The Group Managing Director of Sujimoto Group, Dr. Sijibomi Ogundele, has called on President Bola Ahmed Tinubu to adopt deliberate policies aimed at creating multiple large-scale industrialists, warning that Nigeria’s economic future cannot depend on a single dominant player.

Ogundele made the call in an open letter to mark his birthday. He argued that Nigeria must intentionally develop between 10 and 20 industrial champions across key sectors to drive growth, reduce import dependence, and strengthen the country’s productive base.

Drawing from global examples, he cited South Korea’s post-1961 economic strategy under Park Chung-hee, where the government deliberately supported a small group of local entrepreneurs with cheap credit, policy protection, and access to capital.

According to him, this “chaebol” model led to the emergence of global firms such as Samsung, Hyundai, LG, SK Group, and Kia.

He also referenced China’s economic transformation under Deng Xiaoping, noting that the country’s rise was driven by state-engineered industrial growth, long-term investment, and consistent policy support for domestic enterprises.

Ogundele said similar thinking was applied in Nigeria during the administration of former President Olusegun Obasanjo, which created favourable conditions for the emergence of the Dangote Group as a national industrial leader.

“Today, a single entity like the Dangote Group pays over N900 billion in taxes annually, employs tens of thousands, and serves as a critical anchor for Nigeria’s industrial stability,” he said, adding that without the Dangote Refinery, diesel prices could have risen to about N3,000 per litre.

He, however, noted that Nigeria’s challenge is not a lack of capacity but the failure to replicate such success at scale.

“One Dangote can stabilise a sector; ten can stabilise an economy,” Ogundele stated, adding that deliberate industrial expansion could reduce the cost of essential goods such as rice and cement through economies of scale.

Highlighting what he described as untapped capacity, Ogundele outlined Sujimoto Group’s transition from luxury real estate into broader sectors, including large-scale housing, agriculture, and industrial production.

He said the company plans to deliver over 5,000 homes annually through a proposed Smart City model across Nigeria’s six geopolitical zones, while also targeting expansion from 50,000 hectares of agricultural production to one million hectares within a decade, alongside plans for vegetable oil production.

He added that the firm has developed capacity in cost-efficient infrastructure, including road construction, with minimal dependence on foreign exchange.

Ogundele also cited the example of TAJBank, founded by Hamid Joda, as evidence of how targeted support can create jobs and economic stability, noting that the bank now employs over 5,000 people despite early funding challenges.

The Sujimoto boss lamented that many Nigerian entrepreneurs operate in a fragmented system, constrained by high interest rates, erratic power supply, currency volatility, and limited access to long-term financing.

He disclosed that his company had faced financial pressures, with debts exceeding N40 billion at one point, though over 80 per cent has been repaid. He added that workforce numbers had reduced from over 1,000 to fewer than 500 due to economic conditions.

According to him, the situation reflects a structural gap in Nigeria’s financial system, where banks focus on short-term lending, while industrial development requires patient

capital over five to ten years.

“We have the raw material and the ambition, but what we lack is a deliberate policy instrument,” he said.

Ogundele proposed a “10 Industrialists Strategy,” urging the Federal Government to identify and support high-capacity entrepreneurs across sectors such as manufacturing, food production, energy, fintech, pharmaceuticals, cement, housing, and the deep-sea economy.

He called for targeted tariffs and strategic protection to shield local industries from unfair competition, drawing parallels with China’s support for firms like Huawei.

He also stressed that small and medium enterprises alone cannot drive large-scale industrial transformation, noting that critical infrastructure and continental trade ambitions require strong industrial anchors.

To achieve this, he urged the Tinubu administration to transition from a regulatory role to what he described as an active architect of domestic industrial power, in line with its Renewed Hope agenda.

“This is not about favouritism but strategic concentration in service of national development. The goal is not just to create billionaires, but to build engines of growth that will employ millions, generate significant tax revenue, and stabilise the economy,” he said.

Ogundele further called on the President to convene leading entrepreneurs and industrialists to develop a coordinated strategy for scaling Nigeria’s economic capacity.

“The lesson across serious economies is clear: nations that rise do not wait for wealth; they create it. Nigeria has seen what one industrial champion can achieve. The task now is to replicate that success at scale,” he added.