Chairman and Chief Executive Officer of St. Racheal’s Pharmaceutical Nigeria Ltd, Akinjide Adeosun, recently turned 57. But unlike many corporate chiefs who might have marked the occasion with a lavish dinner or a private getaway, Adeosun chose a very different path, turning his birthday into an occasion for national advocacy, urging the federal government to review its economic reforms to ease hunger, rising transport fares, and unaffordable housing that continue to weigh heavily on ordinary Nigerians. Sunday Ehigiator reports
The event, themed ‘Thanksgiving in Freedom’, began at the All Souls’ Church, Lekki Phase 1, Lagos, where Adeosun gathered family, friends, colleagues, and dozens of ordinary Nigerians together in thanksgiving and appreciation to God for adding another year.
He would later on the same day roll out a food bank to distribute food to hundreds of vulnerable and low-income earners, including cleaners, security guards, fuel attendants, sales representatives, drivers, etc., across several locations within the state.
The week-long event came to a climax at his Lekki residence, where he hosted journalists from various media organisations, using the occasion not merely to count his blessings but to raise an alarm about Nigeria’s worsening economic crisis.
His appeal to the federal government was blunt: “Let us look at our reforms again and review where necessary. There is nowhere in the world without some form of subsidy. Nigerians are groaning under hunger, high transport fares, and unaffordable rents. Government must do something now.”
From Celebration to Advocacy
The 57th birthday, he admitted, was his most fulfilling yet because it allowed him to give back directly to the people whose stories had shaped his advocacy. Over the months leading to his birthday, Adeosun had quietly conducted interviews with cleaners, security men, and artisans across Lekki, Ikoyi, and Victoria Island. Their testimonies, he said, revealed a consistent pattern of despair.“They spoke of spending half their wages on food, walking long distances to avoid exorbitant transport fares, and struggling to pay for tiny one-room apartments,” Adeosun recounted. “These are the three anguishes facing the people: food, transport, and shelter. If leadership cannot address these, then what is the essence of governance?”
The Economics of the Dinner Table
As a pharmacist and healthcare entrepreneur, Adeosun is deeply aware of the nexus between nutrition and health. Malnutrition, he pointed out, is not only about hunger but also about diminished life expectancy, higher disease burden, and lower productivity.
According to the National Bureau of Statistics (NBS), Nigeria’s inflation rate stood at 21.88 per cent in July 2025, with food inflation climbing to over 22.74 per cent.
The cost of staples such as rice, bread, beans, and vegetable oil has more than doubled within two years. For a nation where more than 40 per cent of the population already lives below the poverty line, the implications are severe.
“There is a huge link between food and the health condition of the people,” Adeosun stressed. “If you cannot eat, you cannot work well. If you cannot feed your family, you live in constant stress. This weakens the nation as a whole.”
Fuel Subsidy Removal: A Double-Edged Sword
Adeosun did not oppose the removal of fuel subsidies. In fact, he commended President Bola Ahmed Tinubu for taking the politically difficult decision. But he criticised what he described as poor planning around the policy.
“Fuel subsidy removal was inevitable, but the government failed to anticipate its consequences. Petrol prices are the single biggest driver of inflation. Without cushioning measures, hunger, poverty, and anger were bound to increase,” he said.
He proposed an unconventional solution: a 20 per cent crude oil discount for local refiners such as Dangote Refinery. This, he argued, would allow refiners to lower pump prices, which would in turn reduce transport and production costs across the economy.
“We must tinker with crude oil prices. Give Dangote and other local refiners a discount in naira terms. Petrol price will come down, and inflation will ease,” he added.
From Consumption to Production
At the heart of Adeosun’s advocacy is a belief that Nigeria must escape the trap of being a consumption-driven economy. Despite its vast population of over 220 million and abundant natural resources, Nigeria remains heavily dependent on imports, from pharmaceuticals to food items and even refined petroleum.
“We cannot use palliatives to solve this. They can only be solved through macroeconomics,” Adeosun insisted. “We must invest in manufacturing and production. If Nigeria produces more than it consumes, prices will fall automatically, and the thirst for foreign goods will disappear.”
The manufacturing sector currently contributes less than 10 per cent to Nigeria’s GDP. Yet analysts say it has the potential to absorb millions of unemployed youths and stabilise the currency.
Rising energy costs, poor infrastructure, and forex scarcity, however, have hampered growth. Adeosun believes tax credits, energy rebates, and targeted incentives could help revive the sector.
Food, Cement, and the Housing Crisis
Nigeria’s housing deficit, estimated at 28 million units, tells its own story. Cement prices, which averaged ₦3,500 per 50kg bag in 2021, now exceed ₦9,000 in 2025, making affordable housing almost impossible for low- and middle-income families.
Adeosun argued that the same principle of crude oil discounts should apply to cement manufacturers, flour millers, and farmers. By lowering their production costs, the government could indirectly bring down rents and food prices. “If we give incentives to producers of essentials, we attack inflation from the roots, not the leaves,” he explained.
Hard Stance on Saboteurs
Where Adeosun’s ideas become controversial is in his proposed punishment for economic sabotage. From smuggling fuel across borders to hoarding food products for speculative gains, he sees sabotage as a national emergency. His prescription: the death penalty, citing examples from Singapore and China where harsh penalties were used to enforce discipline in markets.
“Economic sabotage kills more people than armed robbery,” he argued. “If we are serious about saving lives, then saboteurs must face the highest penalty.”
Though the suggestion may be bound to stir debate among human rights advocates, it reflects his frustration with recurring cycles of manipulation in Nigeria’s economy.
Grassroots Infrastructure as Freedom
Despite his tough talk on sabotage, Adeosun’s broader vision is one of empowerment. He urged the government to prioritise grassroots infrastructure, schools, hospitals, and rural roads, as a way of reducing living costs and boosting productivity.
“You cannot talk of freedom when people cannot access healthcare, when children cannot go to good schools, or when farmers cannot take their produce to markets,” he said. “Freedom is not only political. It is also economic and social.”
Analysts Weigh In
Experts say Adeosun’s proposals echo long-standing debates on Nigeria’s development path. Economist and financial consultant, Dr. Grace Alade, noted that “Adeosun’s idea of targeted incentives for FMCG and cement producers is sound. Nigeria’s inflation is largely cost-push. Reducing production costs is more effective than distributing palliatives.”
However, she cautioned that subsidies for producers must be carefully monitored to avoid rent-seeking and corruption. “Without transparency, such incentives could become another avenue for waste,” she said.
Similarly, housing expert Chuka Obi pointed out that unless cement prices fall, Nigeria’s housing deficit will keep growing. “Affordable housing is impossible at ₦9,000 per bag of cement. Incentives for manufacturers could make a real difference,” he said.
Private Sector Frustration
Adeosun’s intervention also highlights growing frustration among private sector leaders with what they see as policy rigidity in Abuja. Many argue that while reforms are necessary, they must be adaptive and responsive to real-time challenges.
Nigeria, according to the United Nations, has over 26 million people at risk of acute food insecurity in 2025. With youth unemployment stubbornly high and inflation eroding incomes, the stakes could not be higher.
A Personal Mission
For Adeosun, however, the issues are more than statistics. Through the Akinjide Adeosun Foundation (AAF), he has long supported health and education initiatives for vulnerable groups. His decision to use his birthday as a platform for advocacy is consistent with his personal philosophy that business leaders must go beyond profit to engage with national problems.
“This birthday is not about me,” he told journalists. “It is about the ordinary Nigerian who wakes up every day wondering how to feed his children. That is where true leadership must start.”
A Call to Action
Whether the government will heed his advice remains to be seen. But Adeosun’s intervention adds weight to calls for Nigeria’s reform agenda to be reviewed and recalibrated.
“The President must do something about petrol pricing, food affordability, and rents,” he concluded. “If we get these three right, life expectancy will rise, and economic growth will follow.”
In a country where economic debates often remain abstract, Adeosun’s words stand out for their grounding in lived realities. By linking his personal milestone to a national call for action, he reminded Nigerians that the fight against hunger, hardship, and insecurity is not only the government’s responsibility but a collective mission; one in which the private sector, civil society, and ordinary citizens must all play their part.
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