Sujimoto boss urges Tinubu to create multiple industrial giants for economic growth
Group Managing Director of Sujimoto Group, Sijibomi Ogundele, has called on President Bola Ahmed Tinubu to adopt deliberate policies aimed at creating multiple industrial giants to drive Nigeria’s economic growth.
Group Managing Director of Sujimoto Group, Sijibomi Ogundele, has called on President Bola Ahmed Tinubu to adopt deliberate policies aimed at creating multiple industrial giants to drive Nigeria’s economic growth.
Ogundele made the appeal in an open letter released on Thursday to mark his birthday, stressing that the country cannot depend on a single dominant player to stimulate economic development.
He proposed the intentional development of between 10 and 20 large-scale industrialists across key sectors, noting that such a strategy would enhance productivity, reduce reliance on imports, and strengthen the nation’s economy.
Drawing comparisons with global examples, he cited the industrialisation models of countries like South Korea and China, where state-backed support for selected enterprises contributed to rapid economic transformation.
Ogundele also referenced Nigeria’s experience under former President Olusegun Obasanjo, noting that targeted support during that period facilitated the rise of major industrial players, including the Dangote Group, which he described as a key driver of economic activity.
Advertisement
300x250
He maintained that replicating such a framework on a broader scale would position Nigeria for sustained industrial growth and competitiveness.
“Today, a single entity like the Dangote Group contributes over ₦900 billion in taxes annually, employs thousands, and plays a critical role in stabilising key sectors,” he said.
Ogundele, however, stressed that one major industrial player cannot carry the weight of Nigeria’s economy.
“One Dangote can stabilise a sector; ten can stabilise an economy,” he added.
He noted that while Nigerians are entrepreneurial, many lack access to long-term financing and institutional support needed to scale their businesses.
The Sujimoto boss identified manufacturing, agriculture, energy, housing, fintech, and pharmaceuticals as key sectors where targeted government support could accelerate growth.
He also highlighted challenges facing businesses, including high interest rates, foreign exchange volatility, inadequate infrastructure, and limited access to patient capital.
Advertisement
300x250
Ogundele disclosed that his firm had faced financial strain in recent years, with debts exceeding ₦40 billion at one point, though over 80 per cent has been repaid.
He added that the company had downsized its workforce due to economic pressures.
Despite the challenges, he said the company remains committed to expanding into large-scale housing, agriculture, and industrial production.
He proposed a “10 Industrialists Strategy,” urging the Federal Government to identify and support capable entrepreneurs through favourable policies, access to financing, and incentives tied to performance.
“This is not about favouritism; it is about strategic economic design,” he said.
Advertisement
300x250
Ogundele also called for protective trade policies to shield local industries and enhance their global competitiveness.
He urged the Tinubu administration to move beyond regulation and take a more active role in building domestic industrial capacity.
“The lesson across serious economies is clear: nations that rise do not wait for wealth; they create it,” he said.
The letter has triggered discussions among stakeholders on the role of government in fostering large-scale private sector growth.
