The Group Managing Director and Chief Executive Officer (CEO) of CFL Group of companies, Lai Omotola, on Thursday stated that the present hardship facing the nation could not be resolved by the government alone.
He asserted that the solution lay in a joint collaboration between the government and the private sector.
According to The Alarmee, Omotola spoke at a news conference to mark the 26th anniversary of CFL Group in the Maryland area of Lagos, Southwest Nigeria.
“Let it be clear that our present hardship cannot be resolved singularly by the government but by joint collaboration with the private sector,” he remarked.
He lamented that the country was experiencing some of the most challenging times in its history, emphasising that while the hardship persisted, so too did opportunities.
“We must not give in to the hardship but rise to the challenge and defeat it. This should be our attitude,” he urged.
Omotola claimed that it would be entrepreneurs, not politicians, who would change the nation’s fortunes, as demonstrated in every developed country.
He argued that the role of government was either to stifle private enterprise or promote it.
“Entrepreneurs will build houses, schools, hospitals, roads, and railways, provide electricity and energy, and enable connectivity and entertainment. Our continuous fixation on the government—believing that we cannot thrive until the government acts—is a flawed doctrine that should be discarded forthwith. Government will continue to be government.
“As entrepreneurs, we should be able to adapt to the ever-changing policies of government. If government policy kills businesses, it should not kill the entrepreneurs,” he stated.
Omotola pointed out that Nigeria had some of the most detrimental business elites, who had drained the nation without delivering any return value.
“How do you explain over N40 trillion spent on fuel subsidies over the past 28 years? How do you explain N10 trillion spent on agriculture during Buhari’s regime? How do you explain N8 trillion absorbed by AMCON from bad bank loans? The CBN allocated N10 trillion for various interventions.
“Today, the price of petrol exceeds N1,000, with the introduction of Band A from Discos and all failures of the business elite, who have mismanaged enterprises while we, as customers, suffer.
“How do you explain how a business elite can afford a Rolls Royce and an aircraft while still in billions of naira of debt to the banks, living a lavish lifestyle on borrowed money? I can only explain that they secure court orders and continue to profit from bank loans and government contracts,” he lamented.
Omotola continued, “Why are all these funds for development stashed away in foreign accounts, which has led to the decline of our industries, resulting in joblessness and contributing to insecurity? Consequently, a significant portion of our budget goes towards combating insecurity.
“A large percentage of our business elite benefit from foreign exchange. Even more troubling are the large companies involved in foreign exchange trading and money laundering. This is a disgrace; such occurrences would not be tolerated in any developed country. These individuals remain unrepentant.
“Some may ask why blame only businesspeople and not politicians. Every politician requires a businessperson to commit fraud, making it an issue of giver and taker. I am not in government, and I will not speak on their behalf. My constituency is the business community.”
Omotola concluded that the economic challenges the nation faced were not insurmountable, stating that the real difficulty arose when individuals accepted jobs they were ill-equipped to perform.
