How a steel magnate became Pakistan's longest-serving prime minister through military patronage and privatization.
Nawaz Sharif, a businessman turned politician, rose to power in the 1980s with the backing of Pakistan's military establishment. His tenure was defined by aggressive privatization, the reversal of socialist-era nationalization, and a complex web of political alliances that frequently blurred the lines between state resources and private industrial interests.
Born in 1949 into a family of industrialists, Nawaz Sharif’s political trajectory was inextricably linked to his family's steel empire, the Ittefaq Group. His entry into politics in 1981, as finance minister for Punjab under military governor Ghulam Jilani Khan, was a calculated move to protect and restore family assets that had been nationalized by Zulfikar Ali Bhutto. By the 1980s, Sharif had become a key protégé of General Zia-ul-Haq, who facilitated the denationalization of industries and provided the political infrastructure for Sharif to emerge as the 'Lion of the Punjab.'
Sharif’s premierships, spanning three non-consecutive terms between 1990 and 2017, were marked by a commitment to Western-styled capitalist economics. His National Economic Reconstruction Programme aimed to transform Pakistan’s economy through rapid privatization of state-owned entities, including banks and telecommunications. While proponents argued this would spur growth, critics, including former science advisor Dr. Mubashir Hassan, labeled the process unconstitutional. The lack of competitive bidding during these sales fostered the rise of business oligarchs and exacerbated wealth inequality, fueling political instability and accusations that Sharif used state power to benefit his own industrial holdings.
The mechanisms of Sharif’s power were often opaque. Investigations, such as a 1993 report by The Friday Times, revealed that he channeled hundreds of millions of rupees from public discretionary funds to political allies, effectively creating a parallel financial system. His electoral victories were frequently mired in controversy; the 1990 election, for instance, was later confirmed by the Supreme Court to have been rigged with the help of military intelligence and illicit funding. Despite facing multiple oustings, legal disqualifications, and periods of exile, Sharif has remained a central figure in Pakistani politics, recently securing a National Assembly seat in 2024 amid ongoing allegations of electoral manipulation.
Source: Nawaz Sharif
