Olusegun Olutoyin Aganga
Olusegun Olutoyin Aganga | |
|---|---|
| Born | 1955 |
| Nationality | Nigerian |
| Occupation(s) | Former Minister of Industry, Trade and Investment; Former Minister of Finance; Chartered Accountant; Business executive |
| Years active | 1977–present |
| Known for | Creation of Nigeria's Sovereign Wealth Fund; Chairmanship of World Bank and IMF Boards (2010); Chairing 8th WTO Ministerial Conference (2011); Advancing Nigeria's economic reforms |
| Notable work | Spearheading Nigeria's Economic Vision 20:2020 framework; Structuring Nigeria’s first standard gauge railway; Founding Nigerian Leadership Initiative |
Olusegun Olutoyin Aganga (born 1955) is a Nigerian former Minister who served as Minister of Industry, Trade, and Investment from 2011 to 2015 and as Minister of Finance between 2010 and 2011. His initial nomination was made by President Olusegun Obasanjo, with his appointment finalized under President Goodluck Jonathan.
Achievements
Aganga is recognized for spearheading significant reforms that advanced Nigeria’s economic landscape. Among his notable accomplishments are the creation of the Sovereign Wealth Fund and the issuance of the country’s inaugural Euro Bond. In 2010, he held the chairmanship positions at both the World Bank and the International Monetary Fund. Additionally, in 2011, he became the first African to chair the 8th Ministerial Conference of the World Trade Organization (MC8), where he played a pivotal role in setting the stage for the WTO’s first multilateral trade agreement in over ten years. His stewardship contributed to positioning Nigeria as a leading investment hub in Africa and launching an ambitious agenda focused on industrial growth.
He was instrumental in structuring and financing Nigeria’s initial standard gauge railway connecting Abuja and Kaduna, and currently chairs Marina Express, recognized as Lagos’s first private sector rail development company. Aganga also holds positions on various boards, including serving on the Advisory Board of the Queens Commonwealth Trust in the United Kingdom.
Significant business accomplishments include: 1. Elevating the Federal Ministry of Trade & Investment to become Nigeria’s foremost economic ministry. 2. Implementing the Asset Management Corporation of Nigeria (AMCON) to restore stability to the banking sector following the global financial crisis. 3. Leading ministerial negotiations at WTO MC8 that facilitated the 2013 Bali trade agreement. 4. Introducing policies aimed at diversifying Nigeria's economy and lowering import reliance across sectors such as automotive, sugar, textiles, garments, rice cultivation, and cement production—achieving increased self-sufficiency and export expansion. 5. Promoting manufacturing as Nigeria’s second fastest-growing sector. 6. Attracting strategic investments in industries including sugarcane farming, petrochemicals, refineries, fertilizer production, and cement manufacturing. 7. Expanding Micro, Small & Medium Enterprises (MSMEs) from 17.2 million in 2010 to 32.4 million by 2014, with employment figures rising from 37 million to 60 million. 8. Launching Nigeria’s inaugural national quality infrastructure program in partnership with UNIDO. 9. Cutting business registration fees by up to half for SMEs while introducing a streamlined 24-hour registration service supported by an online platform. 10. Establishing visa-on-arrival provisions specifically for investors. 11. Propelling Nigeria to rank highest on the World Street Journal Frontiers Market index during his term. 12. Acting as a driving force behind Nigeria’s Economic Vision 20:2020 framework.
Education and background
Aganga obtained a Bachelor of Science degree in Biological Sciences from the University of Ibadan, Nigeria, in 1977 and later earned a Theology degree from the University of Oxford in 2000. He became a Chartered Accountant in 1983.
Professional career
With more than forty years of leadership experience spanning public and private sectors, Aganga has held influential positions including Managing Director at Goldman Sachs London, focusing on prime brokerage and hedge funds. Prior to this, he was a Senior Director at Ernst & Young in London. Notably, he chaired both the World Bank and IMF Boards in 2010 and subsequently led the WTO ministerial conference in 2011—the first African to hold these prestigious roles.
Within Nigeria’s government framework, he served as Minister of Finance while chairing the Economic Management Team before transitioning to Minister of Industry, Trade & Investments. Presently, Aganga provides advisory services to corporations and governments across the UK, US, and Nigeria. He founded the Nigeria Leadership Initiative; chairs Leadway Pensure PFA Limited’s board; serves on Technoserve’s US board; advises the Queen’s Commonwealth Trust; and participates as a member of Time Partners’ Investor Advisory Council in the UK.
Leadership Initiative and Sovereign Wealth Fund (SWF)
Aganga established the Nigerian Leadership Initiative in 2006 and played a pivotal role in the creation of Nigeria’s Sovereign Wealth Fund.
Ministerial redeployment
In July 2011, Aganga was transferred to the newly formed Ministry of Trade and Investment to facilitate Ngozi Okonjo-Iweala’s return as Minister of Finance. On 9 March 2013, this ministry was rebranded as the Ministry of Industry, Trade and Investment.
Personal life
Aganga is married to Abiodun Aganga (née Awobokun) and is a father to four children. He is related by marriage to former Kwara State military Governor Group Captain Salaudeen Latinwo, and his elder sister is Mercy Latinwo.
Controversy over Aganga's Ministerial Appointment
Aganga’s ministerial nominations in 2010 and June 2011 encountered opposition from the Lagos State PDP chapter because he was not a native of the state. Nevertheless, the Senate confirmed his appointment on 6 July 2011. Both nominations were made by former President General Obasanjo.
Fitch Ratings October 2010
In October 2010, Fitch downgraded Nigeria’s credit rating from BB− to a “negative” outlook, citing withdrawals from the Excess Crude Account and declining foreign reserves. Then-Finance Minister Aganga described this downgrade as excessively harsh.
Rice Importation Ends in 2014
As Minister for Trade and Investment in October 2011, Aganga declared that Nigeria would cease rice imports by 2014. Since 1978, Nigeria has implemented various rice import policies—including bans and licensing—with limited success in boosting domestic production.
Significant policy changes included import restrictions under both military and civilian regimes from 1978 to 1985, a ban introduced by Major General Babangida in 1985, and its removal by General Sani Abacha in 1995 due to local supply deficits. Following this, trade policies were liberalized until the 2011 announcement during President Jonathan’s civilian administration. The rice import ban was met with resistance from Nigerian consumers.
MITI Workers Protest
On 30 July 2013, employees of the Federal Ministry of Industry, Trade and Investment (MITI) staged a demonstration outside the ministry’s headquarters. They accused Permanent Secretary Dauda Kigbu and his spouse, Salma Kigbu, of mismanagement while highlighting poor working conditions and insufficient welfare provisions. In response, Minister Aganga revealed that President Jonathan had allocated N1 billion for new office infrastructure for MITI staff, in collaboration with the Saudi Arabian Government.
Awards
In November 2011, President Goodluck Ebele Jonathan honored Olusegun Aganga with the National Honour of Commander of the Order of Niger (CON).