Eizu Uwaoma is a seasoned strategist and management consultant, driving business transformation through Hexavia, his consulting firm. With a strong academic foundation, including a degree in mathematics, three Master’s degrees, and a PhD in view, he brings a unique analytical approach to his work. A certified member of PMI-USA, NIM, and ISMN, Eizu’s expertise spans corporate restructuring, design thinking, startup consulting, and project management. In this interview with KENNETH ATHEKAME, he spoke on the importance of industrialisation for economic development and the key barriers to industrial growth in Nigeria, and how can they be overcome. Excerpts:
Nigeria faces numerous macroeconomics challenges, including inflation, currency devaluation, and fluctuating oil prices. From your own perspective, what are the top three strategic priorities the government should focus on to stabilise and diversify the economy?
The government should take three key steps to manage these challenges effectively.
First, ensuring a steady supply of oil in line with our production quota is crucial. For example, if the budget is based on a target of 2 million barrels per day, every effort should be made to maintain that output. This requires optimising production processes, tackling oil theft, and addressing security concerns in oil-producing regions. Second, building investor confidence, particularly for Foreign Direct Investment (FDI), is essential. Investors need assurance that their funds are protected, and this starts with a strong legal framework. A well-functioning and trustworthy judiciary ensures that foreign investors are not vulnerable to legal uncertainties or manipulations, which can deter investment. Third, regulatory bodies must adopt a fair and pro-business approach. Clear, consistent policies and regulations encourage long-term investments and demonstrate that Nigeria is a stable environment for business. By focusing on these three areas—oil production stability, investor trust, and regulatory fairness—the government can create a more resilient economy and attract sustainable investments. How do you assess the impact of current fiscal and monetary policies on Nigeria Businesses, particularly SMEs and startups? I would rate the current fiscal and monetary policies as fair—not because they are where they need to be, but in comparison to the previous administration, which left both in disarray.
On fiscal policy, which primarily involves government spending and taxation, I believe the ongoing tax reforms show promise, though full implementation is yet to be seen. Until then, the overall impact remains uncertain. However, government spending remains a major concern. There are clear signs of wasteful expenditures, from inflated budgets to unnecessary excesses, such as large convoys and inefficient government protocols. These symbolic but costly inefficiencies reflect deeper structural issues in fiscal management. On monetary policy, I think CBN Governor Yemi Cardoso is making commendable efforts. We’ve seen relative stability in the naira-dollar exchange rate, which is a positive sign. However, boosting exports to improve the balance of trade is critical for long-term currency stability.
Overall, while the current policies are not perfect, they represent an improvement from the past administration. With stronger fiscal discipline and a focus on trade-driven monetary stability, we could see even better outcomes.
Nigeria has long aimed to diversify its economy away from oil; what sectors do you believe hold the most promise for sustainable growth, and what specific strategies should be implemented to unlock their potential?
In my opinion, the most promising sectors for Nigeria’s economic growth are service businesses, particularly in fintech, as well as manufacturing. With the rising trade tensions globally, especially between the U.S. and China, there’s an opportunity for countries like Nigeria, with lower labor costs, to become more competitive in global production. By investing heavily in infrastructure, Nigeria could become a key hub for manufacturing, driving job creation and diversifying the economy.
While entertainment is often highlighted, I wouldn’t focus on it as a primary economic pillar. The sector is promising, but the share of profits reaching content creators is minimal, and the cultural and economic returns don’t yet match its potential as a cornerstone industry. Entertainment should be a supplementary sector, not the main focus, as it is in many other serious economies. That being said, contract manufacturing for developed countries is an opportunity where Nigeria could capitalise on its low labor costs. Additionally, fintech in Nigeria is already a leader in Africa, and it’s crucial that we maintain and grow this advantage.
Agriculture is another sector that holds potential. To support these industries, the government needs to focus on several strategies. First, a national orientation campaign should show that Nigeria is open for business in these sectors, promoting opportunities for cheaper labor and lower production costs. Second, industrial parks outside the national grid could help reduce production costs and provide a more conducive environment for manufacturing. There’s also a need for more investment in production processes to improve efficiency. Nigerians are already resourceful, but technology and process improvements could enable us to do more with less.
Finally, creating an enabling environment with strong security, streamlined routes to market, and port reforms are critical. Simplifying bottlenecks around logistics, like port operations, would greatly enhance the ability to export products and improve the overall business climate.
These steps—investing in infrastructure, supporting emerging sectors, and creating a favorable environment—will diversify and strengthen Nigeria’s economy moving forward.
Industrialisation is crucial for economic development. what are the key barriers to industrial growth in Nigeria, and how can they be overcome?
Industrialisation in Nigeria faces several key challenges. One major issue is the government’s conflicting approach—promoting industrialisation while maintaining an import-dependent economy. Fiscal policies should clearly define essential imports while providing strong incentives for local production.
Infrastructure remains a critical barrier. Businesses struggle with high power costs, sometimes spending 20-30% of production expenses on electricity. Without stable power, good roads, and better security, industrial hubs cannot thrive. Additionally, government bureaucracy and regulatory delays frustrate manufacturers and drive-up costs.
The skills gap is another issue. Nigeria needs upskilling programs and strategic partnerships with international brands through a build-operate-transfer model to improve manufacturing standards.
Government support is also lacking. Despite calls for local production, government agencies still favor imported goods, including official vehicles. If the government truly supports industrialization, it must lead by example by prioritizing locally made products, even if they aren’t yet perfect. Continuous use and feedback will help improve quality over time.
For Nigeria to industrialize successfully, there must be a holistic strategy—strong fiscal policies, infrastructure investment, workforce training, and proactive government support.
Attracting FDI is essential for economic growth. What measures do you think Nigeria should take to improve its investment climate and attract more foreign investors?
FDI is a game-changer, but Nigeria has some work to do before investors start pouring in. Fix the Narrative – Let’s be real, the way Nigeria is portrayed globally doesn’t exactly scream “investment haven.” The country needs to actively rebrand itself, control its narrative, and show the world the opportunities here—not just the problems.
Investor Confidence is Everything – Nobody wants to put money where they don’t feel secure. Investors need to see that Nigeria is serious about business, and that starts with better governance, less corruption, and policies that actually protect investments. Right now, it often feels like “the best of us are governed by the worst of us.” That has to change. Make It Easy to Invest – If foreign businesses are going to bring their money here, the government needs to cut the red tape, offer solid incentives, and create policies that make sense. No one wants to struggle just to do business. Fix the Basics – Power. Security. Infrastructure. These aren’t extras; they’re the foundation of any thriving economy. If Nigeria can’t guarantee stable electricity or a safe environment, even the best policies won’t matter.
Bottom line? Investors want stability, fairness, and a clear reason to trust Nigeria with their money. If we get these things right, FDI will follow.
What are the most attractive investment opportunities in Nigeria currently, and how local entrepreneurs and investors capitalise on them?
The best investment opportunities in Nigeria right now span multiple industries. Entertainment and content creation remain strong due to the high consumption of digital content. Nigerians spend a lot of time streaming music and videos, making this a lucrative space for creators, production houses, and tech platforms.
Logistics is another major area. Nigeria has significant inefficiencies in supply chains, from port congestion to last-mile delivery challenges. Any business that can improve logistics—especially in urban areas—will thrive.
Food is a critical sector. If you analyse spending patterns, you’ll notice that a huge portion of Nigerians’ expenses goes to food. Companies like Dangote and BUA dominate essentials like sugar, salt, and flour, proving how much money flows into this industry. Whether it’s agriculture, processing, farm-to-table services, or food delivery, there’s massive potential here. Real estate and construction are booming. If the government improves land ownership security, confidence in real estate investments will grow. Beyond buying and selling land, there’s also money to be made in construction materials and infrastructure development.
Financial services and fintech are expanding rapidly. With the right credit rating systems and improved financial trust, lending and digital banking will see even more growth. Startups in this space are already reshaping how Nigerians interact with money.
Human capital development is another high-potential sector. As businesses grow, the demand for specialized skills, professional training, and workforce development increases. Consulting, training, and education services will continue to be in demand.
Overall, the best investments are in sectors that solve real problems Nigerians face daily.
As a mentor at the Tony Elumelu Foundation, you’ve seen many Nigerian Startups. What are the most significant challenges they face, and how can they be addressed?
One of the biggest challenges I see as a mentor and financial advisor is the lack of mentorship. Many people struggle to aspire for more simply because they don’t have role models within their reach. Seeing someone in your industry who is already 10 steps ahead can be incredibly inspiring. I believe anyone climbing the ladder of success needs two key people: one at the top who pulls them up and one at the bottom who stabilizes the ladder, ensuring they don’t fall. Without these, scaling becomes difficult.
Another major challenge is access to smart, affordable funding. It’s not just about giving people money but also providing them with support, guidance, and access to opportunities. Many Nigerian entrepreneurs don’t need much to succeed—just a bit of funding, a little push, and the right connections can make all the difference.
How can Nigeria create a more enabling environment for startups and SMEs, particularly in terms of access to funding, infrastructure, and regulatory support?
The Nigerian government needs to prioritise active listening and engagement with citizens through more town hall meetings and feedback-driven policies. It’s not enough to just hear concerns—they must act on them. A stronger collaboration between the public and private sectors is also crucial. When the right people are in the right rooms, real progress happens. Creating an environment that fosters open dialogue and strategic partnerships will drive meaningful infrastructural and regulatory improvements.
The tech sector is booming in Nigeria. How can the country leverage technology and innovation to drive economic growth and create jobs?
The tech sector is expanding rapidly, thanks to its large, youthful population and a strong intellectual edge over many African countries. This growth is driven by increasing social awareness and digital adoption.
However, for the industry to reach its full potential, more tech hubs and informal institutions must be established to nurture talent and innovation. While pioneers like Angela and Koh have made significant contributions, the government needs to step up by financing and supporting tech ecosystems.
Beyond just producing skilled technicians, Nigeria should focus on developing tech entrepreneurs and managers. International partnerships that export Nigerian tech talent can also drive revenue and global recognition for the country.
SMEs are the backbone of many economies. What specific strategies can be implemented to support the growth and sustainability of Nigeria SMEs?
SMEs are the backbone of most economies, and in Nigeria, they need stronger government support. First, the ministry overseeing SME development should be prioritised and upscaled. Second, there must be training programs to help small businesses transition from self-employment to fully structured enterprises. Many SMEs operate as sole proprietorships with minimal staff, not because they want to, but due to a lack of resources. The government should partner with consulting firms to provide affordable guidance on building systems, scaling operations, and strengthening supply chains. Most SMEs can’t afford premium consulting services, so there should be industry-specific support, similar to what firms like KPMG, Deloitte, and PwC offer larger corporations.
Finally, tax cuts and a reduction in regulatory harassment are essential. SMEs struggle with multiple tax burdens from different agencies, which stifles their growth. Easing these pressures would allow small businesses to thrive and contribute more to the economy.
How can SMEs be better integrated into the formal economy, and what are the benefits of doing so?
It’s important for the government to focus on formalizing the economy, which can benefit both small businesses and the nation as a whole. By bringing more businesses into the tax system, Nigeria can improve its revenue and ensure fair taxation.
One of the things the government is already working on is getting businesses to register properly, with unique identifiers like BVNs and TINs. This is a good start. Additionally, businesses should be required to belong to specific industry bodies. For example, those in the food sector must be part of an organization that manages the food industry, and clothing businesses should belong to a relevant clothing association.
These steps would help disseminate information more effectively, enforce industry controls, and assist businesses in scaling and growing the right way.
Given your experience in corporate restructuring in corporate restructuring, what are the common challenges Nigeria companies face in terms of efficiency and competitiveness and how can they be addressed. As an expert in corporate structuring, I see several key issues that SMEs face. First, there’s the founders’ culture. Most founders struggle to make good CEOs because they dream big but don’t focus on managing the business effectively. Founders are often the root of the problem but don’t realize it.
Second, many SMEs lack proper measurement and credibility. A lot of business owners don’t know how to measure their growth. Many CEOs don’t even understand basic financials like balance sheets or profit and loss statements. They might be making money but not turning a profit, and their cash flow might be large, yet they’re still in debt because they don’t grasp key concepts like profit margins. Without this knowledge, they struggle to improve margins and end up running in place without progress. Another issue is the lack of structure. Many SMEs lack accountability, a board of directors, proper departments, and even essential positions like general managers. They also often don’t have clear KPIs (Key Performance Indicators) or job descriptions for their staff, which leads to confusion and inefficiency. Lastly, mentorship is a significant gap. Many companies don’t have mentors who can guide them through proven, structured methods. Instead, they rely on vague phrases like “by God’s grace,” without breaking down that success into actionable, replicable strategies that can be applied to other businesses. This makes it hard for companies to scale and improve.
How can Nigeria Businesses adapt to the rapidly changing global economic landscape?
To navigate the constantly changing global environment, I believe it’s essential to solve local problems before thinking globally. With a population of 200 million people, Nigeria’s priority should be addressing domestic issues first.
Globally, the focus should be on trends such as AI, biotechnology, nanotechnology, the Internet of Things, sustainable energy, green energy, decarbonization, and even space travel. However, these should not be our immediate concerns. The pressing issues that need solving right now are hunger, food security, clothing, data management, financial services, traffic, and logistics. Efficiency is the key factor when analyzing successful businesses, whether local or global. Those who excel are often faster, more exciting, and cheaper. When a business is faster, more exciting, or cheaper than the competition, it has the advantage, regardless of its scope. If we focus on creating solutions that are efficient, we can address both local and global challenges effectively. It’s like the saying: “When a cloud goes to the palace, it doesn’t become a king, but the palace becomes a circus.” This highlights how focusing on the right priorities and efficiency impacts everything else.
Infrastructure development is crucial for economic growth. How can effective project management practices be implemented to ensure the timely and efficient delivery of infrastructure projects in Nigeria?
In discussing the role of project management for future development in Nigeria, the key issue lies in poor-quality project management. The first step is defining clear standards at every level of infrastructural development, both in materials and labor. This includes setting quality thresholds and uniform metrics that are enforceable by regulators. Penalties for failing to meet these standards could help reduce infrastructure collapses and inefficiencies in development.
Another major issue is integration. Often, projects are worked on by different parties without cohesion, which leads to inefficiencies. The government needs to focus on managing time effectively and projecting realistic timelines. It’s common for projects expected to take a few months to stretch into several months, causing delays and extra costs. The concept of “goal plating,” where projects are more about show than substance, needs to be eliminated. We need to focus on tangible outcomes rather than the hype surrounding development.
Quality management, time management, and integration management are crucial components of successful project execution. Additionally, over-inflating costs through padding is a significant problem that makes projects more expensive than they need to be. This, in many cases, boils down to corruption, which hinders development.
Finally, there’s a need for proper training in project management. For anyone pursuing a career in project management, obtaining a PMP certification should be a standard, similar to how other sectors have strong certification programs. Developing a local certification system in Nigeria would further elevate the quality of project management in the country.
