ADDRESSING NIGERIA’S COST OF LIVING CRISIS: A STRATEGIC, SUSTAINABLE APPROACH

Dr. Alim Abubakre
Founder of TEXEM & Senior Lecturer at Sheffield Business School and Advisory Board Member of the London Business School Africa Society

The rising cost of living presents a formidable challenge for the people of Nigeria. However, this challenge is not unique to Nigeria. Globally, many countries are grappling with inflationary pressures due to a combination of geopolitics and the fiscal fallout from the COVID-19 pandemic. The conflict between Russia and Ukraine has disrupted food and energy supplies, while tensions in the Middle East exacerbate global oil price volatility. Countries such as the United Kingdom have experienced sharp inflationary spikes, Sri Lanka faced severe food shortages, and Argentina continues to endure hyperinflation. As Nigeria embarks on economic reforms—including the reduction of subsidy payment and the flotation of the Naira—these challenges must be mitigated through innovative strategies across the short, medium, and long term.

This strategic roadmap offers actionable solutions for Nigeria, focusing on alleviating immediate pressures while building sustainable growth frameworks for the future. Alongside these strategies, funding mechanisms will ensure these interventions are practical and impactful.

  • Empowering Leadership through Strategic Capacity Development

A pivotal element in addressing the cost-of-living crisis is enhancing the strategic capacity of Nigeria’s leaders. Investing in leadership development programs empowers policymakers to adopt holistic and strategic solutions. For instance, countries like Singapore have implemented rigorous leadership training, resulting in visionary policies that drive economic success. In Nigeria, seeking uncommon strategic insights focused on leadership excellence can equip leaders with the skills to navigate complex economic landscapes, fostering innovative approaches to inflation, unemployment, and poverty.

  • Cultivating the Right Mindset for Sustainable Economic Growth

Equally important is fostering a progressive mindset among leaders that prioritises sustainable economic growth. This involves embracing transparency, accountability, and a commitment to long-term development over short-term gains. Rwanda’s remarkable transformation, driven by leadership that values sustainability and inclusiveness, serves as a compelling example. Nigerian leaders can adopt similar principles, promoting policies that encourage investment, diversify the economy, and enhance the quality of life for all citizens.

  • Short-Term Strategies: Immediate Relief for Citizens

In the short term, providing quick relief to vulnerable citizens is essential to cushion the impact of higher living costs. One of the most effective ways to achieve this is through direct cash transfers. India demonstrated the efficacy of this approach during the COVID-19 pandemic by disbursing payments to over 200 million women under the Pradhan Mantri Jan Dhan Yojana scheme. A similar initiative in Nigeria, targeted at the poorest households, would offer immediate relief and help prevent households from slipping into deeper poverty.

Additionally, temporary tax reductions on essential goods can lower retail prices and ease the burden on consumers. For instance, Kenya temporarily reduced VAT from 16% to 14% during the pandemic to help citizens cope with rising costs. Nigeria could adopt a similar approach by reducing import duties on staple foods and essential products. (There is already in place an ineffective zero duty on food. Government should check her own policies for effectiveness and self-correct.)

Another immediate intervention is providing subsidies for public transportation. With transport costs constituting a significant portion of household expenses, subsidies can ease commuting costs. Germany exemplified this with its €9 monthly public transport ticket, a move that was widely appreciated for making travel more affordable. Proper implementation and funding of the conversion and adoption of Compressed Natural Gas (CNG) for public transport could also be explored with vigour. The government should make the kits for conversion cheaper by working directly with manufacturers or, better still, encouraging them to start producing locally.

To prevent market distortions, the government—especially at the state level—must monitor prices and curtail hoarding. India’s proactive market surveillance, particularly on essential commodities like onions and pulses, has shown that monitoring systems can stabilize prices and prevent panic buying. Nigeria should implement similar anti-hoarding policies, supported by sanctions for violators.

The government can also release more strategic reserves of food and fuel to counteract supply disruptions and stabilize prices. The United States’ decision to release oil from its Strategic Petroleum Reserve in 2022 eased global fuel prices, a model Nigeria could replicate with its grain and petroleum reserves.

Furthermore, introducing price caps on essential medicines and healthcare services will ensure affordability in the short term. South Africa’s Single Exit Price policy for medicines provides an example of how government intervention can keep healthcare accessible for citizens.

Finally, community feeding programs can offer immediate relief to vulnerable populations. Brazil’s Zero Hunger Program successfully used community kitchens to provide meals to those in need. Nigeria could expand its school feeding programs and establish community kitchens to support the most affected populations. -This should be negotiated into Corporate Social Responsibility mandates for corporations. The government should minimise direct involvement in such activities to reduce the risk of corruption.

  • Medium-Term Strategies: Building Resilience through Strategic Investments

Medium-term strategies are crucial to foster economic resilience and prevent future crises. One priority is to boost local production through agricultural support. Ethiopia’s Agricultural Transformation Agency exemplifies how targeted interventions—such as improved seed distribution and farming techniques—can increase food production and reduce dependency on imports. Nigeria can leverage its agricultural potential by providing farmers with access to better inputs and technical training.

Encouraging small and medium enterprises (SMEs) through financial incentives and business development support will stimulate job creation and income growth. Malaysia’s SME Masterplan successfully facilitated economic growth and employment by providing capital and training to entrepreneurs. Nigeria should prioritize similar initiatives, focusing on sectors with high growth potential.

Investment in public transportation infrastructure can alleviate commuting costs while addressing urban congestion. Colombia’s TransMilenio system in Bogotá improved mobility for millions of citizens and reduced their transport expenses. Expanding Nigeria’s public transportation network, especially in urban centers, will similarly lower commuting costs. Encouraging all subnational governments to build suitable mass transit networks—whether rail, buses, or trams—powered by CNG, renewable electricity, or diesel, is essential.

Supporting renewable energy adoption is another essential medium-term strategy. Morocco’s investment in solar energy through the Noor Ouarzazate Solar Complex created jobs and lowered energy costs. Nigeria can incentivize renewable energy solutions—such as solar panels in rural areas—to reduce reliance on expensive fossil fuels. Indeed, Nigeria has massive potential for solar energy nationwide and wind energy in the North-West and North-East is crucial. Sub-national governments should start building medium to large solar and wind farms for power generation. New legislation allows every state to generate and sell power.

Food price stabilization funds can provide a buffer during periods of price volatility. Indonesia’s State Logistics Agency (Bulog) stabilizes rice prices by managing reserves and offering subsidies. Nigeria could establish a similar fund for key staples to cushion against market fluctuations.

To address housing costs, developing affordable housing programs is vital. Singapore’s Housing and Development Board provides affordable homes for over 80% of its population. Nigeria could partner with private developers to build affordable housing units and offer mortgage subsidies to middle- and low-income families.

Finally, strengthening social safety nets through expanded welfare programs, such as unemployment benefits and health insurance, will protect vulnerable citizens from economic shocks. Chile’s Solidarity and Social Investment Fund offers a model of comprehensive social support that Nigeria can emulate to enhance the well-being of its population.

  • Long-Term Strategies: Building a Sustainable, Inclusive Economy

For long-term stability, Nigeria must focus on diversifying the economy. The UAE’s success in reducing its reliance on oil by investing in tourism, aviation, and finance offers a blueprint for Nigeria. Developing sectors such as technology, manufacturing, security and agriculture will reduce economic vulnerability and provide sustainable employment opportunities.

Investing in education and skill development is essential for creating a skilled workforce capable of thriving in a modern economy. South Korea’s emphasis on education and skills training propelled its economic growth and technological leadership. Nigeria should prioritize educational reform, focusing on vocational training and digital skills to prepare its youth for the future.

Promoting industrialization will further enhance domestic production and reduce dependency on imports. China’s focus on manufacturing has transformed it into the “world’s factory,” creating millions of jobs and making goods more affordable. Nigeria can adopt a similar approach by fostering manufacturing hubs and offering incentives to investors.

Advancing agricultural technology is another long-term strategy that will increase productivity and food security. The Netherlands’ leadership in agricultural innovation enabled it to become the world’s second-largest exporter of agricultural products. Nigeria should invest in research and technology to enhance farming practices and boost yields.

Expanding renewable energy infrastructure is critical for reducing energy costs and environmental impact. Denmark’s investment in wind energy, which now supplies nearly half of the country’s electricity, is a testament to the potential of renewable energy. Nigeria can pursue large-scale renewable projects to diversify its energy sources.

Building comprehensive social welfare systems will ensure that citizens are protected from future economic downturns. Sweden’s extensive welfare programs have contributed to low poverty rates and a high standard of living. Nigeria should develop robust systems of healthcare, education, and unemployment insurance to support its citizens.

Strengthening economic governance and anti-corruption measures is essential to attract foreign investment and ensure efficient resource allocation. Botswana’s anti-corruption efforts have resulted in sustained economic growth and investor confidence. Nigeria must prioritize governance reforms to build a transparent and efficient economy.

  • Funding the Solutions: Realistic, Implementable Approaches

Funding these initiatives requires innovative strategies. Nigeria can explore public-private partnerships (PPPs) to fund infrastructure projects, replicating the success of India’s PPP model for highways. Tax reform—including better collection of existing taxes—can improve government revenues, as seen in Rwanda’s efforts to digitize tax collection. The Federal Government’s tax reform committee’s recommendations should be thoroughly reviewed and implemented accordingly.

Nigeria could also issue more diaspora bonds to leverage contributions from Nigerians abroad, following Ethiopia’s successful use of such bonds to fund infrastructure projects. Debt restructuring and relief negotiations with international creditors, similar to Argentina’s approach, will free up funds for domestic priorities. More funding initiatives like Sukuk bonds for road construction, successfully utilized by the previous Ministry of Works, should be explored.

The government can increase revenue through state asset privatization, as seen in Saudi Arabia’s partial privatization of Saudi Aramco. Carbon credits and environmental levies offer another source of revenue, with countries like Canada generating income from carbon taxes. However, we must assess whether we have viable assets left to sell off, aside from the refineries and federal government owned real estate.

Furthermore, Nigeria should strengthen foreign direct investment (FDI) frameworks, following Singapore’s model of attracting investors through incentives and policy stability. Remittance facilitation can also enhance foreign exchange reserves, as the Philippines has done by encouraging overseas workers to remit funds.

  • Conclusion: A Sustainable Future for Nigeria

While the reduction of the payment of subsidies and the flotation of the Naira have presented challenges, they also offer an opportunity for Nigeria to embark on meaningful economic reforms. By empowering leaders through strategic capacity development and cultivating the right mindset toward sustainable growth, Nigeria can effectively implement these short, medium, and long-term strategies. Examples from around the world highlight the transformative impact of visionary leadership and strategic planning.

By adopting these strategies, Nigeria can reduce the cost of living, create more employment, improve national security, build a resilient economy, and improve the well-being of its citizens. Strategic funding mechanisms will ensure these initiatives are realistic and sustainable. With political will, effective implementation, and empowered leadership, Nigeria can emerge stronger, charting a path toward inclusive and sustainable growth.

Strategic Agility in Action: Leaders Empowered at TEXEM’s Transformative Liverpool Programme

Strategic Agility in Action: Leaders Empowered at TEXEM’s Transformative Liverpool Programme
Leaders Empowered at TEXEM’s Transformative Liverpool Programme

The recent TEXEM Strategic Agility and Inspiring Change programme, held from August 26th to 29th, 2024, was a remarkable gathering that left an indelible mark on all who attended. This executive development programme, which took place in the vibrant city of Liverpool, was not just a capacity development programme but an immersive experience that combined cutting-edge leadership insights with practical applications, all aimed at empowering leaders to navigate the complexities of today’s turbulent environment.
Hosted at the prestigious Hilton Liverpool City Centre, the programme commenced with a warm welcome on Monday, August 26th. The morning session, led by the esteemed Prof. Rodria Laline, delved into the foundations of strategic agility, setting the stage for a week of deep learning and transformative discussions. Participants were introduced to the principles of strategic agility, exploring how these concepts provide a critical leadership edge in times of uncertainty—the afternoon continued with an exploration of effective leadership in change management, where executives learned best practices in implementing change—a crucial skill in maintaining organisational resilience.


Tuesday, August 27th, was a day that blended rigorous academic inquiry with an unforgettable practical experience. Dr Alim Abubakre, Founder of TEXEM, UK, guided participants through a detailed analysis of strategic agility versus agile strategy, drawing on the resource-based view to provide a robust framework for leveraging organisational strengths to win. Specifically, the presentation on “Strategic Agility vs. Agile Strategy: Leveraging the Resource-Based View” provides leaders with a clear distinction between these two concepts, emphasising the importance of organisational flexibility and rapid adaptation in a dynamic business environment. By leveraging unique resources and capabilities, leaders can sustain competitive advantages and foster resilience against disruptions. The benefits include enhanced decision-making, faster response times, and the ability to capitalise on emerging opportunities, ultimately driving sustainable success in turbulent times.


The evening offered a unique opportunity to visit Liverpool Football Club, where participants engaged in a working trip that transcended the usual confines of corporate capacity development programmes. Led by the legendary Ian Callaghan, who holds the record for the most appearances for Liverpool and was a key player in their FA Cup success and England’s World Cup-winning squad, this guided tour provided not just inspiration but a living example of dedication, teamwork, and strategic thinking.
The third day, Wednesday, August 28th, facilitated by Ambassador Charles Crawford, brought forward big ideas on how to make meetings more effective—a critical component of strategic agility. Participants were then challenged to engage in practical speaking exercises, sharpening their communication skills, which are essential for motivating teams and driving change. The afternoon was dedicated to case studies highlighting diplomatic agility, providing real-world examples of how strategic thinking can be applied in high-stakes situations. The day concluded with discussions that distilled vital messages from the day’s activities, leaving participants with actionable insights to bring back to their organisations.


The final day, Thursday, August 29th, under the guidance of Prof. Roger Delves, was a masterclass in emotional intelligence (EQ) and transformational leadership. Participants explored how strategic relational management fuels sustainable success, delving into authentic and purpose-driven leadership. This session culminated the week’s learning, bringing together the threads of strategic agility, change management, and leadership authenticity into a coherent approach to leading in uncertain times.


Throughout the programme, participants were engaged in learning and networking during informal discussions over lunch and dinner, creating connections that are sure to last well beyond the programme. The farewell dinner on Thursday evening marked the conclusion of a week that was as much about building community as it was about gaining knowledge.


The programme’s methodology encompasses group and individual impactful activities, peer-to-peer learning, games, observation practice, and self-reflection to make learning fun, engaging, and insightful. This approach not only made the sessions more enjoyable but also ensured that the insights were deeply ingrained, practical, and immediately applicable. Participants left with a sense of accomplishment, armed with actionable strategies to drive organisational success. The benefits of this methodology were manifold—enhanced retention of knowledge through active engagement, a supportive learning environment that fostered collaboration, the opportunity to immediately apply new skills in a safe setting, the development of critical thinking through interactive exercises, and the ability to reflect on personal leadership styles and their impact.


Testimonials from the participants underscored the programme’s success:
“The programme is all about strategic agility, and we’re living in times of disruption. The programme has equipped me with some valuable skills in terms of emotional intelligence, in terms of transformational leadership, and these are quite important ingredients and tools for any organisation that wants to thrive and succeed.” Rabia Wanka, Head of Oil and Gas Transactions, NEXIM Bank.


“A lot has been learned. And, specifically, I like the energy. Sincerely, I’ve had other international programmes, but this is with a difference, the faculties that were brought, the way the programme is structured, you know, around organisation and around self. It’s distinct, and I want to recommend it to leaders, to come to TEXEM.” John Tizhe, Executive Director, NPF Microfinance Bank.


“Well, I was coming from an environment where agility is the language, it is not strange…to me, but this programme further exposed me more, like, a firsthand information, … with this insight I’ve gotten from here, it’s going to help me to move even more faster…” – Olusola Faleye, MD/CEO, Lagos Building Investment Company Plc (LBIC).


For those who missed this programme, it is not an exaggeration to say that they missed a truly transformative experience. The insights gained were not just theoretical but practical, providing leaders with the tools they need to drive their organisations forward with confidence and agility. As we all know, the ability to adapt and lead in turbulent times is not just a luxury but a necessity for sustainable success. Those who were fortunate enough to attend now carry with them a strategic edge that will undoubtedly set them apart in their respective fields.

How to inspire Strategic Agility and Successfully Inspire Change

Effective Leadership in a Distributed World
Ambassador Charles Crawford
Ambassador Charles Crawford is an Oxford and Harvard-trained British Diplomat. He is the winner of the equivalent of two Oscars and a former British Ambassador to Bosnia and Poland. He has inspired thousands of leaders globally on how to win in a world increasingly shaped by geopolitics and volatility. He will be among the four faculty members delivering the TEXEM. Other faculty members include Professor Rodria Laline (Inventor of the first chip used on the first ATM card, Former Senior Vice President of Oracle in Asia Pacific and Harvard, INSEAD and IESE Professor, Oxford trained Professor Roger Delves, Board Member at Global Firm at the age of 30 and Dr Alim Abubakre, Advisory Board Member of London Business School Africa Society and Founder of TEXEM, UK. In this interview, Charles Crawford shares insights on how to inspire change and fuel Sustainable Success as part of this TEXEM, UK programme Strategic Agility and Inspiring Change: Fuelling Sustainable Success taking place between 26th and 29th of August at Hilton Liverpool.

How can your extensive diplomatic experience in post-communist Europe and your work in post-conflict reconciliation inform leaders on anticipating and adapting to market dynamics in rapidly changing environments?

The Foreign Office library had no handy text-book on ‘How to Abandon Communism’ that we could read. The situation we faced was completely new, almost revolutionary. The drama of the situation compelled new thinking and in the early years after the Soviet Union dissolved some unusual urgency. We all had to try to think differently. To go back to First Principles, in a sense. The problem was that we had no way of identifying what those principles in fact were! Our main mistake (and my own main mistake) was to have been too optimistic especially about Russia but then also Serbia. That’s a good lesson for business leaders operating in these increasingly volatile world: don’t think that buoyant market conditions are doomed to last for ever.

What unique insights can participants gain from learning about leadership strategies from you, someone who has firsthand experience in managing complex transitions in volatile regions like the former Yugoslavia, Russia, and South Africa?

Leaders are likely to be as good as their followers. Any major change programmes have winners and losers, and the losers tend to be highly motivated and disruptive. It’s important to be ambitious but also realistic. The Serbia Prime Minister Zoran Djindjić was assassinated because he underestimated his enemies. But then how do you make concessions to dangerous enemies without demoralising friends? You will glean fresh insights and challenge assumptions around this through this forthcoming TEXEM programme Strategic Agility and Inspiring Change: Fuelling Sustainable Success.

How does the concept of ‘Strategic Agility’ in business align with the diplomatic agility demonstrated by you during your service in regions undergoing significant political and social transformation?

Diplomacy is typically not ‘agile’ and does not aim to be. Rather the emphasis is on patience and method, albeit with appropriate energy and ambition. Plus, it’s fine to be agile. But what if your agility makes you jump into a deep dark hole? Maybe it all comes down to willingness to take smart risks – and being good at taking smart risks! During this TEXEM programme Strategic Agility and Inspiring Change: Fuelling Sustainable Success we will discuss actionable insights that will help them win.

What lessons can be drawn from your role as a speechwriter and communicator in the Foreign and Commonwealth Office and thereafter for world leaders that are applicable to leading change and inspiring others in a corporate setting?

Leaders have to mobilise and motivate followers. That normally comes through words that explain actions. Far too many speeches focus on sharing ‘information’ and ignore the importance of motivation. Speeches don’t need to give watertight answers. It’s often enough to pose new questions or challenge old thinking without giving answers – get the audience thinking for themselves! That said, no speechwriter gets far if the senior speaker does not want to take any risks or say something new and challenging. ‘Let’s play it safe today’ is always a tempting way to avoid responsibility.

In what ways can the case studies of leaders who successfully led through chaos, presented in this programme, benefit from your experience dealing with the fall of communism and apartheid?

Inside stories from these great political or diplomatic dramas are always interesting. They show how hard choices were there to be made, and what happened if those choices were embraced or avoided. One interesting problem is Trust – how to focus on delivering ambitious goals while not being naive about the intentions of the people you’re now unexpectedly working with? Lots of examples of these and many more will be shared leveraging TEXEM’s proven and tested methodology that makes learning, insightful, practicable, engaging, stimulating and fun

How does networking with a former senior diplomat like you and other illustrious faculty such as Professor Rodria Laline and Professor Roger Delves on this programme provide participants with unique perspectives on international market trends and leadership strategies?

I want programme participants to go away with some new big ideas but also some practical skills they can apply the next day in a tough work context. Great programmes combine theory and practice in a lively thought-provoking package. This TEXEM programme will entail a methodology that encourages peer to peer learning, networking, improved self-awareness and stronger sense of purpose for leaders to achieve their goals more effectively and efficiently. For more information, please visit https://texem.co.uk/strategic-agility-and-change-mastery-fueling-sustainable-success/

UK  firm congratulates Petroleum Minister for appointment of Nsa

New CEO, Leadway Assurance
Congratulations to Engr. Abel Nsa

In the dynamic world of leadership and organisational excellence, few individuals stand out as prominently as Engr. Abel Nsa, a distinguished alumnus of TEXEM UK. With immense pride and joy, we extend our heartfelt congratulations to Engr. Nsa on his recent appointment as the Senior Technical Advisor to the Minister of Petroleum Resources Gas by the administration of President Bola Ahmed Tinubu.

Engr. Abel Nsa’s journey with TEXEM UK has been exceptional, marked by a commitment to continuous learning and a relentless pursuit of excellence. Having participated in two of TEXEM’s flagship programmes, “Developing and Leading High-Performance Organizations for Superlative Results” in July 2018 and “Winning in Turbulent Times” held in July 2023, Engr. Nsa has exemplified the qualities that define authentic strategic leadership. His repeat participation in TEXEM’s programmes demonstrates his embrace of a growth mindset and illustrious pursuit of lifelong learning, which are quintessential requirements for thriving as a leader.

With a career spanning over 25 years in the Public Service, Engr. Nsa’s trajectory has been nothing short of remarkable. He embarked on his professional journey in 1996 at the Department of Petroleum Resources (DPR), starting as Engineer I and progressing through various roles, including Senior Engineer, Principal Engineer, and Assistant Chief Engineer in the Engineering & Standards Division.
As the Senior Technical Adviser to the Nigerian Upstream Petroleum Commission Chief Executive from October 2021 to May 2022, he provided strategic advisory services on industry issues, spearheaded high-impact industry engagements, and represented the Chief Executive at conferences. In his role as Head/Assistant Director at the Department of Petroleum Resources from January 1994 to October 2021, he facilitated the development of marginal fields, administered domestic gas supply obligations, and delivered the Gas Transportation Network Code, contributing to the optimisation of the DPR’s service delivery and regulatory impact analyses on critical policies. Throughout my career, I consistently provided technical advisory services, ensured timely delivery of action items, initiated programs for service optimisation, and maintained a keen focus on industry performance indicators, showcasing my commitment to transformative leadership and strategic impact. A graduate of Chemical Engineering from the prestigious University of Lagos in 1991, Engr. Nsa further honed his expertise with Double master’s degrees in Chemical Engineering and Natural Gas Engineering from the University of Lagos and Texas A&M University in 1998 and 2008, respectively.

Engr. Nsa’s commitment to professional standards is evident through his certification as a Registered Engineer of the Council for the Regulation of Engineering in Nigeria (COREN) with registration number R.26033. Additionally, he holds the esteemed title of Fellow of the Nigerian Society of Engineers. He is a proud member of the Society of Petroleum Engineers (SPE) and the Nigerian Society of Chemical Engineers. His multidimensional approach to the industry is further demonstrated by his membership in the Nigerian Gas Association.

Notably, Engr. Nsa’s contributions to the industry were recently recognised with an Award of Recognition for his significant role in the successful launch of the Nigerian Gas Transportation Network Code by the Nigerian Gas Association in April 2023.

Before assuming his role as Senior Technical Advisor to the Minister of Petroleum Resources Gas, Engr, Nsa served as the Director of the National Oil & Gas Excellence Centre (NOGEC) from May 2022. This progression is a testament to his unwavering dedication, expertise, and leadership acumen.

As an organisation committed to fostering leadership excellence, TEXEM UK takes immense pride in Engr. Abel Nsa’s achievements. His success reflects his personal dedication and exemplifies the impact of quality leadership development programmes. We encourage Engr. Nsa will continue to make invaluable contributions to the industry, and we look forward to witnessing the positive influence he will bring to his new role.

TEXEM, UK’s founder, counsels, “Bravo, Engr Abel, on your well-deserved appointment! Your dedication to service is commendable and crucial in fostering good governance, paving the way for impactful nation-building initiatives. Please embrace this role as a profound opportunity to leave an enduring legacy. Your commitment to excellence will undoubtedly contribute to the greater good, elevating the service standards of humanity. You can weave a narrative of positive change and enduring impact in your new position. Your strategic leadership will be instrumental in steering the course towards a future marked by integrity and progress in the oil and gas industry and, by extension, Nigeria.”

In celebrating Engr. Nsa’s accomplishments, we also celebrate the spirit of continuous learning, resilience, and leadership that TEXEM UK aims to instil in every participant. We take great pride in Engr. Nsa’s accomplishments and is honoured to have played a part in his professional journey. We extend our warmest congratulations to Engr. Abel Nsa and we wish him continued success in his new and influential role. May his journey inspire many others to reach greater heights in their professional endeavours.

UK firm celebrates Gboyega Lesi’s appointment as CEO

New CEO, Leadway Assurance
New CEO, Leadway Assurance
TEXEM UK extends heartfelt congratulations to Gboyega Lesi on his appointment as the Managing Director of Leadway Assurance Company Limited.

In a decisive move to propel Leadway Assurance Company Limited into a new era of leadership, Gboyega Lesi has been appointed Managing Director, marking a significant milestone in his illustrious career spanning over 25 years in the insurance industry.

Mr Lesi’s journey in the world of professional insurance commenced as a trainee risk surveyor, a role that laid the foundation for a career distinguished by excellence and commitment. Studying Civil Engineering at the University of Lagos, in Nigeria, gave him a solid educational background that would intertwine seamlessly with his deep understanding of risk management, insurance brokering, underwriting, product development, Bancassurance, and sales.

A seasoned professional, Mr Lesi’s expertise has been honed through a series of courses, both locally and abroad, focusing on insurance underwriting, risk management, strategy, management, operations, and marketing. His academic pursuits include an MBA from Aston University in Birmingham, UK, adding a strategic dimension to his technical acumen. As an Associate of the Chartered Insurance Institute of London and Nigeria and a member of the Chartered Management Institute (MCMI) of London, Mr Lesi brings a wealth of knowledge and a commitment to upholding the highest standards of professionalism. His dedication to impactful societal leadership is exemplified by his voluntary work as the President of the Rotary Club of Falomo as far back as 2014, during which he championed community development, innovation and resilience in his commendable service to humanity.

Notably, Mr Lesi’s engagement with TEXEM in July 2021 through the “Effective Leadership for Sustainable Success” programme showcases his dedication to continuous learning and professional development. This participation underscores his proactive approach to leadership and aligns with TEXEM’s mission to empower executives with the skills and insights necessary for sustainable success in dynamic business environments.

Reflecting on his new role, Mr Lesi expressed gratitude and a deep sense of responsibility: “It is an honour to assume leadership of this esteemed company during such a pivotal time. Our robust growth over the years is attributed to our values, a customer-centric culture, and an engaging approach that sets us apart.”

Mr Lesi further emphasised his commitment to building upon Leadway Assurance’s rich legacy: “Taking up the mantle to build upon this legacy is a challenge I eagerly embrace alongside our dedicated professional team. My determination to consistently deliver excellence remains unwavering. I am wholeheartedly committed to furthering our accomplishments by placing our clients at the centre of every aspect of our operations.”

TEXEM UK recognises Gboyega Lesi not only as an exceptional leader but also as an individual dedicated to the principles of continuous improvement and stakeholder-focused service. As he assumes the role of Managing Director, we extend our best wishes for continued success, innovation, and sustainable growth at Leadway Assurance Company Limited.

Congratulations, Gboyega Lesi, on this well-deserved appointment. May your tenure be marked by unparalleled achievements and lasting impact in the insurance industry. TEXEM’s founder, Dr Alim Abubakre, advises, “As you embark on this journey, Mr Gboyega Lesi, envision your role as a catalyst for transformation. Every decision you make, every initiative you spearhead, and every strategic positioning you inspire should be rooted in the profound belief that service to humanity is the cornerstone of genuine success.”

Winning in 2024: A year of recovery by Alim Abubakre, PhD.

Esteemed patriots and citizens of the world,

I write with a tremendous sense of responsibility considering the scale of existential challenges that leaders glocally (globally and locally) face in these disruptive times characterised by slow growth, failing business models, cyber threats and high inflation. Leveraging insights gleaned from diverse contexts and thousands of interactions with decision-makers globally as the founder of TEXEM, UK, I present some actionable solutions for success in 2024.
In the crucible of economic challenges, Nigerian CEOs stand at the helm, poised for transformative leadership. Embrace resilience, chart strategic courses, and foster innovation to navigate the complex landscape. In 2024, let governance be your compass, steering toward ethical excellence. Forge strategic alliances, empower teams, and lead with unwavering vision to endure and thrive in adversity. This is your call to pioneer change, where leadership, strategy, innovation, and governance converge for a prosperous year ahead.
Navigating challenging economic times demands resilient leadership. Here’s a strategic blueprint for success in 2024:
Embrace Innovation: “Innovation is the specific instrument of entrepreneurship.” – Joseph Schumpeter. Opportunity Identification, Problem-Solving Capability, Market Relevance and Strategic Evolution are many benefits of innovation in these uncertain times. Nigerian leaders could learn from developing countries like India, where technology leaders have transformed the landscape despite challenges.
Agile Leadership: “Leadership is the capacity to translate vision into reality.” Warren Bennis. In these times of high inflation and heightened currency risks, leaders in Nigeria can learn from the agility and resilience of leaders in Brazil, who adapt swiftly to economic shifts.
Strategic Vision: “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” – Gary Hamel. In these times of turbulence, leadership is tested, and true leaders thrive. In challenging times, CEOs with a clear vision successfully navigate challenges and win.
Governance Excellence:
“Good governance never depends upon laws, but upon the personal qualities of those who govern. The machinery of government is always subordinate to the will of those who administer that machinery.” – Frank Herbert.
In these volatile times, strategic leaders need to optimise their decision-making credentials and oversight acumen. Leaders should examine and learn from the governance models in Singapore, emphasising and inspiring core competence that stimulates better accountability, effective resource allocation and efficient execution.
Diversification & Uncontested Market Strategy.
The Uncontested Market Strategy and diversification share common elements but are distinct concepts. In these complex times, leaders need to diversify. Diversification involves expanding an organisation’s business operations into new markets, products, or services, e.g., Exploring new markets that the Africa Free Trade Continental Agreement offers. On the other hand, the Blue Ocean Strategy is a specific approach to business strategy that focuses on creating uncontested market space. For example, Nintendo’s Wii gaming console introduced motion-sensing technology, making gaming accessible to a broader audience. The console’s user-friendly design and interactive gameplay appealed to non-traditional gamers, creating a new market segment. Nintendo strategically shifted focus from competing in the traditional gaming console market, tapping into a blue ocean of casual gamers. Also, Singapore has successfully implemented a Blue Ocean-like strategy by transforming itself into a global hub for finance, trade, and technology. The government focused on creating an attractive business environment, investing in education, and fostering innovation. This strategy positioned Singapore as a unique and thriving economic centre in Southeast Asia, attracting multinational corporations and promoting economic growth. Furthermore, government leaders can learn from Mexico’s diversified economy to mitigate risks and navigate uncertain economic climates.

Stakeholder Collaboration: “Coming together is a beginning, staying together is progress, and working together is a success.” – Henry Ford.
The capability to build strong relationships with diverse stakeholders is a resource that is unique and difficult to imitate. Nigerian leaders can observe how leaders such as Jeff Bezos (Amazon) thrived. Bezos transformed Amazon into a global e-commerce giant through collaboration with sellers, partners, and investors. Amazon’s success is deeply rooted in its ability to create a vast ecosystem of stakeholders.
Talent Development: “In the end, strategy is about the organisation’s survival.” – Henry Mintzberg. A learning organisation or country will always turn challenges into vitamins. They would avoid complacency, denial and confusion and always aspire to renewal. To build a learning culture, leaders can glean valuable insights from how Malaysia focuses on talent development to ensure organisational resilience. Nigeria could develop its citizens’ competence in programming, entrepreneurship, customer service, arts, fashion, and entertainment and export this to the rest of the world.
Digital Transformation: Data analytics provides valuable insights for leaders’ informed decision-making. In these turbulent times, organisations can leverage data to understand customer behaviour, market trends, and internal operations, leading to better strategic choices. At the national level, a digitally transformed economy stimulates economic growth by fostering innovation and attracting investments, which Nigeria urgently needs. The Nigerian government could leverage technology to improve the ease and cost of doing business, enabling the private sector to create new job opportunities, resulting in improved competitiveness. Nigeria can take cues from Rwanda’s commitment to digital transformation, leveraging technology for economic resilience.
Public-Private Partnerships: “The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.” – Peter Drucker.
The Nigerian government should adopt an intrapreneurial mindset and embrace more public-private partnerships at scale to unlock inclusive, sustainable development through better infrastructure development, risk management and resource mobilisation. We can glean pragmatic insights from how leaders in Kenya foster public-private partnerships for mutual growth. It is apposite to share two examples of successful Public-Private Partnership initiatives in Kenya. Firstly, the Mombasa-Nairobi Standard Gauge Railway (SGR) was implemented through a PPP, enhancing transportation connectivity. Secondly, the Kenyan government has sought private sector involvement in providing affordable housing solutions. PPPs are utilized to develop housing projects, addressing the growing demand for quality and affordable housing. Kenya has strategically employed Public-Private Partnerships to address infrastructure gaps, improve service delivery, and promote economic development. These collaborations have allowed the government to leverage private sector expertise, resources, and efficiency to achieve shared goals.
Risk Management: “Risk comes from not knowing what you’re doing.” – Warren Buffett. In times of crisis, leaders need to be deliberate about managing risk as it will assure superior brand equity, regulatory compliance and financial stability. Nigerian leaders need to reflect on Chile’s approach to risk management, emphasising strategies to mitigate and navigate uncertainties.
Ethical Leadership: “The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office.” – Dwight D. Eisenhower. Consider New Zealand’s Prime Minister Jacinda Ardern’s emphasis on ethical leadership during the COVID-19 crisis. She utilised clear communication, people-centric decision-making, empathy and compassion, prioritising public health and economic support with fairness.
Stakeholder-Centric Innovation: Nigerian leaders can learn from the Philippines, where companies innovate with a stakeholder-centric approach to stay relevant and resilient.
Strategic Alliances: “The essence of strategy is choosing what not to do.” – Michael Porter. Nigerian leaders can observe how leaders in Egypt form strategic alliances to bolster their market positions.
Social Responsibility: “Leadership is not just about giving energy…it’s unleashing other people’s energy.” – Paul Polman. Social Accountability could help build public trust and legitimacy, foster national cohesion and drive inclusive growth. Nigerian leaders can glean many lessons from the success of socially responsible companies globally, positively impacting society and their bottom line.
Adaptive Governance Models: “Governance is not just about the organisation’s legal compliance. It is also about creating a culture that allows good things to happen.” – Sir Adrian Cadbury. In these challenging times, an adaptive governance model is crucial for winning. Adaptive governance models offer flexibility to respond quickly to changing circumstances. Adapting policies and strategies in real-time is vital for effective decision-making in difficult times. Nigerian leaders can learn from Indonesia’s adaptive governance models that foster innovation and responsiveness.
Strategic Communication: “The most important thing in communication is hearing what isn’t said.” – Peter Drucker. Nigerian leaders can learn from and avoid the errors made by the Turkish government, which failed in strategic communication during the recent earthquake.
Investment in Education: “Education is the most powerful weapon you can use to change the world.” – Nelson Mandela. Nigeria needs to take a cue from the leader of Singapore, prioritising education as an investment in long-term economic resilience. Lee Kuan Yew (Singapore) is a good case in point. As Singapore’s founding father, Lee Kuan Yew recognised the importance of education in the nation’s development. He invested heavily in building a robust educational system, fostering a meritocratic society. Singapore’s education policies contributed significantly to its economic success, making it a global hub for innovation and talent.
My humble submission is that if leaders like Lee Kuan Yew and Jeff Bezos can do it, so can Nigerian leaders. 2024 and beyond is the time to make deliberate choices, take strategic actions, and position themselves optimally to win in 2024, a year of recovery and immense promise.


Dr Alim Abubakre is the Founder of TEXEM, UK (www.texem.co.uk) and a Senior Lecturer at Sheffield Business School.