Born on January 12, 1940, Chief Rasaki Okoya is a billionaire industrialist with a Midas touch. The Aare of Lagos is the owner and founder of Eleganza group of companies and RAO Investment Properties whose tentacles have spread across Nigeria and the West African countries. With his experience as an industrial magnate spanning over 6 decades, he knows it all and he has seen it all. Chief Okoya’s journey from humble beginnings to becoming a billionaire is a testament to his unwavering vision, strategic insight, relentless and perseverance. As he turns 84, Okoya talks about the secret of his success, and how government can make the youth productive using industrialization.
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.
His 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 our President His Excellency Asiwaju Bola Ahmed Tinubu and the Vice President His Excellency 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 the industrialization of Nigeria a cardinal goal: utilizing our youths and empowering increased incorporation of manufacturing through the establishment of many cottage industries and factories during their term. Did you know, a significant percentage of the country’s GDP is derived from MSMEs and it can be approximated that majority of these enterprises are youth-owned?
Making the Youth Productive Via Industrialization
Our youth have potential and can be stronger with greater empowerment. If you open the eyes of a blind man, he will never want to go back to the darkness. I think to myself regularly on how do we utilize our dominant working population. The picture in my mind places all 36 states and the federal capital territory as industrial hubs, varying in specialty where the average Nigerian citizen should be able to live, work, shop, have access to healthcare and other conveniences (e.g., recreational, worship facilities etc.); all without leaving their state of origin, within their industrial hubs. Bringing this into realisation could be initiated through investment in incubation centers, in each state (dispersed based on the requirements and geographical advantages of the state). Preparing one-unit warehouses of approximately 5,000 sq m 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 (e.g. China/India etc.)to train our graduates in vocational skills and provide crucial technology transfer through the sale of machinery, 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 GDP, and strengthen our local markets/producers.
Making electricity available will turn the economy around, the 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 majority of the country’s crippling problems. Requiring each unit to adhere to contemporary demands of sustainability, preservation of natural capital and utilization of renewable energy will ensure longevity and create backups to the national grid power supply. Incorporating training to pre-empt and prevent environmental degradation, 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.
His thoughts on wealth creation and urban migration
Ultimately, promoting urbanization 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 a house and job opportunities. We need to instil a sense of pride and dignity through respectable labor 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/or enjoy grants to support them. This will unleash and enable patient capital required to catalyze economic growth, jobs and entrepreneurship for our youths. Better to light the candle than curse the darkness. Give light and the darkness will disappear of itself. This vision enacted would enable us to manufacture a better Nigeria. To ensure the success of this proposed economic remedy, Nigeria, the economic powerhouse of Africa should entirely and unitedly embrace a propensity of population utilization, to supercharge the entire African continent. I believe more technical details and possibilities have to be discussed on the above ideas.
His praise to the current 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 Vice President, with the aid of Allah SWT, to consider this and include it in their good program 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 established. It is place where you find various products under one roof. Under the new industry, the company produces luggage/bag that can be branded for companies, pilgrimage, government parastatals and family trip. 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 design. 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
On his humanitarian gesture:Many of my activities revolve around religion and service to humanity through various philanthropy. This cut across the 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.
His advice for the youths:
As said in my previous interviews, it took me 60 years to build the Eleganza conglomerate through dint of hard work. Nigerian youths are hard working and resilience If they can embrace hard work more and more, they will be successful because they have what it takes with enabling environment.
