Chief Executive Officer of SBI Limited, has expressed grave concerns regarding Nigeria’s high cost of doing business, emphasizing how the harsh operating conditions are negatively impacting the manufacturing sector and leading to substantial financial losses.
In a statement released after SBI Limited’s four-day conference and the unveiling of its new stem cell simulator, Allemax, Newman pointed out the severe implications of the challenging business environment in Nigeria. He revealed that the sector is experiencing a decrease in productivity and competitiveness, with estimated losses reaching ₦1.5 trillion.
Newman highlighted the urgent need for the Nigerian government to create a more enabling environment for businesses. He advocated for policy measures that would include providing single-digit loans to support local enterprises, thus enabling them to compete more effectively with foreign brands.
“The harsh business environment in Nigeria is significantly impacting the manufacturing sector, causing decreased productivity and competitive disadvantage,” Newman stated. “We understand that the government cannot address all the challenges alone, but there must be a concerted effort to support businesses, especially those that create wealth and employment opportunities for the youth.”
The conference, themed “The New Oil Well: Towards Total Wellness and Financial Freedom,” aligned with calls for economic diversification beyond the country’s primary reliance on crude oil. The event underscored the need for broader economic strategies that incorporate various sectors to drive growth and stability.
Newman also stressed the importance of corporate social responsibility (CSR) in SBI Limited’s mission. The company has committed to providing complimentary health services to its host community in Ikeja, reflecting its dedication to social impact and community development.
“Our organisation, Straight Business Integrated (SBI), operates under a divine mandate, stemming from the Zed Fate Foundation International,” Newman explained. “This initiative is a platform designed to positively impact lives, not only within Nigeria but across the broader African continent.”
Newman’s aspirations extend beyond improving living conditions in Nigeria. His focus includes enhancing the health and well-being of communities through innovative therapeutic products. SBI Limited’s research efforts began in 2018, with substantial investments channeled into aligning projects with international standards. Partnerships with entities from Israel, India, England, and Nigeria have been pivotal in these endeavors.
“The research alone consumed a significant portion of our profits, but it was essential for developing diverse product lines,” Newman noted. “SBI provides a robust multilevel platform that allows ordinary individuals to participate in our marketing framework, thereby fostering sustainable wealth creation opportunities and promoting financial autonomy.”
In summary, Newman’s statements shed light on the critical challenges facing businesses in Nigeria, while also highlighting the opportunities for growth and development through strategic government support, economic diversification, and community-focused initiatives.
