Former President Olusegun Obasanjo has highlighted the role of private enterprise in translating government policies into economic development, citing Oando Group Chief Executive, Jubril Adewale Tinubu, among Nigerian entrepreneurs who responded to policy opportunities with investment and enterprise.
Obasanjo spoke on Wednesday, September 30, at the groundbreaking ceremony for Aliko Dangote’s proposed $16 billion East Africa Refinery in Lamu, Kenya.
Also read: Tinubu declares ‘age of prosperity’ for Nigeria at 66
The former president reflected on the relationship between government policy and private-sector investment while explaining how Dangote emerged as a major industrialist.
According to Obasanjo, government policies could only achieve their intended objectives when entrepreneurs were willing to provide capital, take risks and invest in productive ventures.
Obasanjo said some of the policies introduced during his administration were designed to encourage investment and stimulate domestic industrial production.
He noted that the success of such policies depended on entrepreneurs taking advantage of the opportunities created by government interventions.
“I made policies, but my policies would have failed if not for Dangote and others like Wale — Wale, please stand up — and others that took advantage of them,” Obasanjo said.
The former president’s comment highlighted the role of private-sector actors in converting government policy into actual investments and economic activity.
Tinubu’s career in Nigeria’s energy industry provides an example of the relationship between public policy and private investment.
Through Oando, Tinubu has overseen the development of an energy business with interests spanning significant segments of the petroleum value chain.
The company has been involved in various areas of Nigeria’s energy industry, reflecting the role of private capital in expanding activity within the sector.
Obasanjo’s reference to Tinubu therefore placed the Oando executive alongside other entrepreneurs who, according to the former president, responded to policy initiatives by investing in businesses and productive assets.
The former president’s remarks also highlighted the broader relationship between government policy and private-sector investment.
Government policies can establish regulatory frameworks, incentives and economic conditions, but their impact can depend on whether businesses respond with investment and entrepreneurship.
This relationship remains relevant as African economies seek to reduce dependence on raw-material exports, expand local processing and develop greater industrial capacity.
The groundbreaking of Dangote’s proposed refinery in Kenya provided the backdrop for Obasanjo’s remarks, with the former president using the occasion to reflect on the role of entrepreneurs in turning policy ambitions into economic activity.
Also read: Tinubu declares ‘age of prosperity’ for Nigeria at 66
His comments placed entrepreneurs such as Dangote and Tinubu within a broader discussion about the role of private investment in Africa’s industrial and economic development.
David Okere is a journalist and contributor to Freelanews.com, covering business, governance, public affairs, and human-interest stories with a commitment to accuracy, balance, and public interest reporting.
