Lawson Omokhodion Hails Tinubu’s Reforms, Proffers Measures to Stimulate Economic Growth

*Calls for commodity boards, value-added production to shield Nigeria from Trump’s tariffs

Sunday Ehigiator

Former Chairman and Chief Executive Officer (CEO) of Ritsoil Petroleum and Gas Ltd, Chief Lawson Omokhodion, has commended President Bola Ahmed Tinubu for embarking on bold economic reforms. But he was quick to warn that the sharp devaluation of the naira has become the greatest obstacle to restoring stability and lifting Nigerians out of poverty.

He also called for the revival of commodity boards such as the cocoa board, palm produce board, and rubber board, this time with private sector participation.

In an exclusive interview with THISDAY, Omokhodion, an ex-Pro-Chancellor of Ambrose Alli University, said Buhari left Nigeria “adrift” while Tinubu has shown decisive leadership in steering reforms.

“Well, for me, during the eight years of Buhari, we didn’t have a president,” he said pointedly. “You know, we had a man who didn’t fully understand his left or his right.

“He was like an emperor. He wanted to sit with the people who worked for him. But right now, we have a president. We have a president who thinks, who understands, and who dares to make tough decisions.”

Omokhodion praised the Tinubu administration for removing fuel subsidies, introducing tax reforms, and unifying the exchange rate.  

However, he stressed that the way the government allowed the naira to collapse against the dollar was a serious error.

“Out of the three reform measures he has undertaken, the removal of subsidies, the deep devaluation of the currency, and the tax reforms, they are fantastic. The only mistake I believe the government has made is the deep devaluation. That devaluation was too deep, and it is that single policy that is affecting every cost structure in the economy,” he explained.

Giving examples, he noted how the currency crash has inflated costs astronomically. “That is why a car that cost N50 million five years ago will cost you N250 million today.

“It’s that devaluation. If the government had allowed a guided system, a gradual movement of the naira from N460 to N500, from N500 to N525, the market itself would have adjusted naturally.

“But what we saw was a free fall. No country allows a free form of devaluation. Today, with the naira at over N1,000 to the dollar, the economy is bleeding. There is no purchasing power, and that is why people cannot eat,” he said.

The former petroleum executive also addressed the recent standoff between Dangote Refinery and Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), praising both sides for averting what could have been a crippling fuel supply crisis.

“At least both sides climbed down. Dangote made a $20 billion investment, with loans, staff, and customers to serve. He cannot afford disruption. That is why he went ahead to import over 4,000 CNG trucks with drivers to deliver fuel directly. When the union saw this, they realised they could lose the battle.

“Thankfully, the government stepped in, and now workers can unionise if they want. The important thing is that the fuel supply was not disrupted. For the first time, we feared a crisis but saw no queues. That is progress,” he said.

Painting a grim picture of hardship, Omokhodion stressed that the steep depreciation of the currency has eroded wages and made basic foods unaffordable. “Employers are still paying N100,000 or N150,000 to young graduates. Tell me, what will that buy? Is it transportation? Is it rent? Is it feeding? Is it clothing?

“You cannot do anything with that. That is why there is so much misery. Go to the markets; plantain, you can’t buy it; yams, you can’t buy it; okra, tomatoes, even basic food has become a luxury item. Everything has become expensive, and it is this devaluation that has driven that hardship,” he lamented.

Despite this, Omokhodion acknowledged that the government has begun gradual corrections. “I can see an effort to strengthen the currency, but it is very, very slow. They have moved it from N1,700 to N1,500, and maybe in a few months, we might see N1,400.

“But until we get back to a level where the exchange rate allows people to plan, there will be no relief. Businesses may be happy because of certainty, but ordinary Nigerians are being crushed,” he said.

The businessman also warned of political risks, noting that the exchange rate crisis could be used as a weapon against Tinubu in the next election cycle.

“It is a major vulnerability for him. People will use it to attack his policies. Don’t forget, in 2015, we had the largest economy in Africa, with a GDP of about $510 billion and per capita income of $2,500.

“Today, after rebasing, GDP has dropped to about $244 billion, and per capita income is now just $850. That is a sharp fall, and the main reason is the devaluation,” he argued.

On the international front, Omokhodion urged Nigeria to prepare for more tariff-driven policies from President Donald Trump’s government. “If Donald Trump comes up with more tariff policies, it will hurt raw material exporters.

“So should we stop exporting raw cocoa, raw rubber, and raw palm produce? Yes. If it is cocoa, chocolate must come out of this country. If it is rubber, we must manufacture tires. If it is cotton, textiles must be produced here. 

“That way, no foreign tariff can cripple us again because we are exporting finished goods that are competitive,” he said.

On the revival of commodity boards, Omokhodion stressed, “We had all these boards before, but they were run solely by the government.

“We must bring back these boards, but with the private sector, farmers, and government working together. Let us use them to drive research, marketing, and local processing. That is how to create jobs, add value, and build a resilient economy.”

Turning to Nigeria’s agriculture and livestock sector, he expressed disappointment at missed opportunities. “Look, the cattle industry in Nigeria is worth over $15 billion annually. Yet, for eight years under Buhari, they could not even build an experimental ranch.

“Now we have a Ministry of Livestock, but what are they doing? The minister should be giving us reports on ranching models that can stop this endless trekking of cattle from Sokoto to Port Harcourt. Government must partner with serious private investors like Dangote, BUA, and others to modernise livestock; If Brazil can build a cattle economy that is world-class, why not Nigeria?”

Omokhodion concluded by stressing patriotism and a return to self-reliance. “I grew up in an era where there was a sense of love for Nigeria. People studied abroad and rushed home because life was waiting for them here. Today, it is the reverse. But we can change that if we harness our resources, process them locally, and give young people opportunities. Nigeria has everything it needs to be great. We just need the political will to do the right things,” he declared.