Former Vice President of Nigeria, Prof. Yemi Osinbajo, has advised Nigerian business owners to reconsider their lavish lifestyles, which he says are unsustainable and detrimental to the long-term health of their businesses.
Osinbajo made the call during his keynote address at the 2024 Women in Management, Business and Public Service (WIMBIZ) conference, held in Lagos on Thursday, November 7.
The two-day event, now in its 23rd edition, is themed *“Dream, Dare, and Do”* and chaired by Professor Folasade Ogunsola, the Vice Chancellor of the University of Lagos.
In his speech, Osinbajo expressed concern that many business owners in Nigeria are often under pressure to project an image of success that exceeds the actual capacity of their businesses.
This, he argued, leads to a situation where the money that could be reinvested into growing the business is instead spent on maintaining a perception of success.
Osinbajo pointed out that the desire to maintain a lavish lifestyle, often fuelled by unrealistic portrayals of wealth on social media, can become a significant challenge for Nigerian entrepreneurs.
“To maintain a perception of success that is usually above the means of the business… If the business cannot support your lifestyle, there is pressure to look and spend as though you are very successful even though your business is only a few years old,” Osinbajo stated.
He noted that this pressure is often worsened by the “unrealistic lifestyle of allegedly successful people” in society, which creates a false narrative that success must be demonstrated through excessive displays of wealth, such as buying expensive cars or traveling first class, even when the business may not be profitable enough to support such expenses.
According to Osinbajo, this behavior leads to many business owners investing more in appearances than in actual business growth.
“A lot of the investible resources are spent on maintaining appearances,” he said.
Osinbajo also urged the Nigerian elite to take on a more proactive role in addressing the issues facing the nation’s poor majority. He emphasized that the economic, political, and moral direction of a country is determined by its elite class, whether they are political, business, or religious leaders.
“The elite must be the mediator for these people,” he said.
“They must fight for social welfare schemes, healthcare, and school feeding programmes for children in public schools.”
He added that the elite must take responsibility for advocating on behalf of those struggling with the basic challenges of life, such as access to affordable healthcare, education, and food.
Osinbajo also pointed out the severe education challenges in northern Nigeria, with over 67% illiteracy rates in the region. He stated that the elite should rally around efforts to address these issues, particularly the education of girls in the north, to ensure the country’s future development is not hindered by widespread illiteracy.
In line with the theme of the conference, Osinbajo encouraged attendees, especially women, to dare to achieve their dreams, even when faced with obstacles. He praised the WIMBIZ platform for creating an opportunity for women to connect and share their aspirations.
In her opening remarks, Professor Folasade Ogunsola, Vice Chancellor of the University of Lagos, urged participants to move beyond simply dreaming to taking bold steps towards realising their goals. She emphasized that leadership often requires stepping into unfamiliar territories and facing challenges, but it is through daring to pursue these challenges that true progress is made.
“Dreaming is dreaming, but nothing will happen if you do not dare to move forward,” Ogunsola said.
“Daring is about having the courage to step into unfamiliar territory, face challenges, and take risks.”
Ogunsola also highlighted the need for women to be present in all spheres of society, including decision-making positions.
She affirmed that Nigeria’s progress depends on women taking active roles in leadership and business across sectors.
Bisi Adeyemi, the Chairman of the WIMBIZ Board of Trustees, also encouraged participants to leverage the knowledge and connections gained at the conference to further their professional dreams.
