Ten Dangote Shares Will Not Save the North

Samaila Mohammed's proposal, "The People's Share," poses the question of whether Northerners should participate in the Dangote Refinery share offer. While I agree that Northerners can invest if they can afford it and understand the risks, I disagree with the notion that purchasing Dangote Refinery shares constitutes meaningful economic inclusion for the North.

The IPO is not the solution; our definition of economic inclusion needs to change. The phrase "Northern stake" is appealing, but it raises the question of what truly constitutes a Northern stake. Is it ten shares in Dangote Refinery, or rather the ability of ordinary Northerners to own and control businesses across the economy? The answer lies in empowering millions of Northerners to be owners of productive enterprises rather than just shareholders.

A walk through any Northern city reveals numerous businesses run by outsiders. While these entrepreneurs are entitled to invest and prosper, the real crisis is the lack of local ownership in Northern businesses. Consider the humble kuli-kuli; a young NYSC graduate might recognize a commercial opportunity, yet the communities that produce the raw materials have not commercialized them.

This paradox highlights the need for enterprise formation, branding, technology, access to capital, and entrepreneurial confidence. The Dangote Refinery IPO is not an economic revolution, and subscribing to ten shares will not build a welding business or establish a private school. The capital market is essential, but productive enterprise should be the foundation.

In agriculture, the North has abundant resources but remains dependent on others for processing, manufacturing, and marketing. To truly transform the region, agriculture must become industry. Farmers must have equity in processing companies, cooperatives should own warehouses, and young entrepreneurs should build brands around Northern commodities.

Investment should move beyond financing production to financing the entire value chain. The real question should be: "How much of the value created from our resources do we own?" This requires an MSME ownership revolution in the North, where thousands of modern fabrication businesses replace fragmented operations, mechanics become organized companies, and women form viable food-processing enterprises.

The focus should shift from merely producing tonnes to owning the value created from those resources. This is the true economic question for the North.