Wealth creation expert Dr. Olumide Emmanuel shares candid views on Nigeria at 65, the economy, the Dangote vs. PENGASSAN issue, and more, in this exclusive conversation with Platforms Africa.
Many people often ask if Nigeria would have been better off remaining under British rule. Some argue that we gained independence too early, pointing to nations that became independent much later but now seem to be doing better.It’s like a wealthy father who dies and leaves teenage children behind—immature, inexperienced, and unprepared to manage their inheritance. Still, there are countries that gained independence around the same time as we did and have made remarkable progress. That brings us to the real issue: leadership.We can make excuses all day, but the truth is clear. In 65 years, we may not be where we should be, but there is still much to be thankful for.We should be grateful for life, for unity, and for the fact that Nigeria still exists despite the storms. Many young people today do not understand the trauma of the civil war, the pain of military coups, or the instability that shaped our history. We’ve faced insurgency, communal clashes, and economic shocks, yet we are still standing.We must also appreciate the democracy we now enjoy. Those of us who lived through the military era understand how restrictive and fearful that period was. Even today, many of our leaders still operate with a military mindset. Younger people, unburdened by that history, are bolder and more vocal.We’ve made progress, though far less than our potential. Gratitude is good, but it must not blind us to the urgent need for change.
Economically, we’ve seen highs, lows, and the lowest of lows. Right now, we are climbing slowly from the bottom.Before oil, Nigeria’s economy was driven by cash crops—cocoa, groundnut, palm oil—industries that created jobs and prosperity. We were a productive economy. But the oil boom brought complacency and short-sightedness. We became dependent on a single source of revenue and abandoned what once made us strong.Now, after decades of decline, reality has forced us back to productivity. The renewed focus on agriculture and diversification is the right path. The push for cash crops, mining, and solid minerals is a positive sign.While challenges remain, we’re beginning to see small improvements: inflation is stabilizing, investor confidence is growing, and states now have better access to funds due to subsidy removal. However, Nigerians must hold their governors accountable for how these resources are used.There’s still pain, but the pace of decline has slowed. The market is responding, and if we stay consistent, results will begin to show.
President Bola Tinubu’s administration came in with tough but necessary reforms. The removal of fuel subsidy, exchange rate unification, and fiscal adjustments were painful but inevitable.These policies are starting to yield results. The stock market is doing well, investor confidence is improving, and states have more liquidity. Inflation and interest rates are gradually declining, and the naira is beginning to stabilize.However, major gaps remain:
We see governors and public officials spending recklessly, yet legally, because the system allows it. Until corruption, insecurity, and waste are addressed, progress will remain limited.
The recent controversy between Dangote Refinery and PENGASSAN is unfortunate. The claim that Dangote could have a monopoly is baseless. Where were the Port Harcourt, Kaduna, and Warri refineries all these years? If they were working, would anyone be talking about monopoly?The truth is simple: we failed, and someone else stepped up. That’s not monopoly; that’s initiative. There are other refineries under construction and several modular refineries being developed.Unions like PENGASSAN and NUPENG should channel their energy into productivity, not protest. In 15 years, automation will disrupt many industries. Will they fight the machines then? The world is moving forward, and we must stop allowing poverty and resentment to shape our national conversations.
For years, I’ve taught that wealth is holistic, not just financial. It’s not about how much money you have; it’s about the assets and values you build that continue to generate income and impact.True wealth includes health, knowledge, experience, character, goodwill, family, and purpose. Wealth is having all you need to live fully, make an impact, and fulfill destiny.To create wealth, you must start with knowledge. Financial intelligence and discipline are key. You must learn to plan, delay gratification, and grow steadily. There are no shortcuts—only principles and practice.
Your financial position is determined by comparing your assets and liabilities, and your income versus expenditure.If your assets exceed your liabilities, you’re progressing.
If your expenditure exceeds your income, you’re in trouble.
The goal is to grow assets while managing expenses and debt wisely.
I would say: Stay the course. Continue the reforms, but make them people-focused and strategic.Block the loopholes of corruption.
Fix infrastructure.
Strengthen security.
And most importantly, unlock other productive sectors—agriculture, sports, entertainment, solid minerals, and technology.Nigeria’s growth will not come from oil anymore. Oil is the past; productivity is the future.
One reason we lack trans-generational businesses is that each generation fails to build on the legacy of the last. The first generation builds, the second maintains, and the third becomes entitled.Strong men create good times.
Good times create weak men.
Weak men bring back hard times.Every generation must remain a generating generation, not just a consuming one.We have a few trans-generational businesses such as Alabukun Powder and some transport companies, but their stories are rarely told. Nigerians must start documenting success stories and celebrating legacy businesses.
It will take time. Economic transformation doesn’t happen overnight, but we must keep hope alive and continue doing what needs to be done.One major reform worth considering is unlocking pension funds. Trillions of naira sit idle while inflation erodes their value. If these funds were strategically invested in productive ventures, the impact would be massive. By the time retirees access that money decades later, its real value will be gone.Nigeria has what it takes to rise again. What we need now is vision, courage, and discipline.
—Dr. Olumide Emmanuel
