The Chief Executive Officer, Gembu Mining Development Company yesterday expressed concern that “in a population of over two hundred million, Nigeria has only Aliko Dangote as its global brand,” a situation he described as “unencouraging,” stating that stakeholders must rise up to the task of facilitating the development of theNigerian private sector in a way that they will grow to become global brands.
Every country has a big brand, and I ask, “has Nigeria been able to raise a big brand in the private sector?” If the answer is “no,” then let’s ask “why,” he said.
“Nigeria needs to take a cursory look at how big brands like Glencore, Rio Tinto, BHP, Caterpillar, Samsung, General Electric, Hyundai, Toyota and Honda evolved,” he said, adding that the policy support of the respective home governments of the big brands was indispensable.
Discussing the criteria that must be fulfilled before local mining brands can become big global companies, the former member of the Diplomatic Corp said, “If indigenous operators will develop a product that will be globally recognized, the private sector must be allowed to lead the way, while government regulates the industry,” stating that government should not be involved in running mining business.
When asked to evaluate the performance of the Arc Olamilekan Adegbite administration in the area of best practices, the CEO said, “It is obvious that the Honorable Ministers – Arc Olamilekan Adegbite and Dr Uchechukwu Sampson Ogah have the zeal to serve and they are determined to do great, but we need to understand that Nigeria started long ago with privatization.”
He explained that policy summersaults will not lead to the realization of set goals, noting that any law that does not augur well for private sector development should be repealed.
He said: “The Ministries, Departments and Agencies are not cut out to do business, they should only create enabling environment for the private sector to thrive,” adding that government should be primarily concerned with law-making and enforcement of best practices, not engaging in mining business or purchase of any solid mineral commodity.
He explained that “there will be clash of interest when government agencies or departments get into buying of gold, training and all that.”
“Somehow, they will begin to see those in the private sector as competitors instead of collaborators, and this will not augur well for the good intention of government,” he said.
“So, my advice to government is that they should not be involved in buying and selling, if they do, it is a contradiction of the policy of a private sector driven economic system that they are trying to build.”
“All over the world, governments prefer that their economies be driven by the private sector, and I have no doubt that it is the best for Nigeria,” he added.
