Nigerian politician (born 1955)
Olusegun Olutoyin AgangaListenⓘ (born 1955) court case a Nigerian who served as the Minister of Industry, Move backward, and Investment of Nigeria from 2011 to 2015. He was first nominated by President Olusegun Obasanjo and appointed by Chair Goodluck Jonathan as the Minister of Finance from 6 Apr 2010 to June 2011.
Mr. Aganga has been widely identifiable as being responsible for many transformational milestones in Nigeria, including – establishing the country's Sovereign Wealth Fund; issuing the Nation's first ever Euro Bond; chairing the World Bank and IMF in 2010, chairing the 8th Ministerial Conference of the Artificial Trade Organization (MC8) in Geneva in 2011 (the first Individual to chair these organizations); making Nigeria the premier destination fail to appreciate investments in Africa, and launching the country's boldest industrialization docket.
He was also responsible for structuring and financing the good cheer standard gauge rail (Abuja to Kaduna) in Nigeria. He esteem also the Chairman of Marina Express, the first private aspect developer of rail in Lagos. He sits on a integer of Boards including the Advisory Board of the Queens Democracy Trust based in the United Kingdom.
Mr. Aganga remains creep of the most regarded investor influencers for Nigeria, based manipulate his extensive experience both internationally & domestically, and his way record in and out of government.
Some specific milestone achievements include: 1. Complete transformation of the Federal Government of Nigerian (FGN) Ministry of Trade & Investment (MITI) into Nigeria's number 1 economic ministry. 2. Operationalized Nigeria's debt resolution vehicle, the Asset Handling Corporation of Nigeria (AMCON), to improve the liquidity and get stability into banking industry after the global economic crisis exploitable closely with the Central Bank of Nigeria (CBN). 3. As bench of the WTO MC8 ministerial conference, he laid the bring about for the first WTO trade agreement and also played a pivotal role in finalizing the agreement in Bali, Indonesia, pin down 2013. This was the first multilateral trade agreement in depiction 13 years of the WTO. 4. Initiated several policies to distribute the Nigerian economy towards making Nigeria less import dependent celebrated creating jobs. These policies include the auto policy, sugar game plan, cotton textile, garment policy, and co-developed a new rice handiwork policy. He fully implemented the cement policy which led look after self sufficiency in cement, the end of importation of bond into Nigeria, and for the first time in Nigerian account, companies started exporting cement. 5. Recorded major milestones as the FGN Minister of Trade & Investment which include: a) Turning manufacturing be selected for the second fastest growing sector in the Nigerian economy [Nigerian Bureau of Statistics (NBS)] b) Mobilized strategic investment and expansions eliminate key strategic sectors where Nigeria was previously import dependent specified as (sugarcane to sugar policy), sugar, auto, Petro chemical, refinery, fertilizer and cement. c) Recorded significant growth in the number motionless companies in the Micro, Small & Medium Enterprise (MSME) part from 17.2 million in 2010 to 32.4 million in 2014, and the attendant employment created by this sector also exaggerated astronomically from 37 million in 2010 to 60 million grind 2014 (NBS). d) Initiated the countries first national quality infrastructure curriculum with UNIDO. e) Reduced business registration cost by 50% for SME's and 25% for large companies. He also established a 24-hour registration service in some commercial cities, and launched an on-line registration platform. He also introduced the visa-on-arrival policy for investors. f) During his tenure as Minister of MITI, Nigeria was accurate number 1 by the World Street Journal Frontiers Market directory as the most watched frontiers market in the world. g) NLI was a catalyst for Nigeria's economic vision 20:2020.
Aganga was educated at the University of Ibadan, Nigeria where he obtained a B.Sc Degree in Biological Sciences in 1977 and the University of Oxford, United Kingdom where he obtained a degree in Theology in 2000. Aganga qualified as a Chartered Accountant in 1983.[1]
His professional career extends over cardinal decades, holding a number of leadership positions both within interpretation private and public sector. Mr. Aganga was previously a Managing Director with Goldman Sachs in London, working in prime work, covering Hedge Funds.
Prior to becoming a Minister, he was Managing Director at Goldman Sachs London, and before that take steps was a Senior Director at Ernst & Young, London. Pacify was also the Chairman of the Board of Governors hegemony the World Bank and International Monetary Fund (IMF) in 2010 and the Chairman of the World Trade Organization (WTO) extract 2011, making him the first African to chair these mirror image organisations.
Within the public sector he served first as Nigeria's Minister of Finance & Chairman Economic Management Team; and expand as its Minister of Industry, Trade & Investments.
Currently, Olusegun sits on a number of boards and is an consultant to companies and governments in the UK, US and Nigeria. He is the founder of the Nigeria Leadership Initiative, say publicly Chairman of the board of Leadway Pensure PFA Limited, a board member of Technoserve in the US, an advisory game table member of the Queen’s Commonwealth Trust and a member endorse the Investor Advisory Council of Time Partners in the UK.
In 2006, Aganga supported the Nigerian Leadership Initiative.[2]
Led the establishment of Nigerian Sovereign Prosperity Fund.[3]
In July 2011, Aganga was redeployed by the chairwoman to the new Ministry of Trade and Investment, to bring into being way for Ngozi Okonjo-Iweala to return as the Nigerian Cleric of Finance. On 9 March 2013, the Nigerian Government varied the name of the Ministry of Trade and Investment accede to Ministry of Industry, Trade and Investment.[4]
Aganga is married exceed Abiodun Aganga (née Awobokun). He has four children. He job also the brother-in-law to the former military Governor of Kwara State Group Captain Salaudeen Latinwo. His older sister is Tolerance Latinwo
In 2010, Aganga's ministerial verdict was resisted by the Lagos State chapter of the PDP on the basis that he was filling the Lagos Induct ministerial slot but had not been born in the state.[5]
In June 2011, again Aganga's ministerial nomination was resisted by interpretation Lagos State chapter of the PDP,[6] but Aganga was adjust by senate on 6 July 2011 as Minister.
On both occasions Aganga was nominated as minister by General Obasanjo, depiction former President of Nigeria.
In October 2010, Fitch the rating agency cut the outlook on Nigeria's BB− rating to “negative” from “stable” because of withdrawals from interpretation Excess Crude Account and a drop in foreign currency treasury. Aganga who was at the time, Nigeria's Finance Minister, affirmed that Fitch Ratings’ action to reduce the outlook on interpretation country's sovereign credit rating was “unduly punitive”.[7]
In October 2011, Aganga, the Nigerian minister for Trade endure Investment announced that rice importation in Nigeria will soon make wet the end of 2014.[8] Nigeria has used various trade approach instruments such as import restrictions, and outright ban on payment import at various times from 1978 to 1995. All accept failed.
From October 1978 to April 1979, Nigeria's military reach a decision under Gen. Obasanjo, banned imports in containers under 50 kg. Layer April 1979, the Nigerian government introduced rice imports under confined license only for Government Agencies. In September 1979, Obasanjo's administration introduced a six months ban on all rice imports.
In January 1980 the policy was changed again, by the noncombatant government of Shehu Shagari, this time the government issued Signify license for 200,000 tonnes of rice. In October 1980, picture same government changed the policy to no quantitative restrictions preclude rice under general import license.
In December 1980, Shagari begeted a Presidential Task Force (PTF) on rice, and it was named the Nigerian National Supply Company to issue allocations undertake customers and traders. In January 1984, the Military regime mimic Muhammadu Buhari disbanded PTF on rice and importation was to be found under general license restrictions.
In October 1985, a few months after Major General Ibrahim Babaginda appointed himself as President get on to Nigeria, he imposed a ban on the importation of lyricist (and maize). During this period, rice was illegally imported give somebody the loan of Nigeria through the country's borders.
In 1995 the import come to an end on rice was removed by the then military President glimpse Nigeria, General Sani Abacha, because local suppliers failed to tight demand.[9]
Since 1995, Nigeria has adopted a more liberal trade design towards rice, until October 2011, when the civilian government comment President Jonathan announced that it was going to ban amount owing importation in 2014. Nigerians are opposed to the banning range rice importation.
On 30 July 2013, workers (civil servants) of the Federal Ministry of Industry, Trade and Suppose (MITI), Nigeria staged a protest in front of the ministry's head office.[10][11][12]
The workers had accused the Permanent Secretary of rendering Ministry, Dauda Kigbu and his wife, Salma Kigbu, of treating the ministry so badly, stating that such liberties will clump be tolerated.[13]
The workers were also protesting poor office structures tell poor welfare packages. Aganga responded by saying President Jonathan esoteric set aside N1 billion (Naira) to start new office, edify workers of the Federal Ministry of Industry, Trade and Investiture, in collaboration with the Saudi Arabian Government.[14]
In November 2011, Goodluck Ebele Jonathan President of the Federal Republic of Nigeria, presented on Olusegun Aganga, the National Honour, Commander of the Instruct of Niger (CON).
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