Stanbic IBTC's Founder, Atedo Peterside, Tackles Buhari For Reopening Border For Dangote Alone

The founder of Stanbic IBTC, Atedo Peterside, has reacted to the export waiver on land border President Muhammadu Buhari granted Aliko Dangote, the founder of Dangote Group, parent company of Dangote Cement. Peterside condemned the decision by the president, stating that trading businesses across Nigeria's land border should be for all legitimate traders.

Nigeria had closed its land border since October 2019, refusing export or import of goods. The decision to close the land border caught many traders by surprise, as the government didn't give any prior notification in regards, leading to a loss of investment for some Nigerian businesses, including foreign businesses.

President Buhari said the decision was to ensure that the country's porous border issue was fixed in order to prevent smuggling of products into Nigeria, but one year after, the administration singled out Africa's richest man, Dangote, as the only businessperson allowed to export his goods outside Nigeria. AllNews had reported that the waiver is an abuse of constitutional power against other Nigerians.

The waiver given to Dangote will allow him to export his cement products through the land border to Togo and Niger markets.

Note that Dangote is also into the business of sugar, salt and tomato. The company in 2019, also stated that it was entering into rice production.

READ ALSO: Land Border Waiver: How President Buhari Abused Constitutional Power To Favour Dangote

Atedo Criticise Buhari For Favouring Well-connected Persons

While reacting to the waiver given to Dangote, Peterside said the Nigerian economy is rigged to favour persons that are well connected to the government. He questioned why the government will choose to open the border to only Dangote's company while ignoring several other companies.

"Allowing legitimate exporters & importers to move their goods across the border should be a no-brainer. Why refuse everybody else & allow only one company (Dangote)? This is why some of us argue that the Nigerian economy is rigged in favour of a handful of well-connected persons."

Last year, Peterside had also condemned the way the Nigerian economy is structured, stating that economic policies are not being initiated to support the growth of small businesses or the youths. Peterside said the economic gains are only restricted to few persons in Nigeria, rather than spreading it out to the whole country.

Constitutional Support For Peterside's Statement

While the Nigerian constitution gives President Buhari power to manage the major sectors of the economy, it also states in Chapter II (1999 constitution), section 16; subsection (1b) that the state (government) should "control the national economy in such manner as to secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity;

(c) without prejudice to its right to operate or participate in areas of the economy, other than the major sectors of the economy, manage and operate the major sectors of the economy;

(d) without prejudice to the right of any person to participate in areas of the economy within the major sector of the economy, protect the right of every citizen to engage in any economic activities outside the major sectors of the economy."

Meanwhile, subsection (2c) state that The state shall direct its policy towards ensuring "that the economic system is not operated in such a manner as to permit the concentration of wealth or the means of production and exchange in the hands of few individuals or of a group."

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Despite these stipulations in the constitution, President Buhari narrowed his border policy to favour Dangote Cement in a Democratic and capitalist country. The cement market is not consisting of Dangote alone, as the company is rivalled by BUA Cement and Lafarge Cement.

By President Buhari's decision, he disenfranchised BUA Cement, Lafarge Cement and companies from other sectors their right to equal economic opportunity, as Dangote Cement isn't the only company exporting goods outside Nigeria.