Olusegun Olutoyin Aganga

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Olusegun Olutoyin Aganga
Aganga, Olusegun Olutoyin (IMF).jpg
Federal Minister of Industry, Trade and Investment Nigeria
In office
9 March 2013 – 29 May 2015
Federal Minister of Trade and Investment Nigeria
In office
11 July 2011 – 9 March 2013
Federal Minister of Finance Nigeria
In office
6 April 2010 – June 2011
Preceded by Mansur Mukhtar
Succeeded by Ngozi Okonjo-Iweala
Personal details
Born 1955
Owan West LGA, Edo State, Nigeria

Olusegun Olutoyin Aganga (born 1955) was the Minister of Industry, Trade and Investment of Nigeria. He was first nominated by General Obasanjo and appointed by President Jonathan as Minister of Finance from 6 April 2010 to June 2011.


During his tenure as Finance Minister, Aganga was also the Chairman of the Nigerian National Economic Management Team. Aganga represented Nigeria as a Governor on the Governing Boards of the World Bank and the International Monetary Fund, and was the Chairman of the Joint Board of Governors of the World Bank and the IMF during the October 2010 Annual Meetings.

In December 2011 as the Nigerian Minister of Trade and Investment, Aganga was the first African to successfully chair the Eighth World Trade Organisation Ministerial Conference in its 16 years of existence.

Education and background[edit]

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.

Professional career[edit]

Aganga previously worked in Arthur Young in Nigeria, Ernst & Young in London UK, and Goldman Sachs International in London, where he was Managing Director in hedge funds. He previously served as Governor on the board of the African Development Bank. Aganga was also a Board Member of the Nigerian Security and Exchange Commission Technical Committee on Nigerian Capital Market Structure and a former Chairman of the Association for Financial Markets in Europe (AFME) Prime Brokerage Committee. Aganga currently serves on a number of boards and committees including Technoserve and The Prince’s Trust Invest in Futures Committee.

Legacy and initiatives[edit]

In 2006, Aganga founded the Nigerian Leadership Initiative.[1] Aganga was credited for the establishment of the Sovereign Wealth Fund (SWF) in Nigeria.[2]

Ministerial redeployment[edit]

In July 2011, Aganga was redeployed by the President to the new Ministry of Trade and Investment, to make way for Ngozi Okonjo-Iweala to return as the Nigerian Minister of Finance. On 9 March 2013, the Nigerian Government changed the name of the Ministry of Trade and Investment to Ministry of Industry, Trade and Investment.[3]

Personal life[edit]

Aganga is married to Abiodun Aganga (née Awobokun). He has four children. He is also the brother-in-law to the former military Governor of Kwara State Group Captain Salaudeen Latinwo. His older sister is Mercy Latinwo.

Controversy over Aganga's Ministerial Appointment[edit]

In 2010, Aganga's ministerial nomination was resisted by the Lagos State chapter of the PDP on the basis that he was filling the Lagos State ministerial slot but had not been born in the state.[4]

In June 2011, again Aganga's ministerial nomination was resisted by the Lagos State chapter of the PDP,[5] but Aganga was approved by senate on 6 July 2011 as Minister.

On both occasions Aganga was nominated as minister by General Obasanjo, the former President of Nigeria.

Fitch Ratings October 2010[edit]

In October 2010, Fitch the rating agency cut the outlook on Nigeria’s BB- rating to “negative” from “stable” because of withdrawals from the Excess Crude Account and a drop in foreign currency reserves. Aganga who was at the time, Nigeria's Finance Minister, stated that Fitch Ratings’ action to reduce the outlook on the country’s sovereign credit rating was “unduly punitive”.[6]

Rice Importation Ends in 2014[edit]

In October 2011, Aganga, the Nigerian minister for Trade and Investment announced that rice importation in Nigeria will soon by the end of 2014.[7] Nigeria has used various trade policy instruments such as import restrictions, and outright ban on rice import at various times from 1978 to 1995. All have failed.

From October 1978 to April 1979, Nigeria's military government under Gen. Obasanjo, banned imports in containers under 50 kg. In April 1979, the Nigerian government introduced rice imports under restricted license only for Government Agencies. In September 1979, Obasanjo's government introduced a six months ban on all rice imports.

In January 1980 the policy was changed again, by the civilian government of Shehu Shagari, this time the government issued Import license for 200,000 tones of rice. In October 1980, the same government changed the policy to no quantitative restrictions on rice under general import license.

In December 1980, Shagari created a Presidential Task Force (PTF) on rice, and it was named the Nigerian National Supply Company to issue allocations to customers and traders. In January 1984, the Military regime of Muhammadu Buhari disbanded PTF on rice and importation was placed under general license restrictions.

In October 1985, a few months after Major General Ibrahim Babaginda appointed himself as President of Nigeria, he imposed a ban on the importation of rice (and maize). During this period, rice was illegally imported into Nigeria through the country's borders.

In 1995 the import ban on rice was removed by the then military President of Nigeria, General Sani Abacha, because local suppliers failed to meet demand.[8]

Since 1995, Nigeria has adopted a more liberal trade policy towards rice, until October 2011, when the civilian government of President Jonathan announced that it was going to ban rice importation in 2014. Nigerians are opposed to the banning of rice.

MITI Workers Protest[edit]

On 30 July 2013, workers (civil servants) of the Federal Ministry of Industry, Trade and Investment (MITI), Nigeria staged a protest in front of the ministry's head office, demanding the removal or sack of the minister Aganga for poor performance, gross incompetence and alleged financial misappropriation.[9][10][11]

The workers had accused the Permanent Secretary of the Ministry, Dauda Kigbu and his wife, Salma Kigbu, of treating the ministry so badly, stating that such liberties will not be tolerated.[12]

The workers were also protesting poor office structures and poor welfare packages. Aganga responded by saying President Jonathan had set aside N1 billion (Naira) to start new office, for workers of the Federal Ministry of Industry, Trade and Investment, in collaboration with the Saudi Arabian Government.[13]


In November 2011, Goodluck Ebele Jonathan President of the Federal Republic of Nigeria, conferred on Olusegun Aganga, the National Honour, Commander of the Order of Niger (CON).