Firm decries cost of doing business in Nigeria
SBI Limited's CEO, Daniel Newman, has expressed concern about Nigeria's high cost of doing business.In a statement released to PUNCH Online on Sunday following its four-day conference and the unveiling of its stem cell simulator, Allemax, Newman expressed concern that the harsh operating terrain is affecting production costs and product distribution across the country.
According to reports, the harsh business environment in Nigeria is causing significant negative impacts on the manufacturing sector, decreasing productivity and competitiveness and resulting in an estimated ₦1.5 trillion in losses.
"We know that the government cannot do it all, but once there is an opportunity like this that pays and creates wealth and employment opportunities for youths, the federal government must create an enabling environment for these businesses, giving single digits loans for businesses to compete with foreign brands."
He stated that this year's conference team, titled "The New Oil Well: Towards Total Wellness and Financial Freedom," is in line with calls for Nigeria's economy to diversify beyond crude oil, which is the country's mainstay.
He also stated, "We place a strong emphasis on corporate social responsibility, which demonstrates our commitment to giving back to society by providing complimentary health services to our host community in Ikeja.
"Our organisation, Straight Business Integrated (SBI), is a divine mandate from the Zed Fate Foundation International." This initiative, which I created, serves as a platform for positively impacting people's lives.
He stated that his goal is to improve the living conditions of all Africans, not just Nigerians.
"This aspiration inspired me to conduct extensive research on therapeutic products with the potential to improve the health and well-being of our communities."
"In 2018, we began conducting research with partners from Israel, India, England, and a fellow Nigerian. Substantial capital investment was directed toward aligning our projects with international standards. Since 2018, a significant portion of the proceeds from our ventures have been reinvested in business development and expansion," he stated.
He stated that the research initiatives alone consumed a significant portion of its profits in the production of various product lines.
"From a business perspective, SBI provides a strong multilevel platform that enables ordinary people to participate in our multilevel marketing framework, resulting in long-term wealth creation opportunities. The framework promotes income generation and financial autonomy for Nigerians at all levels, ultimately reducing poverty.
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