Sujimoto CEO Advocates for Strategic Industrial Expansion in Nigeria
Dr. Sijibomi Ogundele, the Group Managing Director of Sujimoto Group, has issued a compelling call to President Bola Ahmed Tinubu, urging the implementation of deliberate policies to cultivate multiple large-scale industrialists. In an open letter marking his birthday, Ogundele emphasized that Nigeria's economic future cannot rely on a single dominant player and must instead foster a diverse industrial base to drive sustainable growth.
Global Models for Industrial Success
Drawing from international examples, Ogundele highlighted South Korea's post-1961 economic strategy under Park Chung-hee, where the government supported local entrepreneurs with cheap credit, policy protection, and capital access, leading to the rise of global firms like Samsung and Hyundai. He also referenced China's transformation under Deng Xiaoping, driven by state-engineered industrial growth and long-term investment. Ogundele noted that similar approaches in Nigeria, such as during former President Olusegun Obasanjo's administration, enabled 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," Ogundele stated. He warned that without initiatives like the Dangote Refinery, diesel prices could have surged to about N3,000 per litre, underscoring the importance of industrial champions in stabilizing key sectors.
Challenges and Opportunities in Nigeria's Industrial Landscape
Ogundele lamented that many Nigerian entrepreneurs face a fragmented system plagued by high interest rates, erratic power supply, currency volatility, and limited access to long-term financing. He disclosed that Sujimoto Group itself has navigated financial pressures, with debts exceeding N40 billion at one point, though over 80% has been repaid, and workforce numbers have reduced from over 1,000 to fewer than 500 due to economic conditions.
He argued that Nigeria's challenge is not a lack of capacity but a failure to replicate industrial success at scale. "One Dangote can stabilise a sector; ten can stabilise an economy," Ogundele asserted, adding that deliberate industrial expansion could reduce costs for essential goods like rice and cement through economies of scale.
Sujimoto Group's Expansion and Proposed Strategies
Highlighting untapped potential, Ogundele outlined Sujimoto Group's transition from luxury real estate into broader sectors, including large-scale housing, agriculture, and industrial production. The company plans to deliver over 5,000 homes annually through a proposed Smart City model across Nigeria's six geopolitical zones and aims to expand from 50,000 hectares of agricultural production to one million hectares within a decade, alongside ventures in vegetable oil production.
Ogundele also cited TAJBank, founded by Hamid Joda, as an example of how targeted support can create jobs and economic stability, noting it now employs over 5,000 people despite early funding challenges.
Call for a "10 Industrialists Strategy"
To address structural gaps, Ogundele proposed a "10 Industrialists Strategy," urging the Federal Government to identify and support high-capacity entrepreneurs in 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, akin to China's support for firms like Huawei.
He stressed that small and medium enterprises alone cannot drive large-scale industrial transformation, emphasizing that critical infrastructure and continental trade ambitions require strong industrial anchors. Ogundele urged the Tinubu administration to transition from a regulatory role to an active architect of domestic industrial power, aligning 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 explained.
Conclusion: A Coordinated Approach for Economic Growth
Ogundele further called on President Tinubu 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 concluded, reinforcing the need for proactive policy measures to foster a robust industrial ecosystem in Nigeria.
