During a recent interaction, Gabriel Idahosa, the President of the Lagos Chamber of Commerce and Industry (LCCI), delved into his professional journey, personal insights, and the institution’s future endeavors.
Could you share your background and your entry into the Lagos Chamber of Commerce and Industry?
In 1992, I connected with the LCCI to represent my professional practice firm, Gabriel Idahosa and Co., providing professional services. Since then, I have held multiple roles within the organization, including chairman of the professional practice group, deputy treasurer, treasurer, vice president, and eventually president. Alongside these positions, I participated in the trade promotion board, serving as chairman and later as chairman of the operations committee of the board, showcasing my evolution within the LCCI over the years.
What prompted your venture into the private sector and business advocacy?
As a chartered accountant and business advisory professional, I directed my advisory firm’s focus towards membership organizations like LCCI. It presented a platform for business committee members to network and collectively advocate for improvements in the business operating environment, particularly in liaising with the Lagos State government and the federal government on policy enhancements.
Has this experience been advantageous in your current role as president of LCCI?
Absolutely! The wealth of experience provides essential insights and knowledge required to effectively execute the responsibilities of the LCCI presidency. Understanding the business landscape, challenges faced by industry operators, and comprehending governmental policies and operations are critical factors for advocating the interests of an organization.
Do you have mentors or role models who have significantly impacted your career path?
Several individuals have influenced my journey, directly and indirectly. An influential figure for me was Akintola Williams, whose impact on my perception of Nigeria’s economy and my current endeavors has been profound.
What are your core priorities as the President and Chairman of the Council of LCCI?
Our primary focus lies in engaging the Lagos State government to ensure universal power access in Lagos. The uninterrupted power supply across enterprises in Lagos significantly contributes to economic growth. Addressing the Lagos State electricity policy and leveraging our extensive member base to collaborate with the government on electricity-related matters tops our agenda. As an organization founded in 1888, spearheading such transformative initiatives remains our paramount objective.
How do you intend to advance and safeguard the interests of Nigerian businesses?
Advocacy forms the cornerstone of our endeavors, with a keen focus on crucial areas such as electricity to bolster Nigerian businesses. Additionally, we underscore the importance of enhancing security, recognizing its pivotal role in fostering a conducive environment for business growth. The restructuring of policing, aligning with international models, encapsulates our vision for sustainable security measures.
How do you plan to harmonize the needs and interests of different stakeholders, including members, government, and the broader business community?
LCCI’s extensive history spanning 135 years has cultivated robust structures to address stakeholder engagement. Our 26 secretarial groups cater to varied sector interests, fostering a balanced approach to meet the needs of diverse stakeholders. Engaging with the Lagos State government and relevant agencies through regular consultations and meetings further solidifies our commitment to stakeholder alignment.
What policies, in your view, are imperative for the thriving of the Nigerian business sector?
While existing policies lay the foundation, emphasis should be placed on the clarity and effective implementation of these policies. Streamlining tax procedures, revising product regulations, and enhancing operational efficiency in areas such as customs clearance comprise critical policy considerations. Striking a balance between enforcing regulations and nurturing a conducive environment for businesses is pivotal for sustained growth.
How can businesses effectively balance short-term profitability with long-term sustainability and growth?
Balancing short-term gains with long-term viability hinges on the nature and scale of the business. Whereas trading businesses may yield immediate returns, industries requiring substantial capital investment demand a patient approach towards sustainable growth. Cultivating a production-and-reinvestment mindset, particularly in larger enterprises, is indispensable for prolonged success.
Reflecting on your previous role as deputy president of LCCI, what pivotal lessons do you aim to implement in your current role?
The deputy president role serves as an invaluable learning period, offering insights into the intricacies of the presidency, coupled with the opportunity to identify and leverage supportive resources within the organization. Leveraging this groundwork, I aim to navigate my current responsibilities effectively, building on the experience garnered during my tenure as vice president.
Given your expertise in the business realm, do you have other professional pursuits?
In addition to my role as the president of LCCI, I oversee my businesses as a volunteer. As a chartered accountant, I established my firm back in 1980 and continue to manage its operations to date.
Could you offer insights into the principles that have contributed to your business success?
Passion and resilience emerge as pivotal factors for business success. Unwavering commitment to one’s endeavors, complemented by the ability to navigate challenging periods, significantly shapes a business’s trajectory. The ability to manage opportunities efficiently and reinvest returns fosters the sustainability and growth of a business.
What advice would you give to aspiring young professionals venturing into the business landscape?
Mentorship stands as a foundational pillar for young entrepreneurs, equipping them with invaluable insights for navigating the initial stages of entrepreneurship. Fostering a business-oriented mindset centered on production and strategic investment constitutes a critical aspect. Seeking mentorship and cultivating a resilient approach to business endeavors serve as pivotal elements for budding entrepreneurs.
How do you strike a balance between your professional commitments and personal life, including hobbies?
Achieving a balance between professional responsibilities, personal life, and hobbies is a continual learning process. Prioritizing time for family, work, and personal wellbeing forms the crux of maintaining equilibrium, as these aspects collectively contribute to overall well-being. Demonstrating self-awareness in managing professional obligations and personal time remains paramount.
What are your recreational pursuits and what drives and motivates you in your professional endeavors?
My recreational pursuits have evolved over the years, transitioning from social engagements during my younger years to a preference for engaging literature focused on philosophy and impactful biographies. Resilience encapsulates my motivation, driving me to navigate the various challenges and accomplishments within my professional journey.
Can you share an instance where you undertook a calculated risk as a leader and its outcome?
Calculated risks form an integral part of leadership decisions. Each risk undergoes meticulous evaluation, considering potential outcomes and aligning with ethical parameters and moral principles. This structured approach enables effective risk management and informs strategic leadership decisions.
Which industries, in your opinion, hold significant potential for substantial income generation in the near future?
The information and communication technology industry, creative industry, and healthcare sector stand out as potent arenas for income generation and career advancement. These burgeoning segments offer compelling opportunities for aspiring individuals. Additionally, the food processing industry presents promising avenues for substantial growth and innovation.
How do you think the government can address brain drain and encourage talent retention?
Tackling brain drain necessitates robust replacement capacities to offset the departures, ensuring a continuous influx of talent. Focusing on creating opportunities that incentivize the return of expatriates and cultivating an enabling environment for professionals to contribute significantly forms a strategic approach, fostering talent retention.
How do you allocate time for family engagements, especially considering your professional commitments?
Balancing professional commitments with family engagements, particularly as my children have grown, underscores the importance of nurturing meaningful relationships. Building friendships and investing time in meaningful interactions with family members forms an integral aspect of my approach.
Are your children following in your entrepreneurial footsteps?
Yes, my children have ventured into diverse professional domains, with one pursuing a career in investment banking and the other delving into healthcare consultancy.
Could you share insights into your childhood that significantly shaped your journey?
Growing up in a modest environment within a communal setting, my formative years in Warri, Delta State, instilled disciplined demeanor and strong communal ties. The invaluable support and guidance from community elders profoundly influenced my upbringing.
