The Babangida Years
In his recently launched book, The Journey of Service, President Ibrahim Badamasi Babangida recounts his leadership journey through turbulent times with remarkable tenacity and skill. His ability to navigate complex challenges and make strategic decisions underscores his persistence, resilience, and unwavering commitment to national development.
An autobiography is a personal account of an individual’s life, encapsulating their experiences, struggles, and triumphs. The path to leadership is never easy—it demands focus, balance, and adaptability, much like walking a tightrope.
Following the launch of Babangida’s book, various commentaries emerged, many of which contained factual inaccuracies. However, Babangida’s account remains a sincere and accurate reflection of events before, during, and after his tenure. While opinions may differ about his leadership, his significant achievements cannot be overlooked.
Monumental Achievements
Among Babangida’s most notable accomplishments are the construction of the Third Mainland Bridge in Lagos, the accelerated relocation of the Federal Capital to Abuja, and the rapid transformation of Abuja into a befitting capital city. His administration also played a crucial role in the expansion of states, fostering urban development and reducing rural-to-urban migration.
For example, in Kano State, Babangida’s administration established key institutions such as:
Aminu Kano Teaching Hospital for Bayero University medical students.
The Nigeria Police Academy to enhance police training.
Challawa Gorge Dam, a vital infrastructure project.
Maigatari Export Processing Zone in Jigawa State, promoting trade and industrial growth.
The creation of Jigawa State from Kano further accelerated development, leading to the establishment of:
Federal University Dutse (FUD)
A modern specialist hospital in Dutse, which is expected to evolve into a teaching hospital.
Jigawa State now boasts five emirates, working in harmony with the government to deliver essential services efficiently. The newly established emirates, such as Ringim and Dutse, have played a critical role in fostering unity and governance in the state.
Economic Reforms and Private Sector Growth
Babangida’s administration was instrumental in shifting Nigeria’s economy from excessive government control to a more private sector-driven model. His economic policies liberalized and deregulated financial markets, allowing indigenous businesses to thrive.
Through privatization and commercialization, the administration reduced government interference in state-owned enterprises, creating a more competitive business environment. This laid the foundation for the emergence of business moguls like Aliko Dangote, Femi Otedola, and the BUA Group, much like South Korea’s policies that enabled the rise of global corporations such as Samsung.
The liberalization of the financial sector spurred rapid growth in banking, leading to the establishment of strong indigenous banks such as:
Access Bank
GTBank
Fidelity Bank
Zenith Bank
Jaiz Bank
Meanwhile, First Bank and UBA continued their dominance in the financial sector. The privatization of government shares in financial institutions also led to a significant appreciation of stocks on the Nigerian Stock Exchange.
Additionally, development banks like the Bank of Industry (BOI) and the African Development Bank (ADB) played crucial roles in funding the real sector, further strengthening the industrial landscape.
Challenges and Economic Setbacks
Despite these successes, some policies had unintended consequences. The liberalization and deregulation of the financial sector, combined with the devaluation of the Naira, contributed to industrial decline. As a result, many manufacturing industries, particularly in Kano and Kaduna, shut down, leading to massive job losses and economic stagnation in northern Nigeria.
To reverse this trend, the Tinubu administration should prioritize the revival of moribund industries by establishing an Industrial Resuscitation Fund (IDF), akin to TETFund in the education sector. This fund could bridge financing gaps and help revive Nigeria’s industrial base. Without a functioning industrial sector, rising graduate unemployment will persist, increasing Nigeria’s reliance on imports and further depreciating the Naira.
Infrastructure, Agriculture, and Institutional Development
Beyond economic reforms, Babangida’s administration prioritized infrastructure development. The government invested in:
Road construction and waterways, improving transportation networks.
Agricultural expansion through River Basin Development Projects, boosting food self-sufficiency.
Financial access for rural businesses, via the People’s Bank and DIFRI.
One of Babangida’s most significant achievements was the relocation of the federal capital from Lagos to Abuja. This decision mirrored Washington D.C.’s role in the U.S., allowing Lagos to evolve into Nigeria’s financial hub, much like New York City.
Political Reforms and Legacy
The Babangida administration also expanded Nigeria’s political structure by creating additional states and local governments, ensuring a more equitable distribution of resources and representation.
Despite governing a highly diverse and politically active nation, Babangida’s leadership laid the foundation for long-term economic and political stability. His policies fostered a future where the private sector played a pivotal role in development, setting the stage for future administrations to build upon.
Under the current circumstances, President Bola Ahmed Tinubu must adopt a private-sector-led economic revival strategy, similar to Babangida’s approach. Encouraging industrialization, supporting entrepreneurs, and revitalizing key industries such as textiles, food processing, automobile manufacturing, and leather production will drive sustainable economic growth.
Nigeria needs a bold industrial strategy to transform local businesses into global players. Dangote should be Nigeria’s equivalent of Samsung in South Korea. With the right policies and support, the private sector can lead the country back to economic prosperity.
Babangida’s years in leadership, though challenging, propelled Nigeria forward. His legacy remains a testament to strategic governance, economic transformation, and political foresight.
Mahmud Shuaibu Ringim
HALIM Consulting Ltd
mahmudshuaibu44@gmail.com
