From Uche Usim, Abuja
As 2024, a leap year takes off, all eyes are on top Nigerian technocrats, industrialists and entrepreneurs to use their corporate governance policies and action plans to leapfrog the economy from austerity to prosperity.
From boardroom maestros to Fintech gurus; agriculturists to educationists, these accomplished Nigerians have a part to play in shaping Nigeria’s socio-economic landscape in 2024 and beyond.
Here are some of them.
Dr Yemi Cardoso, CBN Governor
Dr Yemi Cardoso, the Central Bank of Nigeria (CBN) Governor, is on the hot seat. The head of Nigeria’s monetary policy wing is racing against time to impress the citizens who are battling multi-dimensional poverty.
Shortly after he assumed duties, the CBN Governor said there was no magic wand to wave at economic challenges plaguing the nation. He said there are painful but mandatory paths to tread to get to the promised land.
For Nigerians, hopes are dim. The shouts of suffering have reached a crescendo. The higher the assurances of the government, the tougher things become. The consensus is that the CBN and other government agencies should give economic policies a human face so the citizens can breathe.
In reality, Cardoso is battling severe local and global volatilities, worsened by sudden monetary policy decisions which have destabilized the economy.
His principal, President Bola Tinubu stirred up the hornet’s nest in his inaugural address on May 29, 2023 by ditching the petrol subsidy regime (without accompanying palliatives), thus putting the CBN Governor in a tight corner and forcing him to play catch up.
Added to that was the naira float policy.
Since then, the naira has tumbled several times, hitting an all-time low at N1,N1,043.09 to the dollar at the official foreign exchange market last week. Inflation rose rapidly for 11 consecutive times, peaking at 28.20 per cent in November 2023, with food prices contributing largely to the rise.
Cost of foods and other goods have skyrocketed as the value of the naira gets terribly-eroded, leaving the masses to wallow in squalor with no respite in sight.
Sovereign debt has remained upward bound, climbing to N87.91 trillion in December. Terrorism and turf wars have resurfaced in higher intensity, food production has tanked and the most recent horror being cash scarcity.
There are also concerns about the viability of the pronouncements made by Cardoso, especially running a $1 trillion GDP economy in a few years time, when on the contrary, experts warn Nigerians of a harsher economic climate in 2024 due to the aforementioned challenges that are yet to be tackled.
But Cardoso has not foreclosed hope. He said strategic plans, being fine-tuned with the fiscal policy wing, would lubricate the economy with sufficient foreign exchange and other incentives to engender growth.
He described the current tough economic situation as a mandatory but correctional surgical procedure that may be painful in the short term but definitely transformational in the long run.
Wale Edun, Finance Minister
Just like Cardoso, Wale Edun, the Finance Minister and Coordinating Minister of the Economy, has come under blistering attacks from Nigerians who insisted that he speaks more than he works.
The fiscal policy driver of the federal government has been accused of allowing excessive political influence to dictate his policy direction at the detriment of the masses.
There are queries over the potency of his action plans to take millions of Nigerians out of poverty when glaring picture looks more like the citizens have been sentenced to eternal desolation on his watch.
For instance, a lot of SMEs have packed up as the operating environment became too toxic due to high taxes and levies, decrepit infrastructure, high energy costs, discriminatory tariff and so on.
The song and dance about palliatives to cushion the scathing effects of subsidy removal have been described in many quarters as titillating illusions.
A lot of workers complained of not receiving their salaries before Christmas, making the Yuletide season hellish.
Edun, however, assures that things will get better as the nation successfully trudges through the turbulent period.
Mele Kyari, GCEO, NNPCL Limited
Mele Kyari, the Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPC Limited) is the man turning the energy wheels of the country and struggling to meet the local consumption quota.
There are worries that petroleum products, especially petrol, diesel and aviation kerosene have remained periodically scarce and indescribably expensive even after the subsidy regime has been rested.
Thus, all eyes are on Kyari in 2024 and beyond to solve the energy riddle and soothe the pains of Nigerians.
Interestingly, Kyari has said that the hitherto comatose refineries would be roaring back to life one after the other, starting with the Port Harcourt Refinery which attained mechanical completion late December. It is expected to commence full operations in 2024.
Hopefully, the government-owned refineries and the modular outfits operated by private sector players would go a long way in ending the energy scarcity imbroglio.
Many expect that Kyari, in collaboration with other stakeholders, would also address the lingering issue of scarce and costly cooking gas in 2024.
Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil)
If he is not running from one refinery to the other to inspect ongoing repairs like an undercover cop, he is consulting with host communities in the creeks to see ways of ending petroleum infrastructure vandalism and swelling crude oil production to better the economy. That is the typical itinerary of Heineken Lokpobiri, Minister of State, Petroleum Resources (Oil).
To him, it is all about; “crude oil production, production and production”.
But beyond that, Nigerians hope Lokpobiri walks the talk in solving Nigeria’s energy crisis and they are ready to hold him by his words, especially with regards to the promise of ensuring that Port Harcourt Refinery commences operations “after Christmas”.
He also said that the federal government is working assiduously to ramp up crude oil production (and condensate) from 1.7 million barrels per day (mbpd) to 2 mbpd by December.
This is yet to be realized.
Ekperikpe Ekpo, Minister of State, Petroleum Resources (Gas)
The lingering cooking gas scarcity is one challenge Nigerians want Ekperikpe Ekpo, Minister of State, Petroleum Resources (Gas) to tackle most urgently in 2024.
With kerosene becoming unaffordable and the government’s plans to use gas as its energy transition fuel, cooking gas has become the toast of Nigerians.
But the costly price and endless scarcity is one horror Nigerians cannot wait to be delivered from.
While Ekpo has set up a committee to tackle the imbroglio, many want to see him take giant steps to end the challenge by looking deeply into all aspects of the gas production and supply chain, identify the gaps and close them.
Nigerians are begging the government to quit regaling them with the narrative that Nigeria has abundant gas reserves of over 208.83 Trillion cubic feet (TCF) when it cannot be enjoyed.
Nonetheless, Ekpo has assured that Nigerians will enjoy gas resources either for cooking, transportation and other uses going by strategic partnerships being developed.
He recently supervised the signing of a Memorandum of Understanding (MOU) between the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) through its Midstream and Downstream Gas Infrastructure Fund (MDGIF) and Ibile Oil and Gas Corporation for the development of infrastructure for the Compressed Natural Gas (CNG).
According to Ekpo, owing to the removal of subsidy on petrol subsidy, the need for an MoU for an alternative fuel naturally became expedient.
Festus Keyamo, Minister of Aviation and Aerospace Development
That Nigerian airlines are flying on broken wings is no longer news. What is news, however, is that the entire industry, as it appears, wants to see them lose their wings completely before concerted efforts are made to strengthen the vital sector linking local and global economies together.
That is what Nigerians want Keyamo to address in 2024.
Interestingly, he has temporarily junked the jinxed national career project which many said gave a chunk slice of Nigerians’ benefits to Ethiopia in a most traumatizing national carrier deal ever designed.
Many expect Keyamo to sit with relevant stakeholders to put together a better deal that will yield dividends to the government, local operators and others.
There are also issues around airport concession plans he inherited from his predecessor.
Keyamo has promised a more transparent deal since concession is the way to go.
High ticket pricing, costly aviation fuel, ailing navigational equipment and poor passenger treatment by airlines are lingering matters stakeholders want the Minister to address in 2024.
Abdul Samad Rabiu, Founder/Chairman, BUA Group
Alhaji Abdul Samad Rabiu, the Founder and Chairman of BUA Group needs no introduction. With a networth of $6.7 billion according to Forbes, Rabiu’s indelible footprints are seen on a broad spectrum of the Nigerian economy.
His group of companies are into manufacturing, infrastructure and agriculture and produce a revenue in excess of $2.5 billion. Rabiu, a philanthropist, is also the chairman of the Nigerian Bank of Industry (BOI).
With the cost of building materials reaching stratospheric heights, Rabiu has promised to crash the price of cement from N5,500 to N3,500 per bag to lessen the cost of building.
This soothing news takes effect from January 2024 and Nigerians are anxiously waiting for its manifestation.
He established BUA International Limited in 1988 for the sole purpose of commodity trading. The company imported rice, edible oil, flour, and iron and steel
In 1990, the government, which owned Delta Steel Company, contracted with BUA to supply its raw materials in exchange for finished products. This provided a much-needed windfall for the young company. BUA expanded further into steel, producing billets, importing iron ore, and constructing multiple rolling mills in Nigeria.
Years later, BUA acquired Nigerian Oil Mills Limited, the largest edible oil processing company in Nigeria. In 2005 BUA started two flour-milling plants, in Lagos and in Kano. By 2008, BUA had broken an eight-year monopoly in the Nigerian sugar industry by commissioning the second largest sugar refinery in sub-Saharan Africa. In 2009 the company went on to acquire a controlling stake in a publicly listed Cement Company in Northern Nigeria and began to construct a $900 million cement plant in Edo State, completing it in early 2015.
Aliko Dangote, Chairman, Dangote Group
Aliko Dangote, Africa’s richest man, is currently being touted as the Messiah coming to liberate Nigerians from the protracted energy insufficiency nightmare with his 650,000 bpd refinery complex in Lagos, expected to take off fully in the new year.
The facility, seen as a game-changer in the petroleum industry, received its first crude oil shipment early December as it warms up for optimum operations.
All eyes are on him to tow the path of Rabiu to crash cement prices and become stronger partners of the government and the private sector in the urgent task of tackling the high housing deficit challenge.
Dangote’s real-time net worth, according to Forbes, is $16.1 billion as at November. The 66-year-old self-made billionaire in cement and sugar founded and chairs Dangote Cement, the continent’s largest cement producer, which has the capacity to produce 48.6 million metric tons annually and has operations across Africa.
After many years in development, Dangote’s fertilizer plant in Nigeria began operations in March 2022. Dangote is the world’s richest black person, and the world’s 107th richest person overall.
Tony Elumelu, Chairman, Heirs Holdings
The banking czar has his tentacles spread in many facets of the economy.
He chairs Heirs Holdings, Transcorp, United Bank for Africa (UBA) and is the founder of The Tony Elumelu Foundation.
For 13 years, the foundation has empowered over 18,000 African entrepreneurs in all 54 African nations. 1.5 million Africans have been supported on TEFconnect.com.
The foundation has helped catalyse economic growth, supported the battle against poverty eradication and ensured job creation. This rides on its firm belief that the private sector’s role is critical in creating social and economic wealth for Africans.
In October 2023, Heirs Holdings Oil & Gas announced a major rebranding, and changed its name to Heirs Energies Limited with a new logo colour scheme, reinforcing the strategy of meeting Africa’s unique energy needs in a sustainable manner.
Being an ally of President Tinubu, many have expressed optimism that Elumelu would deepen his partnership with the government in solving Nigeria’s ballooning unemployment challenge in 2024.
Mike Adenuga, Glo Founder
The story of GSM evolution in Nigeria cannot be told without mentioning Michael Adenuga Jr. He is a Nigerian billionaire businessman, and the third richest person in Africa. His company Globacom (now Glo) is Nigeria’s second-largest telecom operator and also has a presence in Ghana and Benin; boosting job creation as it spreads. The network plans massive offerings in the new year.
Adenuga owns stakes in the Equitorial Trust Bank and the oil exploration firm Conoil (formerly Consolidated Oil Company).
Femi Otedola, Chairman, Geregu Power Plc
Olufemi Peter Otedola is a Nigerian businessman and philanthropist. He is the former Chairman of Forte Oil Plc, and is the current executive chairman of Geregu Power Plc.
Acquired in 2013 with generating plants in Ajaokuta, Geregu is one of Nigeria’s leading power generating companies (GENCOs) that uses gas turbines as a clean energy source to generate power.
He is also expected to deepen operations in 2024 to help solve the prolonged electricity crisis.
Jim Ovia, Zenith Bank Founder
Jim James Ovia, the founder of Zenith Bank, is another banking Colossus to watch in 2024.
His bank, founded in 1990, is a major lender to SMEs.
Ovia is a member of the Governing Council of Lagos State University, Lagos and a member of the Board of Trustees, Redeemer’s University For Nations, Lagos. He was a member of the Governing Council of the Nigerian Investment Promotion Commission (1999–2007) and served on the board of American International School, Lagos (2001–2003).
Ovia headed numerous NGOs at various times including serving as the first President of the Nigeria Internet Group (2001–2003). He is the founder and Chairman of Mankind United to Support Total Education (MUSTE), a philanthropic organization focused on providing scholarships for the less privileged. He is the founder of the Youth Empowerment / ICT Foundation, which focuses on improving the socioe-conomic welfare of Nigerian youths by inspiring and motivating them to embrace Information and communication technology.
Chika Madubuko, Founder, GreyMate Care
Chika Madubuko juggles many balls, literally speaking. She is a business professional, Bioengineer, Microbiologist, entrepreneur and a job creation advocate.
She has business experience spanning across three continents and blue-chip multinational companies.
Madubuko was Inbound Quality Control Officer at Amazon UK before she moved back to Nigeria.
She is co-founder and CEO of Greymate Care, a digital platform that connects patients to an insured and professional caregiver 24/7. Her team has grown to a staff of 20 and she plans to expand into other African countries such as Kenya and South Africa.
She has a degree in BSc Applied Microbiology and Brewing from Nnamdi Azikiwe University, Awka, and MSc Biotechnology and Bioengineering from the University of Hertfordshire.
Nasir Yammama, Founder, Verdant AgricTech
His name may not ring a bell in nightclubs and social gatherings but Nasir Yammama, the Founder, Verdant AgricTech is popular among rural farmers. He is empowering them and changing their stories from pain to gain. He said he would do much more in the new year.
In a country heavily reliant on dwindling crude oil receipts, Yammama is aggressively bringing agriculture to national reckoning starting with grassroot development.
Before Nigeria struck oil in 1956, agriculture was the economic life raft of Nigeria.
Today, Africa’s biggest economy cannot feed itself and that is the narrative Yammama wants to change.
In Nigeria, rural farmers make up a large percentage of the population, but lack the necessary information and funds to increase their harvest.
Yammama is harnessing the power of simple, low-cost technologies to help local farmers produce more crops and increase their sales. He is the founder of the social enterprise Verdant Agritech Ltd, which began in 2015 by teaching 50 farmers how to use low-cost mobile phones to access market and weather information, management skills and financial services.
Verdant’s objective is to avail and democratize agricultural information so as to enable the cutting down of the cost of doing business in agriculture to a great extent. We help farmers to produce more food with less input and better managerial support.”
Now, in collaboration with Oxfam and GIZ, Verdant is supporting 25,000 farmers through a mobile platform which makes smallholders more visible to the markets, and provides agricultural data for improved food production. Nasir’s vision is to transform agriculture in Nigeria and enable farmers to double or triple their yields.
Sim Shagaya, uLesson Founder
Sim Shagaya the founder of uLesson, an online learning hub, making him an admirable edu-preneur in Nigeria.
He is also the co-founder of Konga, a leading e-commerce company in Nigeria. Konga is one of Nigeria’s largest online marketplaces, offering a wide range of products from electronics to fashion.
He turned the adversities of the COVID-19 pandemic into golden opportunities by beautifying and simplifying the online learning space.
He has laid the foundation for an education revolution. At uLesson, the philosophy is to leverage technology to simplify learning and fill the major gaps in Africa’s education system through tech.”
Alongside uLesson’s expansion into Eastern & Southern Africa, the startup is set to launch a host of new products, including a new pan-African primary school library, one-on-one tutoring sessions, and “Challenge” – its new app feature that allows learners to challenge friends to a quiz. The platform has also set its sights on launching an iOS app in the near future.
Mitchell Elegbe, Interswitch CEO
Mitchell Elegbe is one of the mavericks of the Fintech space. He is Group Managing Director/Chief Executive Officer and a member of the board of directors at Interswitch, a business he conceptualized and has led since 2002, when the company went into operation. Under his leadership, Interswitch has remarkably diversified its business, broadened distribution channels and expanded into new markets across Africa, driving revolutionary payment innovation and social impact and delivering strong growth in revenue and profits (recognized by Deloitte in 2014 as ‘Africa’s fastest growing technology business’).
Mitchell is an Electrical/Electronic Engineering graduate from the University of Benin, Nigeria and also an alumnus of the IESE/Wharton/CEIBS Global CEO Program. He is a consummate people-centric leader who believes in motivating his colleagues at Interswitch to have confidence in their value as individuals; in the value of the work they do; and in their value as team members, whilst being relentless in his pursuit of sustainable value for stakeholders.
Apart from leading Interswitch to win numerous coveted industry awards, Mitchell’s leadership abilities have earned him several awards.
Gossy Ukanwoke, Founder, Beni American University
Gossy Ukanwoke is a man to watch in 2024. He is the founder of Beni American University, the first digital university of Nigeria. An education-driven entrepreneur, he founded an online forum named as Students Circle Network which has a wide database of academic resources, allowing interaction over educational resources for young learners.