Rasaki Okoya: With Increased Empowerment, Nigerian Youths Will Perform Better

Born on January 12, 1940, Alhaji Rasaki Akanni Okoya is a billionaire industrialist with a midas touch. The Aare of Lagos is the owner and founder of the Eleganza Group of Companies and RAO Investment Properties whose tentacles spread across Nigeria and the West African countries. With his experience as an industrial magnate,spanning over six decades, he knows it all and has seen it all. Alhaji Okoya’s journey from humble beginnings to becoming a billionaire is a testament to his unwavering vision, strategic insight, relentlessness and perseverance. As he turns 84, Okoya talks to Bennett Oghifo about the secret of his success and how the government can make the youth productive

Life Lesson at 84 and secret of his 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 all the way by 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.

 Advice, proposal and recommendation for job creation for the youth

I have decided to use this opportunity to propose a recurring vision that has plagued me. My warmest regards and congratulations to President 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, my hope is that the current administration makes industrialisation of Nigeria a cardinal goal and also utilise our youths and empowering manufacturers through the establishment of many cottage industries and factories during their term. Do you know a significant percentage of the country’s GDP is derived from MSMEs and it can be estimated that the majority of these enterprises are youth-owned?

How to make youths productive through industrialisation

Our youths have potential and can be better 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 on how do we 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 (for example, recreational, worship facilities, etc.), 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 5,000sqm 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.

 Leveraging on international connections

In addition to the above, Nigerian government can invite specialists and international machine manufacturers from China, India, among others, to train our graduates in vocational skills and provide crucial technology transfer through the sale of machineries 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 of imports and policing the markets to enforce the ban on importation. With these, I believe we can conserve our precious foreign exchange, increase the Gross Domestic Product (GDP) and strengthen our local markets and producers.

 Effects of improved electricity on youths and existing industries

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 and learning from the case of China. This will provide practical experience that would give our youth 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.

 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 housing and job opportunities. We need to instill a sense of pride and dignity through respectable labour in our youth. 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 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. This vision enacted would enable us have a better Nigeria. To ensure the success of this proposed economic remedy, Nigeria, the economic powerhouse of Africa should 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. 

Assessment of Bola Tinubu’s 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 the Vice President, with the aid of Allah SWT, to consider this and include it in their programme as a blueprint for the rebirth of our great nation.

Why Eleganza is 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, pilgrimage, government parastatals 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, not compromise on standard and quality, have been the guiding principles that have kept the company going in the past four decades.

His humanitarian gesture

Many of my activities revolve around religion and service to humanity through various philanthropy. This cut across various sectors of the society. At various times, I have supported medical establishments and hospital homes by donating lifesaving equipment. With modesty, Eleganza is one of the biggest employers of labour by giving 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 his Alhaji Akanni Okoya Scholarship Awards.

 Advice for the youths

As I said in my previous interviews, it took me 60 years to build the Eleganza conglomerate through dint of hard work. Nigerian youths are hardworking 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.