The Way Forward for Nigeria’s Industrial Growth, By Mahmud Shuaibu Ringim
The recent Financial Times report on the diminishing political influence of Aliko Dangote and the rising prominence of Abdulssamadu Rabiu within Nigeria’s political landscape has sparked significant analysis. As per Matthew Page, a former CIA expert, Rabiu’s substantial investment in Tinubu’s presidential candidacy positions him favorably, contrasting with Dangote’s alliance with Atiku Abubakar, leading to potential repercussions in the shifting political dynamics.
Ricardo Soares de Oliveira, an Oxford Professor specializing in African politics, concurs with the Financial Times, stating that Dangote’s influence has waned. With expectations that Tinubu’s election could elevate Rabiu to a higher position in the impending presidency, this shift mirrors the experiences of India’s major industrial players, Reliance Group and Tata Group, in the 1990s.
Unlike India, where industrial giants continue to play a significant role in contributing to the country’s GDP, Nigeria anticipates a nuanced industrial landscape under President Bola Ahmed Tinubu. Tinubu’s background in the private sector, coupled with a commendable track record in managing both public and private entities, underscores his understanding of leveraging business potential for economic development.
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Both Dangote and BUA Industries contribute substantially to Nigeria’s economy, striving to generate foreign exchange and employment opportunities. Their ventures, particularly in cement production, have made Nigeria self-sufficient and have extended to other African markets.
The duo’s involvement in producing staple food items contributes to national food security, reducing reliance on imports and enhancing self-sufficiency. Dangote Refinery, the world’s largest, and BUA Refinery require sustained government support to function optimally and position Nigeria as a net exporter of refined petroleum products.
Dangote and BUA’s roles in the Tinubu Presidency are projected to be instrumental in realizing the “New Hope” agenda. Their efforts are expected to attract foreign investment due to policy consistency and unwavering support for private sector growth.
For Nigeria’s industrial growth, it is imperative for the government to align closely with the private sector, recognizing it as the engine for prosperity. Drawing parallels with the United States, European countries, and BRICS nations, where political differences don’t sideline private sector players, Nigeria should foster a collaborative environment.
President Tinubu’s recent diplomatic engagements in India and Germany, where business ties were fostered irrespective of political affiliations, exemplify the potential for mutually beneficial relationships. As President Tinubu steers Nigeria towards greater heights, his commitment to industrial growth signals a promising trajectory for the nation’s economic prosperity.
Mahmud Shuaibu Ringim
HALIM Consulting Ltd