The Firm Criticizes The High Business Costs in Nigeria.
Daniel Newman, the Chief Executive Officer of SBI Limited, has raised concerns regarding the high cost of doing business in Nigeria. In a statement released to Dandali Online following a four-day conference and the launch of their stem cell simulator, Allemax, he highlighted how the challenging operating environment is adversely affecting production costs and product distribution nationwide.
He pointed out that reports indicate the harsh business climate in Nigeria significantly impacts the manufacturing sector, resulting in decreased productivity and competitiveness. This situation has led to estimated losses of around ₦1.5 trillion for the industry.
Newman acknowledged that while the government cannot address all issues alone, it is crucial for the federal government to foster an environment that promotes business growth. He emphasized the need for initiatives that provide single-digit loans, enabling local businesses to compete effectively with foreign brands.
During the conference, themed “The New Oil Well: Towards Total Wellness and Financial Freedom,” he stressed the importance of diversifying Nigeria’s economy beyond its reliance on crude oil, which has traditionally been the country’s economic backbone.
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He also underscored the significance of corporate social responsibility, noting that SBI is committed to giving back to the community by providing complimentary health services to their host community in Ikeja.
Newman elaborated on the mission of his organization, Straight Business Integrated (SBI), describing it as a divine mandate that originated from the Zed Fate Foundation International. This initiative, which he conceived, aims to create a positive impact on individuals’ lives.
His aspirations extend beyond merely improving the living conditions of Nigerians; he envisions broader benefits for the entire African population. Newman is dedicated to making a difference across the continent.
In summary, he calls for collaborative efforts to enhance the business landscape in Nigeria, ensuring that local enterprises can thrive and contribute to the nation’s economic growth.
