Sujimoto CEO urges Tinubu to back 10-20 industrial champions

In an open letter to President Tinubu, Sujimoto CEO Dr. Sijibomi Ogundele advocates for a "National Champion" economic strategy similar to South Korea and China's development models. The letter argues that Nigeria should deliberately identify and support 10-20 industrial leaders across key sectors like manufacturing, agriculture, energy, and housing to accelerate economic transformation.

According to Daily Post, Ogundele points to the success of the Dangote Group as proof of concept—paying N900 billion in taxes annually and employing tens of thousands. He argues that "one Dangote can stabilize a sector; ten can stabilize an economy." The letter cites South Korea's Chaebol model where the state concentrated capital in roughly seven industrial families that eventually became global giants like LG and Hyundai.

Ogundele shares Sujimoto's own evolution beyond luxury real estate into agriculture (50,000 hectares of rice cultivation) and middle-income housing (5,000 homes annually across Nigeria's six geopolitical zones). He acknowledges challenges including N40 billion debt that has been 80% cleared and workforce reduction from 1,000 to under 500 employees due to economic pressures.

The proposal calls for the government to pivot from regulator to "ultimate Venture Capitalist," using targeted tariffs and strategic protection to shield manufacturers while requiring supported industrialists to "produce, employ, compete, and deliver affordable value to the economy." This "Value-Chain Capitalism" approach aims to catapult Nigeria into a $1 trillion economy by deliberately developing national champions rather than waiting for wealth to trickle down.

SOURCE: https://dailypost.ng/2026/04/10/one-dangote-not-enough-sujimotos-open-letter-to-president-tinubu/