10 private conglomerates that need to be formed in Nigeria if we are to end our perpetual import dependency and start producing what we consume as well as start exporting.
[1] The Fulani Cattle Company
This subject needs no further introduction. We need all the wealthy Fulani livestock owners to pool their resources together to form a massive company that will operate ranches, dairy companies, leather tanneries, abattoirs and animal feed compounders. It should turn Nigeria into a major exporter of milk, beef, animal; feed compounds and leather goods like bags, shoes, belts, wallets, etc
[2] Man of God PLC
Nobody in Nigeria has deep pockets like our evangelical clergymen today. I want to see them merge all their financial arms into one massive conglomerate with the likes of Oyedepo, Adeboye, Joshua, Ashimolowo, Okotie, Oyakhilome, Oritsejafor, Suleiman, etc on its board of directors. This company should become an engineering giant operating steel mills, power plants, equipment manufacturing factories, shipyards, machine tool plants, etc
[3] Arewa Textile and Clothing Company
We have livestock to produce leather and we have cotton to produce clothes, yet we do not have one Nigerian brand that manufactures our wide array of African clothing like the agbada, isi agwu, danshiki, kaftan, fancy shoes, etc. This company should be floated on at least three global stock exchanges and should be competing with the likes of Gucci, Luis Vuitton, Georgio Armani, Balenciaga, Dior Homme, Givenchi, etc
[4] Air Peace Nigeria
Given how much of a mess we have made of both public and private airlines in Nigeria, the one ray of hope in this sector is Allen Onyema. I want to see his company merge with one international player like maybe Ethiopian Airlines and them attract say a 20% holding from an international operator like KLM, Virgin or BA. Turn it into a genuine global airline that can compete with the likes of Air France, Lufthansa, Emirates, etc
[5] Dangote Industries
For me, Aliko Dangote is the one shining light in a country where our so-called industrialists are shamelessly content with importing goods and distributing them. This is a man who went on the international money markets to borrow $12m to help fund his $20m refinery in Lekki. I would like to see him step up his presence in the global cement and sugar markets but also branch out into other areas like timber & furniture, food processing, property development, etc
[6] Innoson Motors
Any year one economics student will tell you that it is impossible to provide enough cars for 200m people relying on imports. Never has happened and never will happen. Nigeria needs an indigenous car manufacturing capacity. We have to build Innoson up to at least the level of say Fiat, Lada, Citroen, Mazda, Peugeot, etc. There are currently 12m cars in Nigeria. If demand doubles over the next five tears, where do we expect to get the automobiles from?
[7] NNPC
This is the epitome of corruption in Nigeria. To make matters worse, it has got to be the most inefficient and incompetent company on the world. None of the refineries it is responsible for are operational and it is costing Nigerian money by the day. This company needs to be privatized, floated on the Lagos, London, New York, Frankfurt, and Tokyo exchanges, and delve into high-end manufacturing producing goods like aviation parts, railway carriages, machine tools, locomotive engines, etc
[8] Oranmiyan Confectionery Company
Nigeria, Ghana, Ivory Coast, and Cameroon account for about 80% of global cocoa production but less than 10% of the global $140bn chocolate industry. It is time to have our own Mars, Nestle, Cadbury, etc that will serve as a vertically integrated company, liaising with producers of cocoa, milk, sugar, coconuts, groundnuts, cashews, coconuts, etc and modifying the process from farm to shop floor. We produce everything that goes into chocolate products but yet have no chocolate brand
[9] Blessed Fruit Company
Nigeria can easily step up her production of fruit like pineapples, papaya, bananas, oranges, mangoes, guava, etc, and become the world’s largest producer. However, to realize maximum gains from this, we need to start processing and canning our produce locally and exporting finished products. I would like to see our pastorprueners run this company because it is highly ethical. Nothing stops this company from branching out into other areas of food processing like say manufacturing plantain chips, processing yam and cassava and moving into edible oil production, etc
[10] Ohaneze Retail Company
Now, all my Igbo friends have got to come here and give an account of themselves, especially those from Nnewi, Abriba/Ohafia, and Orlu. You guys retail goods in every nook and cranny of the world but alas, you do not have one retail brand? Na which kind of self-destruction be this abeg? Shame on you for not having a retail giant that can compete with the likes of Sainsbury’s, Tesco, Asda, Walmart, Cosco, Ikea, etc.
Let us set ourselves a target of creating these 10 companies, each with a market capitalization of at least $50bn by says 2030. I want to see each of these companies floated on the Lagos, London, Tokyo, Frankfurt, and New York stock exchanges and run like genuine multinationals.
