I hope the current administration will make industrialisation cardinal goal —Chief Rasaki Okoya

Known as a man with the Midas Touch, the Aare of Lagos and billionaire industrialist, Chief Rasaki Akanni Okoya, founder of Eleganza group of companies and RAO Investment Properties spread across West African countries, has seen it all in his 60 years of experience in business as a man with humble beginnings. As he clocks 84, he speaks about the secret of his success and how the government can make the youths productive using industrialisation among other issues. YEJIDE GBENGA-OGUNDARE brings the excerpts:

You just clocked 84 years. What lessons has life taught you and what is the secret of your success?

Consistency, perseverance, hard work, commitment, passion and integrity are the only vehicles that can drive you to success and not by cutting corners. Also, it is by being true to oneself in what one is doing. I am passionate about my business. I am committed to it and I have been consistent over the years by getting involved and not playing the boss. At Eleganza, we try to work within our means, particularly by working with the local market. It has helped the business to grow this far.

 

What steps will you recommend for job creation for youths in Nigeria?

I have decided to use this opportunity to propose a recurring vision that has plagued me. My warmest regards and congratulations to our president, Asiwaju Bola Ahmed Tinubu and the Vice President, Kashim Shettima for their steady management of the economy. We pray for peaceful and successful terms ahead. From working and monitoring the manufacturing industry for over 60 years, I hope that the current administration makes the industrialisation of Nigeria a cardinal goal: utilising our youths and empowering increased incorporation of manufacturing through the establishment of many cottage industries and factories during their term. Do you know that a significant percentage of the country’s GDP is derived from MSMEs and it can be approximated that the majority of these enterprises are youth-owned?

Making the youth productive via industrialisation is a key factor. Our youths have potential and can be stronger with greater empowerment. If you open the eyes of a blind man, he will never want to go back to darkness. I think to myself regularly about how we can utilise our dominant working population. The picture in my mind places all 36 states and the Federal Capital Territory as industrial hubs, varying in speciality where the average Nigerian citizen should be able to live, work, shop, have access to healthcare and other conveniences (e.g., recreational, worship facilities etc.); all without leaving their state of origin, within their industrial hubs. Bringing this into realisation could be initiated through investment in incubation centres, in each state (dispersed based on the requirements and geographical advantages of the state). Preparing one-unit warehouses of approximately 5,000 sq m per cluster, having 10,000 of each unit/micro industry in each state including the Federal Capital Territory, Abuja. Similarly, provision can be made to private estate developers to create infrastructural extensions in areas with existing low-income housing to include warehouses. This will enhance the appeal of opportunities in our rural states, transforming them into vibrant economic zones and serving as significant Industrial infrastructure for each state.

Also, there is a need to leverage on international connections. In addition to the above, the Nigerian government can invite specialists and international machine manufacturers (e.g. China/India etc.) to train our graduates in vocational skills and provide crucial technology transfer through the sale of machinery, and equipment for daily need products in exchange for local minerals via the use of a barter trading system. By opting to further facilitate local manufacturing of products, the government can consider onward sales of the above-mentioned machines to the youth on a long-term basis.

The government should protect our industries by imposing strict prohibitions on imports and policing the markets to enforce the ban on importation. With these, I believe we can conserve our precious foreign exchange, increase GDP, and strengthen our local markets/producers.

Making electricity available will turn the economy around, the youth and existing industries.

However, power supply should be made available to our youths and other existing industries. If small-scale factories could work without generators, it would solve the majority of the country’s crippling problems. Requiring each unit to adhere to contemporary demands of sustainability, preservation of natural capital and utilisation of renewable energy will ensure longevity and create backups to the national grid power supply. Incorporating training to pre-empt and prevent environmental degradation, learning from the case of China. This will provide practical experience that would give our youths a strong sense of belonging, and a promise of hope. It is our duty as Nigerian seniors, to help our youth the truth to know.

 

What are your thoughts on wealth creation and urban migration?

Ultimately, promoting urbanisation in the rural areas of the country, and stemming rural-to-urban migration by wealth creation in our rural communities will prevent overcrowding in urban areas; keeping our youths off the streets, by encouraging them to get a house and job opportunities.  We need to instil a sense of pride and dignity through respectable labour in our youths. The creation of varied and sustainable industrial cities will be pivotal in the national stimulation of progress. All this could be financed in the government budget with the aid of private sector investment schemes and the youth could be required to pay back within 10 to 25 years, and/or enjoy grants to support them. This will unleash and enable patient capital required to catalyse economic growth, jobs and entrepreneurship for our youths. Better to light the candle than curse the darkness. Give light and the darkness will disappear by itself.  This vision, if enacted, would enable us to manufacture a better Nigeria. To ensure the success of this proposed economic remedy, Nigeria, the economic powerhouse of Africa, should entirely and unitedly embrace a propensity of population utilisation, to supercharge the entire African continent. I believe more technical details and possibilities have to be discussed on the above ideas.

 

What are your thoughts on the current administration?

Asiwaju Bola Ahmed Tinubu is a visionary leader who is passionate about Nigeria. I am sure this administration will promote commerce and industry. I pray for the president and vice-president, with the aid of Allah SWT, to consider this and include it in their good programme as a blueprint for the rebirth of our great nation.

 

In spite of all the challenges, how is  Eleganza still standing six decades after?

We believe in Nigeria and we have promoted Made in Nigeria products over the years. The Eleganza Industrial City Limited is a testament to our vision as an establishment. It is a place where you find various products under one roof.  Under the new industry, the company produces luggage-bags that can be branded for companies, pilgrimages, government parastatal [agencies] and family trips.  It also manufactures over 68 different designs of standard chairs for churches, parties, eateries, hotels etc. It also has sets of coolers and food warmers in different shapes and designs.  This attests to the fact that consistency and the will not to compromise on standard and quality, have been the guiding principles that have kept the company going in the past four decades.

 

Can you say a little about your humanitarian activities?

Many of my activities revolve around religion and service to humanity through philanthropy. This cuts across the various sectors of the society. At various times, I have supported medical establishments and hospitals by donating life-saving equipment. With modesty, Eleganza is one of the biggest employers of labour having given employment to thousands of Nigerians. I also believe in quality education and the foundation under my name, in recent years has thrown its weight in support of the Nigerian educational sector.  Several undergraduate students have benefited from its Alhaji Akanni Okoya Scholarship Awards.

 

What advice do you have for youths?

As said in my previous interviews, it took me 60 years to build the Eleganza conglomerate through dint of hard work. Nigerian youths are hard-working and resilient. If they can embrace hard work more and more, they will be successful because they have what it takes with an enabling environment.