The outgoing Managing Director, Weststar Associates Limited (Mercedes-Benz Nigeria), and a former President of the European Chamber of Business in Nigeria, Mary Ojulari, tells OGHENOVO EGODO-MICHAEL about her career and other issues

Tell us about your background.

Though I was born in the United Kingdom, I had my formative years in Lagos State, where my family is from. I left Nigeria at the age of 15, after I had completed my secondary school education at Ikeja High School. I had the privilege of growing up in an environment that encouraged curiosity, exploration, and personal growth.

Growing up was a lot of fun, and my parents were disciplined, yet flexible. The values that they instilled have nurtured me into the person I am today. I am grateful that my parents valued curiosity and passion, and taught me the importance of discipline, hard work, and time management as vehicles to get closer to my dreams. These principles helped me structure my life in the way I desired. My father was always goal driven, and that helped me to focus on setting goals. At every given time, there is always a goal I have set to achieve. On the other hand, I learnt a lot from my mother, and her passion for education ignited my love for learning. Her patience and commitment to nurturing young minds taught me the significance of knowledge and the value of imparting it to others.

Our family gatherings are still a cherished tradition, where we come together to celebrate special occasions, share stories, and reinforce the bonds that tie us together. The love and support of my family have given me the confidence to take on new challenges and explore opportunities that have led me to where I am today.

What is your most memorable childhood experience?

I have many memorable experiences, but the ones that stand out are the times when my father shared real-life stories with me. I enjoyed quality time with my parents, especially when we embarked on family road trips. I met people with different beliefs, cultures, and vocations on those car adventures, and they sparked my fascination with cars, which endures even today.

How did you get started in the automotive industry?

I have a special love for cars, fostered by my early adventures in the car with my dad. That being said, my journey in the automotive industry is the same as in all the other industries I have worked in. I was committed to finding a new challenge and I have a mindset, personality and character that make me unstoppable. I genuinely believe there is nothing I cannot do if I apply discipline and diligence. The commitment I make to myself, to work towards my goals, humbles me. I have found that humility in one’s approach can open many doors, especially in people-centered industries.

What are some of the challenges you have faced as a woman in a male-dominated industry?

Being a woman in a male-dominated industry has its unique challenges. My career has been full of ups, because I have been blessed to have worked with great managers and leaders, who mentored me well and believe in diversity and inclusion, which has been invaluable in my career.

I think as a woman in a male-dominated industry, people can, at times, project their expectations onto one. I recognise that there can be structural barriers, but I struggle to remember ever feeling intimidated to speak in a room full of men. As a child, my father would debate current affairs with me each evening, so I learnt from a young age to speak when I have value to add, and to have the courage of my convictions.

I think my positive approach also helps. Wherever I have experienced downtime, I’ve found that it is usually to set me up for higher responsibilities, tasks, and opportunities which I have always embraced positively. I enjoy getting feedback and I am a product of the benefits of responding to constructive criticism and feedback.

How do you balance your personal life with your demanding career?

Balancing a demanding career, as an outgoing person, can be challenging, but it is crucial to me. I realised over the years that setting clear boundaries between work and personal life is essential. I prioritise tasks, delegate when possible, and make sure to make time for myself when necessary. I take a mental break by switching off and doing fun-related activities with my family and friends. I enjoy outdoor activities and photography. I also love travelling. Every summer, I travel and ensure I go somewhere I have not been before to simply unwind. These activities help me recharge, regroup and maintain a healthy work-life balance.

Additionally, I am fortunate to have a supportive family. My husband and mother-in-law have been very supportive of my vision.

How do you stay up to date with the latest trends and developments in the automotive industry?

I believe that staying up-to-date in the rapidly evolving automotive industry is crucial for anyone in this field. To keep myself up to date with the latest trends and developments, I employ several strategies. First, I make it a point to regularly read news in industry-specific publications and journals to stay informed about emerging technologies, market trends, and regulatory changes.

Additionally, I attend industry conferences and seminars whenever possible. The European Business Association and Chamber of Commerce is another platform I use to keep myself up to date on investment and exchanges between European and Nigerian businesses, because the committee helps to raise awareness and formulate recommendations on issues of interest or concern.

I also follow key industry influencers and organisations on social media platforms, such as LinkedIn and X, to receive real-time updates and engage in discussions about industry developments.

Collaboration is another significant aspect of my approach. I maintain strong professional relationships with colleagues, both inside and outside my organisation, and we often exchange insights and information. This collaborative spirit allows me to gain diverse perspectives and access valuable knowledge.

Having served as the President of the European Chamber of Business in Nigeria, what were the most valuable insights you gained about the Nigerian economy?

EuroCham is a business group that unites European investors and corporate organisations in Nigeria with the primary objectives of promoting trade, investment, and exchange between European and Nigerian businesses. As the EuroCham president, I worked with the directors of EuroCham to execute the association’s objectives, and provide value to its member companies. I drove the body’s expansion from 18 founding members to 100 at the end of my term as president. The body now represents the interests of many of the largest multinational enterprises operating across multiple sectors in Nigeria, including Air France-KLM, Lafarge Africa, Bosch, Nigerian Breweries, Total Energies, Siemens Energy, and Price WaterhouseCoopers, among many others.

I was particularly instrumental in setting up EuroCham’s four working groups— the Trading Across Borders Working Group, the Sustainability Working Group, the Human Resources and Skills Development Working Group, and the Finance Working Group, which I still chair.

As the chair of the Finance Working Group, I get to interface with key institutions, such as the Central Bank of Nigeria, Federal Inland Revenue Service, Bank of Industry, and the Ministry for Trade and Investment, to promote the interests of not just EuroCham members, but all businesses who seek to invest and grow roots in Nigeria. I understand the importance of the ease of doing business and the implementation of robust and predictable systems, so that investors can plan for their returns. When there is uncertainty, this increases the risk level of investments. Ultimately, whether from the opportunity cost of losing a potential competitor in a sector or from costs being handed down, it is Nigerian consumers who pay a premium for unpredictability.

My passion for placing Nigeria at the forefront of global industry has been powered by my rapid rise across multiple sectors in the country since my return to Nigeria in 2012 to help build my homeland. My role as president of EuroCham was the culmination of a broad career in Nigeria, which has given me an acute awareness of the tremendous potential that Nigeria holds, not just in mineral resources, but in the vibrant human capital and spirit of the Nigerian people. I have committed myself, in whichever way I can, to drive progress towards unlocking that potential.

As the former President of the European Business Chamber in Nigeria, what sectors do you see having the most potential for growth and investment in the country?

I think the next phase of Nigeria’s development will be characterised by a focus on domesticated value addition, and bringing more of the value chain here to Nigeria. I expect to see rapid growth in agriculture and mining, as a new wave of entrepreneurs get creative about getting more returns from their investments through innovation in the coming years. I cannot wait to see our resources fueling a large growth in manufacturing. I was reading the other day about a new lithium mine in Ghana that will supply a battery factory for electric vehicles in the United States of America, and I thought about what stops us from making our batteries here at home.

I have also noticed that real estate is quietly on the ascendancy, despite the economic challenges of the last few years. Our cement companies seem to have retained impressive revenue figures, which suggests that Nigerians are still willing to build.

I also see tech as a new frontier, as Nigeria seeks to re-industrialise. I think technology will play a critical role in finding innovative ways of solving some of our key challenges in healthcare and education, for example.

This also applies to the automotive industry. This sector involves the assembly and manufacture of vehicles, including cars, trucks, and other types of automobiles. This sector has been held back somewhat by the difficulties in implementing the Nigerian Automotive Industry Development Plan, which was devised in 2014. I think in the coming years, as incomes rise and more production happens here in Nigeria, there are significant opportunities for this sector. The Nigerian government has made efforts to promote local automobile production and assembly, which could create more investment opportunities in this sector. Aside from this, I think there are significant opportunities in the production of vehicles for logistics as Nigeria becomes more interconnected and focuses substantially on non-oil exports. I would add that along with direct jobs, automotive manufacturing opens a wider net for job creation for mechanics and artisans, as well as the local production of spare parts.

How do you think the recent changes in Nigeria’s economic policies, such as the new foreign exchange policy, will impact European businesses operating in the country? 

The new foreign exchange policy has introduced greater exchange rate volatility, which can affect European businesses’ revenue calculations. Fluctuations in exchange rates can lead to uncertainty in financial planning. A change in exchange rate policies can affect the costs of importing goods and materials for European businesses that have more exposure in foreign exchange obligations to suppliers and lenders. A weaker local currency may increase the cost of imports, impacting their competitiveness in the Nigerian market.

The real nerve of trade is liquidity. That is where investors feel the impact of government policies. For European businesses to feel confident to invest, they need to know that there will be enough liquidity for them to be able to repatriate their profits, or even access forex to pay off any foreign loans they might have. The forex environment has been challenging, but most businesses understand that there will be growing pains when you move from a heavily restrictive forex regime to a managed float, and a lot of the pent-up demand has become a heavy backlog.

That being said, it does also reduce the cost of investment to produce exports, but this is only so if taking capital in and taking its outcomes within a reasonable range. The Naira will not soon be equivalent to a dollar; it makes no economic sense for that to be a demand. What investors want is stability, to help them plan and be able to guarantee the liquidity of the forex market to enable a swift exit if needed.

If liquidity is the nerve, currency stability is a weathervane. Typically, forex is an indicator of economic stability but with a firm peg. We recently learnt that last year, the country spent $17bn on defending the naira, which is unsustainable. So, in essence, if the Naira was not floated, we would still be sitting on a ticking time bomb that was already affecting the industry. Businesses were having to do their calculations against the CBN’s pegged rate, but were increasingly struggling to get forex at that rate when they needed it. Indeed, at a point, Nigeria owed over 40 per cent of all non-repatriated airline funds in the world. At least, businesses can now make calculations based on something more reflective of the market reality, and the Federal Government is more aware that it has its work cut out for it.

There are no shortcuts to a stable currency. It is not by the dictates of the CBN; rather, it is based on the fundamentals of the economy–productivity, and balance of trade. Improving crude production is top of the list, and natural gas presents significant opportunities. But, ultimately growing our domestic production to meet the needs of our population across sectors will reduce the pressure on the naira. Therefore, businesses might need to enhance their risk management strategies to mitigate the impact of exchange rate fluctuations and policy changes. This can involve hedging against currency risks or diversifying their operations. I think this is a big opportunity for companies to think seriously about what they can produce and source locally, instead of importing.

You once worked with the British Broadcasting Corporation. How would you describe your experience working in the communication industry?

Working with the BBC was a dynamic and exciting experience, especially as I loved and enjoyed my interactions with creatives. My role there went beyond communication, though that was certainly important, but it brought me to the heart of a crucial public institution. That meant understanding all the work behind the scenes, to negotiate and fund what the public got to see and hear. At the BBC, I was exposed to different divisions, and I supported each division by partnering and sharing best practices across divisions. In 2009, I was promoted to Business and Corporate Planning Manager in the BBC’s corporate finance division. This role exposed me to all 18 divisions of the BBC at the time, and I learnt stakeholder management, negotiation and influencing, leadership, crisis, and change management.

At the BBC, I managed a £3.5bn budget, crafted innovative financial models, and ensured the implementation of strategies to support the organisation’s long-term objectives. My role demanded continual interfacing with senior stakeholders, necessitating exceptional communication and collaboration skills. In this role, I came to understand the peculiarities of navigating complex and fast-paced environments to drive forward mandates for restructuring and positive change. When I was promoted to lead the business planning division, I became responsible for ensuring that the BBC was financially equipped across multiple services to sustainably deliver the high-quality public service that was expected of it. This experience was the beginning of a series of projects, which gave me invaluable insights into planning for the long-term viability of crucial public assets, an experience which I have brought and fine-tuned in every role since. This included where our license fee revenue did not meet our requirements, and my team was required to seek the appropriation of £500m towards our total budget from the British Parliament.

This role gave me the springboard I wanted to come back home when I was able to transition into the role of Chief Financial Officer at CNBC and Forbes Africa, where I was able to broaden and deepen my C-suite skills.

Would you say working with Mercedes-Benz exposed you to technical skills in the automotive world?

My experience working with Mercedes Benz Nigeria was immensely enriching in terms of acquiring technical skills in the automotive world. Mercedes Benz is renowned for its cutting-edge technology and engineering in the automotive industry.

During my time there, I had the opportunity to engage in various aspects of automotive technology, including diagnostics, maintenance, and repair of Mercedes vehicles. This exposure not only enhanced my technical skills but also provided insights into the advanced systems and innovations that drive the automotive sector.

How do you approach networking and building relationships?

Networking and relationship-building are essential in any industry. My approach involves attending industry events, such as conferences and trade shows, where I can connect with professionals and experts. I actively engage on social media platforms, such as LinkedIn, to stay updated on industry trends and connect with like-minded individuals. Additionally, I seek out mentorship opportunities and participate in relevant forums or associations. Building and nurturing relationships is not just about seeking help, but also offering support and value to others in the industry.

What are the factors necessary for steady growth in one’s career?

To achieve steady career growth, one has to stay curious and committed to learning. One needs to seek out courses, workshops, and reading materials that expand one’s knowledge and skills.

One has to also set clear goals. Define your career goals and create a plan to achieve them. One should regularly reassess and adjust one’s goals as one progresses.

It is also important to build a strong professional network within one’s industry. Networking can open doors to opportunities and provide valuable insights.

Seeking feedback is also a way to witness steady growth. Be open to constructive feedback and use it as a tool for self-improvement.

Also, one must not be afraid to step out of one’s comfort zone and take on new challenges.

Work ethics is very important as well. One should maintain a strong work ethic and demonstrate diligence in fulfilling one’s responsibilities.

What are some of the core values that guide your leadership style?

I place a strong emphasis on understanding and empathising with the individuals I lead. I believe that by truly understanding their needs and concerns, I can create a more supportive and inclusive work environment. When one trusts one’s team, one can give them the room to take risks and give one the best of them.

In addition, I value open and transparent dialogue within the team and the organisation. Clear communication ensure that everyone is on the same page and can contribute their best.

For all of that to work, I lead with integrity, which is the foundation of my leadership style. I strive to be honest, transparent and ethical in all my actions. I believe that trust is the cornerstone of any successful team or organisation.

Sometimes, when people see that one is hands-off in one’s approach, they can see it as an opportunity to make mischief. However, if one’s team can see one’s commitment and diligence, they will be inspired by one’s efforts to give the company their best.

At a time when Nigeria is plagued with the japa syndrome (brain drain), you decided to move back to the country. What informed that decision?

I have always loved and remain passionate about Nigeria. My husband moved to Nigeria two years before I did, so it was easy for me to ease in, as he had done all the readjusting and settling. My husband and I decided to move back because we wanted to give back. We know that Nigeria is a country with both significant challenges and immense promises.

As business-minded people, we saw the huge potential for profitable innovation, while also contributing, in a myriad of ways, to the country we both hold so close to our hearts.

The major difference for me, since I have been back, is that I am always learning, unlearning and relearning. I have honed my capacity to understand the limitations of cultural differences, but also draw on my extensive experience in the UK to implement hybrid strategies, and this has served me well. These have provided me with a sense of purpose, and I feel fulfilled here.

I have noticed that quite a few people who I know in the Diaspora are thinking of making the same move. I always advise people to come with an open mind. If one is skilled and adaptable, it is difficult to fail for any significant period in Nigeria.

Do you see yourself living permanently in Nigeria?

Yes. Nigeria will always be my base, and nowhere feels like home in the same way.

With your experience at home and abroad, what would you say are some differences in the way business is handled in Nigeria and other places?

Let me start with business culture and formality. In Nigeria, business relationships often incorporate a more personal and informal touch. Building trust and rapport is highly emphasised.

Abroad, particularly in Western countries, business interactions tend to be more formal, with a greater emphasis on punctuality, structured meetings, and adherence to protocols.

Another difference to note is in the area of bureaucracy and regulations. Nigeria often faces more bureaucratic challenges and regulatory hurdles, which can impact the ease of doing business. Many other countries, particularly those in the West, have well-established regulatory frameworks and streamlined processes, which can lead to greater efficiency.

Lastly, risk tolerance and technology adoption is another difference. In Nigeria, entrepreneurs and businesses often need to navigate a less predictable economic and political landscape, which requires a higher degree of risk tolerance. Nigeria is rapidly advancing in technology adoption, but there may still be variations in the level of technological integration across different sectors. Abroad, particularly in stable economies, there might be more access to funding and lower perceived risk in business ventures. Also, the pace of technology adoption can vary significantly. Some foreign markets might be more advanced in terms of digitalisation and technological infrastructure.

How often do you spend time with your family?

I place a high priority on spending quality time with my family. This could include regular family dinners, weekend outings, and special vacations. We also engage in activities that cater to each family member’s interests, fostering strong connections and creating cherished memories.

Of all the countries you have travelled to, which is your favourite and why?

That is a difficult one. I have been to different beautiful countries in Europe, Africa, North and South America, and they all have special places in my heart.

However, I travelled to Zimbabwe recently, and the experience was fantastic. The beauty of Zimbabwe is simply breathtaking. The country is endowed with stunning landscapes, including the majestic Victoria Falls, pristine national parks, and the picturesque eastern highlands. Exploring those natural wonders was a truly awe-inspiring experience.

It is a place where the beauty of nature and the warmth of its people create an unforgettable and enriching experience.

How would you describe your style?

I am a big champion of Nigerian fashion. I have an extensive and eclectic wardrobe, which is anchored on my love for vibrant colours and interesting silhouettes. Whether it is a pair of aso-oke trousers or an adire gown, my wardrobe helps me to keep a bit of home with me wherever I go. I love the transformation that is happening in Nigerian fashion now, where we are doing fashion with our prints, inspired by our silhouettes and on our terms. It makes me feel powerful by extension.

I think Nigeria is such a wonderful environment to ‘play’ with fashion. What could be considered over the top in England might be considered understated here. So, one has a great blank canvas on which to express one’s style without being judged. I believe my style encompasses the various aspects of my personality, appearance, and behaviour. I believe in dressing well, and a positive attitude not only contributes to my well-being but also adds the perfect finishing touch to any outfit.