The Best Inspiration and Advice I Received was from Aliko Dangote
Access to capital is arguably the biggest threat to entrepreneurs around the world. For Obi Ezeude, lack of capital wasn’t a convenient excuse. In fact, he found that capital was actually more abundant and available in today’s world and his successful man
His story in business ventures and ultimately coming this far in manufacturing and founding the Beloxxi Industries is a unique tale that inspires. His narrative exudes hope, firm and unflinching belief in the economic potential of Nigeria. He conceived the idea and worked hard to make it a reality. He left the United States of America after obtaining a degree in Banking and Finance for Nigeria when most of his generation in Nigeria borrowed money to travel abroad. Obi Ezeude started out importing biscuits. He had his reasons.
“My reason to start with biscuit was because I hadn’t much money and needed a business my little capital could afford.”
But in 2003, the government banned importation of biscuits; a development he said looked to him like an opportunity to fast-track an old longing to be a manufacturer. When the Nigerian government banned cracker imports in 2003, Ezeude saw this as a clear sign that the time had come for him to launch his own factory. Firm in his decision, he went ahead to inaugurate its maiden cracker factory in Ikeja, Lagos State, which became operational in 2006 before expanding and establishing his factory house in Agbara.
“It had got to the stage I was shipping in over 1,000 containers of cream crackers yearly. So, I told my team that wasn’t it better we produce these biscuits in Nigeria? I got all sorts of negative pushbacks as to why it could not be done in Nigeria, especially on grounds of insecurity, infrastructure, bad road network, power and every bad thing that afflicts humanity was used in describing Nigeria.”
Knowing that life is in stages, he knew that the phase of importation was over. Going into an uncharted terrain, he took the plunge into manufacturing, even in the face of glaring temptations to cut corners and save his business which could collapse as a result of the ban.
A day he can’t forget in a hurry was March 2003. It marked a paradigm shift in his business life.
“That day the former President Olusegun Obasanjo, my very good friend, banned the importation of biscuits and confectionaries in Nigeria. A lot of people asked me what I was going to do. I replied saying this is the end of one chapter, and another chapter must open. They gave me ideas of smuggling. In fact, the then Malaysian Ambassador summoned me to tell me what I could do to complain and talk to World Trade Organisation (WTO) about how unfair the ban was. When he finished, I said: Your Excellency, every president of any country has the best interest of his country. So I’m not about to write any petition. It is my duty as a Nigerian to find the positive side of this obstacle. There must be a reason and I must find out. So I left him and started planning my move into manufacturing of biscuits.”
Faced with daunting challenges which seemed insurmountable, but with his eyes set on the ultimate goal of manufacturing the first proudly made-in-Nigeria cream crackers biscuits, he reached out to an old contact in the United State where he went to school and so he was able to apply to EXIM Bank of the United States and by November that year, they approved $2.2 billion just for the equipment but the problem was where to put them as the banks wouldn’t bring money. He took up the story.
“I went to Italy to meet the Italians who would supply the equipment so I told them the plants couldn’t bring money. They said I should find a warehouse in Nigeria, rent it for few years, get money, put my machine and make it my permanent site. So we got a reptile-infested one here in Ikeja.”
On a close assessment of the entrepreneur, his tone depicts an industrialist who has learnt how to survive with little or no expectation of support from government. His fate is the fate of many other people who are into manufacturing in Nigeria.
“In Nigeria, we talk about problems, but we don’t proffer solutions. We are more destructive than constructive. When we started Beloxxi biscuits, many people did not believe it was made in Nigeria because the quality was better than the one I was importing and most importantly, I went from employing less than 20 people to 350 young graduates. The value addition on the economy is obvious. We are not just making biscuits, we employ and empower young people and there’s a multiplier effect on the economy,” he says with dignity and pride.
There is no gainsaying that Ezeude sees the opportunity in Nigeria’s huge population which has made it one of the most attractive markets in Africa. With over 190 million people (2015) and growth projections for the population to reach 240 million by 2050 (according to the UN), the demand for manufactured goods in Nigeria is expected to rise exponentially.
Thirteen years down the line, this is what running the Beloxxi, means to him. According to him, Beloxxi cream cracker is the finest cream cracker in sub-Saharan Africa.
“To me, Beloxxi is a way of showing to the world that top notch brands can come from Nigeria. It is also my passion and a way of