With Nigeria’s economy in dire straits, what prospects for the private sector as Dele Oye takes over as President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA)? asks Osa Victor Obayagbona.
With industrial capacity utilization hovering around 50 percent, exchange rate fluctuating like a see-saw and inflation galloping over 17 percent, Nigeria’s economy is heading for the brinks.
Pundits have prescribed varied interventions to mitigate a total collapse of the economy, but they don’t seem to have done much good. Nigeria is now clearly in need of economic messiahs to steady this sinking ship. Then enters Dele Oye.
He appears on the scene as a child of circumstance, ascending the exalted seat of the NACCIMA President at such a time as this. The task before him is onerous as it is daunting. For a few years to come, he shall bear on his shoulders the weighty responsibility of leading a significant segment of the nation’s private sector. How he fares will certainly have significant consequences on the country. Many are however confident that Dele Oye has the ability to perform.
If what Dele Oye did with the Abuja Chamber of Commerce and Industry (ACCI) between 2008 and 2011 is anything to go by, then NACCIMA would have a good story to tell in a few months, an investment consultant, Mr. Igbinidu Inneh says.
On assumption of office as president in 2008, Oye declared that his goal was to continually move the Federal Capital Territory from just a city dominated by public sector activities to one in which the private sector is vibrant, and shortly after, results followed this declaration. Within a few years, the Abuja Chamber of Commerce and Industry acquired a large expanse of land along Airport Road in Abuja.
Oye embarked on an 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 Abuja Chamber of Commerce and Industry Permanent Building and Conference Centre was completed. Although it’s been over a decade since Oye moved on from being the president of the chamber, his name is still sitting firmly on the Dele Oye Hall in the ACCI premises as a testament to Oye’s remarkable accomplishments when he led the ACCI.
Since then, the chamber and the Abuja business community have consistently recorded remarkable growth and development with numerous businesses and investments sprouting up across the Federal Capital Territory, including the Nigerian Bottling Company massive plant, among others.
Oye, an experienced lawyer and astute entrepreneur with over 33 years of practice in litigation, 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 attributes they believe Dele Oye will effectively deploy in charting a new course for the next phase of growth for NACCIMA and transforming the fortunes of the country’s private sector and business community at large.
An exporter and a senior policy analyst at Edo Exporters Cluster, Engineer Aneru Izuagbe, posits that 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. These expertise are more than needed at this time when the Nigerian business community is in dire need of a messiah with the strategic thinking and drive to tackle the many challenges bedevilling the subsector and spur business development for sustainable economic growth,” Izuagbe states.
Dele Oye serves as director in several companies and firms including Clement Clariben Nigeria Limited, a company into general contracts with over 10 years of experience. Oye successfully harmonizes his far-reaching responsibilities as a Legal Practitioner with other institutional and executive responsibilities at various organizations 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 NACCIMA, 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 say 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.
“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,” according to Inneh.
Another issue the business community faces in Nigeria is inadequate infrastructure, including poor roads, unreliable electricity supply, and limited access to finance, which pose as factors hindering business growth and development. Pundits are however optimistic that Oye, as the head of NACCIMA, could use his influence to advocate for policies and reforms that address these issues.
According to some of the analysts, “amendments to the constitution for states to generate and distribute power and also run rail networks, provides 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 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 are 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.
