IBB said PDP is the only political party in Nigeria whose presence has been felt, known and accepted throughout the country.
IBB stated this when he received PDP leaders at his Hilltop mansion in Minna, Niger state capital.
He said "provided it (PDP) can put its house in order", it could be in power for a very long time.
According to him, PDP is the only political party in Nigeria whose presence has been felt, known throughout the country.
He said: "PDP’s presence is felt not only in Abuja or Lagos, but down to the lowest level.
"If you go to the grassroots, the ordinary man will talk about PDP; that is the asset the party has and should use to spring back to reckoning.
"Already, it is accepted and known. All you have to do is work harder and try to convince the people back to your fold."
Babangida also stressed that a two-party system is the best option for Nigeria's democracy
He added: "Gradually, my earlier suggestion about the practice of a two-party system is gradually coming to the fore in the country.
"In 1999, when I was advocating for a two-party system, some of my colleagues had their doubts, but I told them that it provides a choice, which is the first essence of democracy."
The PDP delegation to Minna was headed by Jerry Gana.
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In his address, Gana urged the All Progressives Congress (APC) to give room for opposition political parties to always voice their opinion on national issues.
"The presence of opposition is key to democratic growth; we must allow Nigerians to listen to the other side," he said.
He described IBB as "a visionary leader, who read the future and advocated a two-party system long ago."