The Nigerian economy is one of the largest in Africa but would have been on the same scale with China and the USA had we combined foreign and indigenous economies to push up economic sustainability.
Below is a list of companies operating in Nigeria in the early 60s.
1. African Timber & Plywood ( Nigeria ) Ltd, Sapele.
2. Paterson, Zochonis &Co. Ltd.
3. Hazlehurst & Sons ( W. A.) Ltd.
4. Unilever Export Ltd.
5. Anglo French Trading Company.
6. The West African Lines Conference.
7. Kingsway.
8. Nigerian Breweries.
9. Esther Beauty Parlour.
10. C.F. A. O.
11. Grizi ( Nigeria ) Ltd.
12. Engineering & Metal Industries Ltd.
13. Pepsi cola.
14. Bhojsons Departmental Store.
15. BP ( West Africa ) Ltd.
16. Sick - Hagemeyer ( Nigeria ) Ltd.
17. Buck ( Nigeria ) Iron & Steel Merchants.
18. Lion of Africa Insurance Co. Ltd.
19. Texaco Africa Ltd.
20. Bank of West Africa Ltd.
21. BOAC - British Overseas Airways Corporation.
22. Brazendale & Co Ltd.
23. Cow & Gate Milk/ Food.
24. Nigeria National Line.
25. Lennards ( Lagos ) Ltd.
26. Elder Dempster Lines Ltd.
27. Air France.
28. Lea & Perrins.
29. Nigeria Tobacco Company Ltd.
30. UTC.
31. M. El -Kalio Transport Ltd.
32. Mitchels ( Nigeria ) Ltd.
33. The Shell- BP Petroleum Development Company Of Nigeria.
34. Palm Line Ltd.
35. Rolls - Royce Limited ( Oil Engine Division ).
36. J. Allen & Company Ltd.
37. Nigeria Hotels Ltd.
38. Hercules Bicycle.
39. A.G Leventis & Company Ltd.
40. Apapa Chemical Industries Ltd.
41. Gulf Hotels Ltd.
42. Federal Palace Hotel Ltd.
43. Guinea Construction Company Ltd.
44. The Nigerian Bottling Company Ltd.
45. Leventis Motors Ltd.
46. Usha ( Makers of Sewing Machines & Fans.
47. Chellarams.
48. Ovaltine.
49. Boots Pure Drug Company Ltd.
50. Bewac.
51. SCOA Motors.
52. Glaxo Allenburys ( Nigeria ) Ltd.
53. Thomas Wyatt & Son ( W.A. ) Ltd.
54. G. Gottschalck & Co.
55. Caleb Brett And Son ( Nigeria ) Ltd.
56. Daimler- Benz A.G. Stuttgart.
57. Armel’s Transport Ltd.
58. Hawley Russel & Baker Ltd.
59. G. Cappa Ltd.
60. Nigeria Cement Company Ltd.
61. Pimms.
62. Development Corporation ( W.A.) Ltd.
63. Bhojsons & Co.
64. W. Biney & Co. ( Nigeria ) Ltd.
65. John Holt & Co.
66. Cambridge University Press.
67. S. Nassar & Sons ( Nigeria ) Ltd.
68. Heinekens ( Nigeria ) Ltd.
69. The Nigerian Plastics Company Ltd.
70. Wiedemann & Waters ( Nigeria ) Limited.
71. Electrolux Limited.
72. Assan Umbrella Factory.
73. Lucky Drinks.
74. Taylor Woodrow.
75. Total Oil Products ( Nigeria ) Ltd.
76. Lever Brothers ( Nigeria ) Ltd.
77. Messrs J. T. Chanrai & Co. ( Nigeria ) Limited.
78. Shell.
79. Motoren & Craft Wagen Fabriken ( Manufacturers of “ Krupp” Range of Vehicles).
80. Carl F. W. Borgward ( Manufacturers of “Isabella “ car ).
81. The Nigerian Technical Company Ltd.
82. Semperit Tyre Manufacturers.
83. G. B. Ollivant ( Nigeria ) Ltd.
84. Guinness ( Nigeria ) Ltd.
85. Alagbon Industries Ltd. Aba.
86. Leventis Motors Ltd.
87. Fiat S.P.A.
88. Oredola Okeya Trading Co.
89. Vivian , Younger & Bond Ltd.
90. United Africa Company.
91. Barclays Bank D.C.O.
92. Strabag ( Nigeria ) Ltd
93. J. Allen & Co.
94. Fraissinet & Fabre Line.
95. UAC.
96. C. F. C Furniture ( W.A. ) Co. Ltd.
97. Law Union & Rock.
98. Cope’s Pools Ltd.
99. Cappa And D’Alberto Ltd.
100. Royal Exchange Assurance
101. Mobil.
102. Beck’s Beer.
103. Carrier refrigeration.
Mentioned above are the elite companies that put out adverts in the Daily Times at Independence celebration on October 1st 1960 congratulating the government and people of Nigeria.
Today so many of those companies are no longer in existence. Over time they have been victims of mismanagement brought about by indigenization and other hare brained policies not well thought out before implementation.
Foreign owners and managers of the companies were hurriedly sent away and the companies handed over to Nigerians many of whom may not have had the know how to manage such organizations. Today we are the worse for it. Here we are saddled with mega unemployment and majority of our people looking for job where they do not exist.
When these decisions were taken we were blinded by nationalism or outright selfishness and greed. We wanted to own what we didn’t create. Blue chip companies that would have grown to employ millions of our people were sacrificed on the alter of ‘we must take over’. Imagine what Daily Times would have been today if we had not taken it from the original owners. It would have continued to set professional and ethical standards, a standard that would have rivaled The New York Times. Other businesses and organizations would have sprung from it. The Times Institute for training journalists would perhaps have by now become world class rather than being history. Maybe by now DT would have had a newsprint manufacturing plant and a big tree plantation to feed it. Its property development arm that owned several buildings in Ikoyi and mainland would have gone into real estate and developed estates.
Growing up in the 60s and 70s my holiday trip from Ekiti to Ibadan was not complete without visits to Kingsway. Well stocked, a sparkling clean environment and an ever functioning escalator, With my cousins we took trips there daily going up and down the escalator with stories to tell my school mates in Ado Ekiti when school resumes. Imagine having Kingsway since then and with presence in all towns in Nigeria. There perhaps would have been no need bringing Shoprite and Spar from South Africa. Imagine the spin of effect of that on agriculture and manufacturing as well as distribution, and stock management, and supply chain expertise. Millions of Nigerians would have had direct and indirect employment. Don’t mind me, just having random thoughts.
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