The business community is well pleased with Tinubu’s economic reforms – Sanjay Jain

Chief Sanjay Jain is an Indian. He has lived in Nigeria for 32 years and has earned the Chieftaincy title of Asiwaju of Matoriland, Mushin, Lagos State. He is the immediate Past President and Patron of the Indian Cultural Association. Jain is currently the President of Rajasthani Samaj of Nigeria; Chairman, Jain International Trade Organisation (JITO) –Nigeria Chapter; Chairperson, Institute of Chartered Accountants of India – Nigeria Chapter; Member, Nigerian Indian Chamber of Commerce and Industry and Life Member, Indian Professional Forum. A philanthropist, he is also a Charter Member of the Rotary Club of Lagos, Palmgrove Estate. He is a highly educated person and he has worked in senior positions like – Finance Director/CFO, Managing Director/ President/CEO in various companies/industries in Nigeria such as Plastic industries, Textiles, General Trading, Packaging, Paper, Steel etc. In this interview with ONYEDIKA AGBEDO, he shares his experiences of living and working in Nigeria for over three decades, giving insight on how the ongoing reforms by President Bola Ahmed Tinubu will have a positive impact on the economy of the country in the long run. He also speaks on the Nigeria-India relations, the cultural similarities between the two countries, their developmental quests, among other issues. Excerpts: 

You have lived in Nigeria for about 32 years. How has the journey been? What have been your experiences of the country?
I fully agree with you that a 32-year journey is a very long journey. I would say that the journey has been pleasant – by and large. Difficulties are always there in life. But I will only remember the good things. I know I love Nigeria; I like Nigerian people; they are very good, warm and friendly people to be with. I have seen that they are highly cooperative. With their cooperation from time to time, I have been able to discharge my duties in various roles in a better way. I have hundreds of Nigerian friends and I maintain my friendship with them continuously.
 
I would say that I feel like I am one of you because I have spent many years in Nigeria and have mingled well with the Nigerian community. Let me also say that Mushin Kingdom, which is a highly reputable kingdom; bestowed upon me the Asiwaju title. At that time, I was not aware of what it was going to be but it turned out to be highly respectful for me. This led me to interact more with my Nigerian brethren and with God’s special grace, I interacted well and started feeling as one of you. As a result of that, I get along with Nigerian people very fast and very easily. My experience with them is very good. So, in conclusion I would say- I am very happy with Nigeria and nothing less.

So, you bear the Asiwaju title like the Nigerian president?
  (Laughs)Yes, you are right. I am Asiwaju of Matoriland, Mushin but President Tinubu is the Asiwaju of Lagos State. He is the Boss of the country. That is the difference.

We see that you have progressed well in this country. What challenges have you faced and how were you able to overcome them to build your thriving business in the country?
  I would say doing business in this country is as difficult and challenging as doing business in any other country in the world.
There are peculiar challenges in any country you go; they are different kinds of challenges but they are there.
 
So, over the period of 32 years, if you want me to summarise, I would say unstable Foreign Exchange rates and erratic power supply for the industries are the major challenges Nigeria is facing. The unstable Forex becomes a major challenge for any business because the cost cannot be ascertained and on the other hand you will be calculating the selling price every time, which is not possible and practical.
 
Erratic power supply contributes to the higher overheads for employing the generators in the factories and that raises the cost thereby the selling price leading to perpetual inflationary trends in the markets.
 
But recently I saw the Tinubu administration coming with new policies through the Finance Minister, Mr. Wale Edun and the Central Bank of Nigeria (CBN) Governor, Mr. Yemi Cardoso.With that policy, we have seen that the foreign exchange volatility is being contained. The business community is happy with that and if it continues to be like that, it will definitely help the overall business atmosphere in the country. This is because when things are stable, the mind is stable, the pricing pattern and everything remain stable. So, we believe in the new policy in place.

We see that President Tinubu, Cardoso and Edun have formed a very good team. I have met the CBN Governor and the Finance Minister personally; they look very sincere and very informed. They are taking the right steps and I am happy with them as a professional and as a businessman. They know what they are doing; they have taken the most appropriate steps to select and form the right policies and implement them. I think that in the long run, things will fall in place. And we all know that when you have to address bigger problems, you need some time. So, I believe that things will become far better in the times to come because the government is going in the right direction.

You have been in the manufacturing sector among other various sectors. How have you been able to cope with the power challenge in the country, which has forced many businesses to close shops?
Though it doesn’t affect my current business, I can share my previous work experiences in relation to the power challenge within Nigeria.  You are very right that energy is another big problem in Nigeria. Against the total power requirement of the country, the generation is falling short. But I have seen that the Nigerian Electricity Regulatory Commission (NERC) is trying to formulate some policies to address the gaps. 
 
You know that generators are crucial to the survival of the manufacturing sector. Of course, the cost of production goes much higher if they have been produced with generators but the industry cannot work without these generators. So, ultimately, the increased costs will go to the consumers. In business, as long as you get your cost recovered, you are happy. But side by side, I can tell you that government invested heavily to build gas pipelines. And there are lots of gas pipelines in Lagos to fire the gas generators. Gas fired generators are cheaper to run than diesel fired generators.
 
The underlying issue is that today or tomorrow, the government has to achieve the production of electricity up to the total demand of Nigeria and Nigerians, which they are already doing, I must say. Till that time, the generators will remain in force and that is the only answer; because you can’t let your workers sit down and be paying their salaries while they are not working because there is no power supply.

You feel at home in Nigeria but Nigerians are leaving in droves to other countries in search of greener pastures, which has now been termed the japa syndrome. What is your take on the development?
  You see, this kind of thing is prevalent in all the countries in the world except for the very highly developed countries like Australia, America, United Kingdom, New Zealand and some European countries. Other than that, it is everywhere. Everybody would like to go to the place where he or she can earn better; or where he or she can find better opportunities.
 
I came here; I am settled here. So far, it is working well for me. I am working here. Some Nigerians would like to go to other countries where they feel life is better or opportunities are better. So, these things will definitely happen. I was told that Nigerian doctors are very popular in the U.S. and that is very natural because the U.S. provides far better salary scales, far better amenities and far better lifestyle. So, everybody would want to move to the U.S. once they become eligible to go there. It is not peculiar to Nigeria; it is happening everywhere.

Even with the challenges in the country, the businesses are still going on. What philosophy is behind this syndrome?
 As I told you earlier, there are challenges. Challenges are in every country of the world but they may be different in nature. Here in Nigeria, there are different challenges. As I said, power is not sufficiently available but there is a solution with generators. The cost is higher but as long as you can recover the cost, you are okay. With the high cost of production, you are still producing and you are still able to sell in the market, you are still okay. Foreign exchange is fluctuating and that gives you headache. Sometimes you make losses; sometimes you make little profits. That is why I said that if foreign exchange remains stable, it will help the business community.
 
So, I would say that with these challenges, as long as a business can make little profit or break even, it should be okay. But the picture is not that rosy. Many businesses have made huge losses in the past one, two or three years. Many companies have decided that new projects should be kept on hold till the atmosphere becomes better. But they also know that Nigeria is a great country. It has lots of potential.
 
Today, as I understand in the simple language, with the removal of fuel subsidy, Nigerians are paying higher for petrol and whatever. Resultantly, there is hardship and inflation is going higher. But think of a situation where in one year, one and half years or two years, there will be a huge amount with the government, which they will be spending on infrastructure and creating job opportunities. That will give extra income to them; once extra income starts coming in there will be a satisfied society. That is how Mr. President is thinking and he is thinking very rightly for the country.
 
So, I am saying that business people have to keep it in mind that if you are not earning profit now but you are recovering your cost, just continue; you are still okay. This year or next, things could fall in the right places and you will make profit. So, I would say that there are some good years and there are some not so good years. A mixture of that keeps the business or businessman alive and kicking. This is how businesses keep going on.

Are you impressed with the Nigeria-India relations? What similarities do you see between the two countries and how will that help them?
  I am highly impressed with Nigeria – India relations. I will share certain things that will astonish you. Nigeria got independence in 1960 whereas the Indian High Commission has been here since 1958, two years before Nigeria got independence. Many Nigerian Presidents have visited India; many Indian Prime Ministers have visited Nigeria. Recently, Prime Minister Modi was in Abuja. I was also in Abuja for the two-day event. All these indicate that the relationship between the two countries is excellent and both countries are serious about their relationship.

India has a high number of youths; Nigeria also has a high number of youths. We have English-speaking people; Nigeria also has English-speaking people. All these specialties lure investors to come to these countries and invest because they need English-speaking people; they need the youth to undertake work in the organisations. Both countries are developing and a lot of industrialisation has to happen in both countries so lots of potential exists in both countries.
 
It is evident from above that these peculiarities will definitely contribute towards the high industrial and business growth in these two countries. Both countries are growing at the right speed and they will reach their destinations.

Nigerians have been going to India for medical treatment. Are there prospects of those hospitals establishing in Nigeria?
 Medical facilities in India are excellent; they are economical also. Highly specialised medical facilities are available in India in private hospitals as well as government hospitals. These facilities are world-class. They are like medical facilities in the United Kingdom, U.S., Australia and New Zealand. But if you compare the cost, if it costs $100/- in the UK or U.S. to treat an ailment, it will cost $30/- or less in India.
 
So, every other country acknowledges that medical facilities in India are very good and so have Nigerians. Thus, many Nigerians travel to India for any ailment they think can be treated there. From our cultural association and my other affiliated associations, Nigerians approach us indirectly or directly and we always facilitate their medical visas with good help from our Consul General Office in Lagos and the Indian High Commission Office in Abuja. They are highly cooperative in giving visas to the right people for them to go and get good treatment at a highly economical price.
 
Taking these things in view, the government of Lagos State has created an enabling atmosphere whereby they are trying to encourage/attract Indian hospitals to come to Nigeria, to Lagos State, because it is highly populated thereby medical needs are higher. I was told that they are ready to give some land in an assigned area to Indian hospitals that are ready to come and establish here. Let us see.

How soon do you think this could happen?
  Some of such hospitals are already here. In Abuja, Primus Hospital is already there. One more hospital is there; it has a local name but Indians are behind it. In Lagos, there are some hospitals that have come. There is one in Ikeja and another one is in Lekki. They are not very huge hospitals but they are very good hospitals. There are many in the offing. Our High Commissioner always organises some seminars or some kind of group outings in Lagos and Abuja, where these hospitals come and they showcase themselves; they try to acclimatise with the policies in Nigeria so that they can make decisions. Maybe in a few years time, you will see more coming.

What are the cultural similarities in two countries and which aspect of Nigerian culture do you fancy most?
  Nigerian culture has many similarities with Indian culture. In Europe, it is a kind of understanding that if a child attains the age of 15, the parents will tell him to go out and run his own things. In India it doesn’t happen like that. In India, the parents take care of the boy or girl till he or she has done his or her full education and finds employment. He or she still remains with the parents and is well groomed and well trained. Good values are given to him or her. The same is applicable in Nigeria. Nigerian parents do not ask their boys or girls to leave the house and go and establish themselves. So, that is very impressive.
 
So, I am saying that this kind of culture, which instills good values in the minds of the youth, has to be maintained. And it is being maintained by both Nigeria and India. This is one out of many similarities I can point out and I am impressed with this.
 
Also, in Europe and America, when the parents become old, they take them to old people’s homes and leave them there. In India, it doesn’t happen like that; in Nigeria, it doesn’t happen like that. The young generation highly respects the elderly and they are well taken care of in the house. So, we have high cultural values in our societies.
 
Whenever we have some programmes, we invite Nigerian artistes. And during the stage presentations, we see that there is no difference. You people dance to the drums; Indian people dance to little drums; it is called tabla. The similarities are there. There may be differences in colour and other things, but the art and cultures have many similarities. We are happy about those values which are being maintained by the Nigerian communities and society as well as the Indian society and communities. We are big admirers of the dancing abilities of a common Nigerian. Drummers over here are excellent.

You recently retired as the president of the Indian Cultural Association. What next for you?
  Yes, right. After serving for a very long period, for 29 + years, I have retired from the Indian Cultural Association. We have a constitution there and as per that, on each position, one can remain for two terms. So, as President, my two terms expired in the months of July/August 2024. An election took place and a new team is in place now. I am now Past President and Patron there.
 
However, I am part of many other social organisations also. My wish to do good for the Nigerian community is still very high; and on the platform of other organisations, I would still continue to do community service; I would continue to help the less privileged.