Oluyemi Owolabi:
Dr. Oluyemi Owolabi, Exporting Made- in- Nigeria Goods Will Increase Value Of Naira
38, whose Expidale Logistics Company was recently adjudged the leading logistics firm in Lagos State in an Award tagged Lagos State Topnotch Businesses and Professional Award organised by Reecho World Biz spoke on his vision for the company, the need for Nigerians to shift focus from importation to exportation of made- in- Nigeria goods and other issues of national interest.
MBriefly tell us about yourself? Y name is Oluyemi Owolabi. I was born in June 1985 to the family of Mr. Adeleye and late Mrs. Alice Bolanle Owolabi in Ilupeju, Ekiti. I had my primary and secondary education in Ondo and Ekiti states respectively. In 1999, I proceeded to Lagos State Polytechnic and University of Maiduguri Computer Institute respectively. I am the Chief Executive Officer ( CEO) of Expidale Logistics Company.
Your company was adjudged as the leading Logistics Company in Lagos State during the Topnotch Businesses and Professional Award in Lagos. What does the award meant to you? The award means a lot to us. The cargo industry is competitive. To be singled out for an award is really exciting to us. It means we have to work harder to justify this accolade. It shows someone is monitoring what we are doing. We have to re- stragetise and do more.
What do you do at Expidale Logistics?
At the Expidale Logistics, we are into providing logistics for Nigerians who are exporting madein- Nigeria goods and local food items to businesses and individuals in the Diaspora – United Kingdom, United States and Canada.
Why did you choose this line of business of providing logistics for exporting made- inNigeria goods?
I have always been interested in business. I used to follow my late mother, late Mrs. Bolanle Owolabi. Though a teacher, she was an astute businesswoman. I used to give people tips and nuggets on businesses and they worked. I believe in self- sustainability. I feel I should be part of solution to Nigeria's problems. I believe no paid employment can help me achieve my financial goals. My desire is to make significant impact in Nigeria. I believe God did not make a mistake for making me a Nigerian. I have had opportunity to japa; I would have left Nigeria in 2014 when I was in the UK but I don’t want to be a second class citizen in the UK when I can be first class in my own country.
What do you think is the cause of the current economic hardship in Nigeria?
We keep talking about the problems; we never talk about the situation. Now everybody is blaming President Tinubu for the decline in the value of naira. The reason for the decline in the value of naira did not start today. We solely depend on importation of virtually every product in Nigeria even to items like toothpick. We import virtually everything and you want naira to be strong? How? No magic can do that. Now the solution is in exporting made- in- Nigeria goods.
Let’s sew dresses and sell abroad. We have so many designers; we can design dresses we can
wear and export like ankara, adire, aso oke etc. People abroad can pay for our services in dollars and pounds.
How can Nigeria bounce back to economic buoyancy?
The government must create an enabling environment for businesses to thrive. The government must provide infrastructure for growth. The government should put in place the right infrastructural facilities such as regular power supply, good roads and ensure security for the citizens. The government should look beyond oil revenue and invest more in the agro allied industry. Until the government fixes the power issue no business can thrive in the country.
What is your advice to young Nigerian entrepreneurs?
Nigerian youths should not be afraid of failure. Most successful businessmen today are men who had failed in the past. They should let failure become their teacher. Above all, they should have a mentor. Something that can take you 20 years, having a mentor may shorten it to five years. So, get a mentor. Have a good reason for being in business. Let your business add value to society. Be honest. Let your A be A and your B be B.
Many investors are opting out of the Nigerian Stock Exchange. What can the government do to stem the tide?
I give kudos to the President and his economic team. The government should create a system where all government agencies will interface ideas. We need to digitise our system such that we don’t have to meet people physically. This is what we call the single window project that the President just signed into law. It has a subcommittee headed by the Executive Chairman of the Federal Inland Revenue Service ( FIRS), Mr. Zacch Adedeji. This is a system where government agencies interface without having to meet people face to face. If they can do this digitally, if you want to bid for a contract you can come on that platform without seeing anybody. This way, corruption will be reduced to the barest minimum. Investors are scared when corruption is government oriented. If we can reduce corruption to the barest minimum, investors will come.
As a young businessman, how do you relax?
I cherish my personal walk with God. Every morning, I pray before I do anything. I also unwind by jogging round my house. My social life revolves around my club. I am a member of Ikoyi Club 38.