Babangida’s contributions, Dangote announced an annual donation of N2 billion over the next four years—totaling N8 billion—to support the completion of the Babangida Presidential Library. He also pledged to continue the contribution beyond four years if necessary. “This project is going to take about four years to deliver. I will contribute N2 billion every year for the next four years, and if the project extends beyond that period, I will continue to support it,” he assured.
Nigeria’s GDP: Private Sector Contributes 85%, Government Just 15% — Dangote
