Risky Proposition: Peter Obi Deems Venturing into Nigerian Business Environment as Potentially Disastrous

Mr. Peter Obi, the Labour Party’s presidential candidate in the recent general election, has expressed his concerns about the lack of government support for commerce, industry, and wealth creation in Nigeria. He described the prospect of doing business in the country as extremely challenging and even likened it to a suicidal endeavor.

Obi further highlighted the disparity between Nigerian companies and their counterparts in parts of Asia that are also listed on stock markets. While companies from Asia are thriving and prosperous, Nigerian businesses are struggling to stay afloat or have already closed down.

Speaking at the 40th Anniversary celebration of Cutix Plc and the farewell event for Ambassador Obi Nwosu, the co-founder and former Chairman of the company, Mr. Obi emphasized that the fundamental issue lies in having individuals without a track record of wealth creation or job generation at the helm of national affairs.

Mr. Obi, a former Governor of Anambra State, shared, “Regrettably, doing business in Nigeria is an arduous task, and engaging in business activities often feels like facing insurmountable challenges. When Cutix Plc was initially listed on the Nigerian Stock Exchange, similar companies from Asia also went public. However, today, those Asian companies have achieved affluence, a far cry from the situation here in Nigeria.”

He further stressed the necessity for the federal government to offer substantial support to these companies, emphasizing that they are the drivers of job creation and economic transformation. Reflecting on his tenure as Governor, Mr. Obi mentioned his collaboration with Cutix Plc to build a road, wherein both the company and the government shared the cost.

Mr. Obi also commended the long-standing commitment of Ambassador Nwosu and Cutix Plc’s founder, Engr Dr. Ajulu Uzodike, who have contributed to the company’s 40-year success story.

Ambassador Nwosu expressed his delight in the achievements of Cutix Plc and referred to Engr Ajulu Uzodike as a close associate who viewed the company as a collective effort to foster wealth creation through partnerships.

Founder Engr Dr. Ajulu Uzodike praised Ambassador Nwosu’s contributions to the company’s growth and expressed his intention to continue working together post-retirement to manage the company’s shareholder affairs effectively.

Sen Victor Umeh, representing Anambra Central Senatorial District, lauded Cutix Plc as a valuable asset to Nigeria and the South East region. He encouraged the company’s staff and management to persist in their efforts to overcome economic challenges and ensure the company’s continuous growth.

In other news, Remo Stars and Enyimba have been eliminated from the CAF Champions League, a US-based group has endorsed Agbonayinma for the Edo gubernatorial race in 2024, and a young talent named Yamal has shone brightly as Barcelona narrowly defeated Villarreal in a thrilling seven-goal match. Additionally, energy experts estimate that Nigeria will require N2 trillion to achieve net-zero emissions by 2060, and an expert has appealed to Gov Eno to invest in tourism to boost Internally Generated Revenue (IGR).

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like