The Group Managing Director of Sujimoto Group, Dr. Sijibomi Ogundele, has urged President Bola Ahmed Tinubu to actively promote the creation of multiple major industrialists. He cautioned that the nation's economic future should not be concentrated on a single dominant player.
In an open letter issued on Thursday to commemorate his birthday, Ogundele advocated for Nigeria to intentionally cultivate between 10 and 20 industrial powerhouses across critical sectors. His aim is to stimulate growth, decrease reliance on imports, and bolster the country's manufacturing capabilities.
Referencing international examples, he pointed to South Korea's economic strategy post-1961 under Park Chung-hee. The government then deliberately provided financial backing, policy protection, and capital access to a select group of local business leaders.
This approach, he noted, led to the rise of global conglomerates such as Samsung, Hyundai, LG, SK Group, and Kia.
Ogundele also drew parallels with China's economic transformation under Deng Xiaoping, highlighting that the nation's advancement was propelled by state- driven industrial expansion, sustained investment, and consistent policy backing for domestic companies.
He recalled that a similar mindset was adopted in Nigeria during former President Olusegun Obasanjo's administration, which created an environment conducive to the emergence of the Dangote Group as a national industrial leader.
"Currently, a single entity like the Dangote Group contributes over ₦900 billion in taxes annually, provides employment for tens of thousands, and serves as a vital pillar for Nigeria's industrial stability," Ogundele stated. He added that without the Dangote Refinery, the price of diesel could have surged to approximately ₦3,000 per litre.
However, he identified Nigeria's primary challenge not as a lack of capability, but as a failure to replicate such achievements on a larger scale.
"One Dangote can stabilize a sector; ten can stabilize an economy," Ogundele asserted, suggesting that deliberate industrial expansion could lower the cost of essential commodities like rice and cement through the benefits of economies of scale.
Highlighting what he termed "unrealized potential," Ogundele detailed Sujimoto Group's strategic shift from luxury real estate into broader domains, including large-scale housing, agriculture, and industrial manufacturing.
He revealed the company's ambition to construct over 5,000 homes annually through a proposed Smart City initiative planned for Nigeria's six geopolitical zones. Concurrently, the group aims to expand its agricultural production from 50,000 hectares to one million hectares within a decade, alongside plans for vegetable oil production.
Furthermore, he mentioned that the firm has developed expertise in cost- effective infrastructure projects, such as road construction, with minimal reliance on foreign currency.
Ogundele also referenced TAJBank, established by Hamid Joda, as an illustration of how focused support can generate jobs and economic stability, noting that the bank now employs over 5,000 individuals despite initial funding difficulties.
The Sujimoto boss lamented that many Nigerian entrepreneurs operate within a fragmented system, facing obstacles like high interest rates, inconsistent power supply, currency fluctuations, and limited access to long-term financial backing.
He disclosed that his company had encountered financial strain, with debts once exceeding ₦40 billion, though over 80 percent has since been repaid. He also noted a reduction in workforce numbers from over 1,000 to under 500 due to economic pressures.
In his view, this scenario points to a systemic flaw in Nigeria's financial architecture, where banks prioritize short-term lending, whereas industrial growth demands patient capital over a five-to-ten-year horizon.
"We possess the resources and the ambition, but what we lack is a targeted policy framework," he concluded.
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