Atiku Abubakar Urges Government to Create a Conducive Environment for Private Sector Growth

Atiku Abubakar, the 2023 presidential candidate for the Peoples Democratic Party (PDP), has highlighted the challenges faced by Aliko Dangote, founder of the Dangote Group, in bringing his refinery to operational status.

Atiku’s comments come amid his broader criticism of the All Progressives Congress (APC)-led governments, which he accuses of implementing policies detrimental to the private sector.

In a statement posted on X, Atiku emphasised the resilience and determination required for private sector success in Nigeria, using Dangote’s journey as an example of overcoming significant hurdles.

He noted that if Nigeria is to achieve economic growth through private investment, the government must foster a supportive regulatory environment that encourages business activities rather than stifles them.

“Nigerians are aware of the many obstacles Aliko had to overcome to achieve this win,” Atiku stated.

“If the private sector must step forward to invest, create jobs, and drive growth, the government must roll out more supportive regulations and deliver them efficiently.”

Atiku criticised the APC-led government for introducing reforms that, in his view, have been challenging to implement and sustain, ultimately damaging investor confidence.

He argued that these policies have driven potential investors away, thereby stalling economic growth and job creation.

According to Atiku, the government needs to shift its focus towards creating an enabling environment that allows the private sector to thrive and contribute to national development.

“The worst damage done by the APC-led government since 2015 is the introduction of difficult-to-implement-and-sustain ‘reform’ initiatives that erode private sector confidence in our economy and drive investors away from our shores,” Atiku continued.

“There are a few major milestones ahead as Nigeria journeys toward attaining energy self-sufficiency. I hope Aliko will continue to lend his unwavering support on this journey.”

Atiku’s remarks followed the announcement by Aliko Dangote that his 650,000-barrel-per-day refinery in Lagos had commenced fuel production.

Dangote’s refinery, the largest in Africa, represents a significant milestone in Nigeria’s efforts to achieve energy self-sufficiency.

During a press briefing, Dangote detailed the expected impact of the refinery on Nigeria’s economy, highlighting its potential to reduce the country’s dependence on imported fuel, which would in turn help stabilise the Naira against the dollar and lower inflation rates.

Dangote explained that once discussions with the Nigerian National Petroleum Company Limited (NNPC) are finalised, petrol from the refinery will be available on the Nigerian market.

He expressed confidence that the refinery would play a pivotal role in reducing the nation’s fuel import bill, which has historically exerted pressure on foreign exchange reserves and contributed to economic instability.

Moreover, Dangote disclosed that the Federal Executive Council (FEC) would determine the pricing of petrol from the refinery, a decision that could have significant implications for the domestic energy market.

He stressed that his refinery’s output would not only serve Nigeria’s needs but also position the country as a key player in the global energy sector.

Atiku’s call for better regulatory support for the private sector aligns with a broader economic strategy aimed at leveraging private investment to drive growth.

He argued that without a conducive environment, the private sector would be reluctant to commit the necessary resources needed to spur job creation and economic development.

Atiku urged the government to learn from the challenges faced by entrepreneurs like Dangote and to take decisive steps to create a business-friendly environment.

The ongoing dialogue between government officials and private sector leaders like Dangote underscores the need for a collaborative approach to economic development.

For Nigeria to fully harness the potential of its private sector, Atiku emphasised, it must adopt reforms that are not only pro-business but also transparent, predictable, and consistent.

Atiku’s comments reflect his vision of a Nigeria where the private sector plays a central role in driving economic growth.

He advocates for policies that support innovation, reduce bureaucratic red tape, and provide a level playing field for all investors.

As the nation continues to grapple with economic challenges, Atiku’s call to action serves as a reminder of the critical role that the private sector can play in building a more prosperous future for Nigeria.