Chief Dr. Eric Umeofia, the President and CEO of Erisco Foods Limited, has shared his inspiring journey from humble beginnings to becoming one of Nigeria’s most successful entrepreneurs. Speaking to Punch, the seasoned businessman discussed his challenging childhood, his early foray into the business world, and the hurdles faced by Nigeria’s manufacturing sector.
Early Life and Challenges
Reflecting on his childhood, Umeofia revealed how his father’s strict rules shaped his resilience and determination. Despite excelling in school, he struggled with his father’s approach to discipline, which often left him frustrated. His leadership potential, however, became evident early on when he was made the first-ever Primary 5 head boy in his school, ahead of Primary 6 pupils, due to his academic performance.
Umeofia’s dreams of success led him to Lagos at a young age, but his initial attempts to establish himself in the city proved unsuccessful. “I came to Lagos between the ages of 12 and 13, determined to make it, but God destined my success to come in the North,” he explained.
From Lagos to the North: A Journey of Resilience
Starting out in Lagos under a master in the textile business, Umeofia later transitioned to the North, where he ventured into the vehicle spare parts industry. Recalling his early struggles, he described how he would buy goods in Lagos and travel to the North by trailer, sleeping on his merchandise due to a lack of funds for security.
“Sleeping on top of my goods until I got to the North taught me resilience. Those were tough times, but they prepared me for the success I enjoy today,” he said.
The Birth of Erisco Foods
After achieving success in the spare parts business, Umeofia diversified his ventures. He founded Erisco Bumpet, a fire extinguisher business, which expanded to Angola and the UAE. His decision to return to Nigeria to establish Erisco Foods was influenced by a conversation with the late Prof. Dora Akunyili, the former Director-General of NAFDAC, who encouraged him to invest in the Nigerian food industry.
“She convinced me that the Nigerian food industry had been sanitised and was worth investing in. I abandoned my investments abroad and came back home, but what I met on the ground was not what I was promised. Despite the challenges, I thank God I exist in this industry today,” Umeofia recounted.
Challenges in Nigeria’s Manufacturing Sector
Umeofia lamented the difficulties faced by local manufacturers in Nigeria, citing a lack of government support and the dominance of foreign interests. He criticized policies that favor importers over indigenous manufacturers, stating that the cabals behind the importation industry are hindering Nigeria’s industrial growth.
“Imagine producing at $8 in Nigeria, but a company in China produces the same product at $4 and brings it here to sell at $5.5. How will local producers compete? Genuine manufacturers in Nigeria deserve more respect than pastors because they perform economic deliverance,” he asserted.
Umeofia also revealed that Erisco Foods has been running for years without foreign exchange support from the Central Bank of Nigeria (CBN). “For over five years, I’ve had no new loans or foreign exchange. If not for my foreign investments, I wouldn’t be operating in Nigeria today,” he said.
The Future of Erisco Foods
Despite the challenges, Umeofia remains committed to promoting made-in-Nigeria products. However, he hinted at the possibility of relocating his business if the Nigerian government fails to create an enabling environment for manufacturers.
“Countries like the United States are actively inviting us to invest, offering grants and support. If my own country doesn’t provide the bare minimum, why should I continue to shout? Unless the government does the right thing, relocation remains an option,” he warned.
A Call for Policy Reforms
Umeofia emphasized the need for strict policies to reduce importation and promote locally made products. He called on President Bola Tinubu to address the issues plaguing the manufacturing sector and ensure the enforcement of policies that support indigenous companies.
Legacy and Motivation
Despite his frustrations, Umeofia remains driven by his desire to leave a lasting legacy. He admires philanthropists like Bill Gates and Warren Buffet, who use their wealth to impact humanity positively. “By the grace of God, I have children who are trying to follow in my footsteps, and that keeps me going,” he said.
Umeofia’s story is a testament to the resilience and determination required to succeed in Nigeria’s challenging business landscape. Through Erisco Foods, he continues to champion the cause of local manufacturing and inspire a new generation of entrepreneurs.
