Task before NACCIMA’s new leadership

With Nigeria’s industrial sector in comatose and high cost of production threatening to throw surviving companies out of business, GLORIA NWAFOR reports that the new leadership of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has its job cut out for it.

The real sector, in the past few years, has been a blight on the country’s economy, with its growth coming far behind the average performance of other sectors.

And the reasons are not far-fetched – the high cost of energy, insecurity, poor policies, high cost of funding, reliance on imported goods and many more. The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), an umbrella body of the Nigerian leading real sector operators association, has built its advocacy on these issues over the years.

But analysts said more than advocacy is required to steer the ship from sinking and position it for smooth sailing. Perhaps, the coming years will see the advocacy points raised to the level of action – for two reasons.

One, a new administration takes over the reins of government in about the next two weeks. The incoming president, Bola Ahmed Tinubu, has promised broad-based reforms that would increase the performance of the economy. He also promised to engage critical stakeholders more on how to turn around the economy.

Secondly, NACCIMA has a new set leadership team that will join in the deliberation, from the perspective of the private sector. This is why the emergence of Dele Oye as the President of the association matters.

Oye whose contributions to the growth of the nation’s economy over the years stands tall is no doubt what the private sector needs at this time.

He appears to be a child of circumstance, ascending the exalted seat of the NACCIMA President at such a time as this. The task before him is critical and daunting. And stakeholders hope he would live up to the task.

For a few years to come, he shall bear on his shoulders the weighty responsibility of leading a section of the private sector. How he delivers will certainly have significant consequences for the country. Many are, however, confident that he possesses the pedigree to perform.

Igbinidu Inneh, an investment consultant, said if what Oye did with the Abuja Chamber of Commerce and Industry (ACCI) between 2008 and 2011 is replicated, NACCIMA is on the cusp of making a new beginning in its advocacy campaign.

On assumption of office as president of Abuja Chamber of Commerce and Industry in 2008, Oye declared said his goal was to continually move the Federal Capital Territory (FCT) from just a city dominated by public sector activities to one in which the private sector becomes a key driver of growth. Shortly after, results followed this declaration. Within a few years, ACCI acquired a large expanse of land along Airport Road in Abuja.

Oye embarked on the ambitious construction of the chamber’s permanent office and conference centre. Many considered this drive to be a tall order and therefore unattainable. However, a few months later, the first phase of the brand-new permanent building and conference centre of the chamber was completed.

Although it is been over a decade since Oye moved on from being the president of the chamber, his name is still etched on the association even a major hall is named after him (Dele Oye Hall) as a testament to his accomplishments at ACCI.

Since then, the chamber and the Abuja business community have consistently recorded remarkable growth with numerous businesses and investments sprouting up across the Federal Capital Territory, including the Nigerian Bottling Company (NBC) massive plant. The chamber played a key role in attracting some of the leading private sector operators that have dominated the business scene of the seat of power today.

Oye, an experienced lawyer and astute entrepreneur with over 33 years of legal practice, is considered by many in the business community as a skilled and high-performing business leader, who is set to cement a durable legacy in the world of commerce and business. Many believe that his fine background and experience in the private sector could be an asset in advancing NACCIMA’s agenda of promoting economic growth and development in Nigeria.

Industry watchers consider Oye to be renowned for his strategic thinking, sound judgment, and exceptional business acumen, which they say helped him build and lead successful businesses, including MST West Africa Limited and MST Properties West Africa Limited. These are the attributes they believe Oye will effectively deploy in charting a new course for the next phase of growth for the association and transforming the fortunes of the country’s private sector and business community at large.

A policy analyst, Nosakhare Ikponmwosa, posits that Dele Oye’s exceptional leadership, entrepreneurship acumen, and commitment to creating an enabling environment for businesses to thrive are second to none.

“He has a deep understanding of the legal and regulatory frameworks that govern businesses in Nigeria and is highly skilled in providing strategic advice to help businesses navigate complex challenges. This expertise is more than needed at this time when the Nigerian business community is in dire need of a messiah with the strategic thinking and drives to tackle the many challenges bedeviling the subsector and spur business development for sustainable economic growth,” Ikponmwosa noted.

Oye serves as a director in several companies and firms including Clement Clariben Nigeria Limited, a company with general contracts with over 10 years of experience. Oye successfully harmonises his far-reaching responsibilities as a legal practitioner with other institutional and executive responsibilities at various organisations and institutions both in the legal profession and in the organized private sector. As the National Deputy President of the NACCIMA and Chairman of the Nigeria-Turkey Business Council (NTBC), he has been at the forefront of advocating for the interests of Nigerian businesses both locally and internationally.

As the new president of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, Oye is set to face one of the most pressing challenges plaguing the nation – the relentless surge of inflation and the burdensome increase in exercise duties. But industry analysts believe that Oye’s vast and extensive years of experience as a seasoned entrepreneur and distinguished business leader, both in the private and public spheres, will undoubtedly prove to be an invaluable asset in tackling this daunting task.

Oye, they stated, has performed excellently in every leadership role he occupied during his highly decorated career. A private sector top player once described him as a goal-getter, an achiever per excellence.

“With an unparalleled business acumen and unmistakable drive to succeed even in the most trying times, Oye is more than capable of navigating the choppy waters of economic instability and steering the Nigerian business landscape toward a brighter and more prosperous future,” added an investment consultant, Mr. Igbinidu Inneh.

Another issue that the business community faces in Nigeria is inadequate infrastructure, including poor roads, unreliable electricity supply, and limited access to finance, which pose factors that hinder business growth and development.
Pundits are however optimistic that Oye, as the head of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, could use his influence to advocate for policies and reforms that address these issues.

According to a top player in the private sector, “Amendments to the constitution for states to generate and distribute power and also run rail networks, provide a huge opportunity for Oye to galvanize the private sector to actualize these grand plans.”

Oye’s emergence also presents an opportunity for NACCIMA to strengthen its collaboration with the government and other stakeholders.

The Nigerian business community, including the private sector and government, needs to work together to create an enabling environment for businesses to thrive. With his charismatic leadership style and exceptional communication skills, Oye is known as a natural at building relationships and forging partnerships. He is said to have a vast network of contacts, both in the private and public sectors, which he could leverage to create value and drive economic growth.

The incoming NACCIMA helmsman is believed to have the pedigree and expertise to deliver on the lofty role. As he takes on this daunting task, he has the opportunity to make a significant impact on Nigeria’s economy. If his visionary leadership and commitment to excellence were anything to come by, Oye makes a perfect fit for leading NACCIMA to new heights and positioning Nigerian businesses for success in a rapidly changing global economy.