The Chief Executive Officer, SBI Limited, Daniel Newman, has expressed concerns over Nigeria’s high cost of doing business.
In a statement made available to PUNCH Online on Sunday after its four-day conference and unveiling of its stem cell simulator, Allemax, Newman lamented that the harsh operating terrain is affecting production costs and product distribution across the country.
He said, “According to reports, the harsh business environment in Nigeria is having significant negative impacts on the manufacturing sector, decreasing productivity and competitiveness and leading to an estimated ₦1.5 trillion in losses for the sector
“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 said this year’s conference team tagged, “The New Oil Well: Towards Total Wellness and Financial Freedom” aligns with the calls for diversification of Nigeria’s economy other than just crude oil which is the mainstay of the country’s economy.
He also said, “We place significant emphasis on corporate social responsibility which underscores our commitment to giving back to society through the provision of complimentary health services to our host community in Ikeja.
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Our organisation, Straight Business Integrated (SBI), is a divine mandate, originating from the Zed Fate Foundation International. This initiative, conceived as my brainchild, serves as a platform for positively impacting the lives of individuals.”
He noted that his aspiration extends beyond improving the living conditions of Nigerians to encompass the broader African populace.
“This aspiration led me to delve into extensive research on therapeutic products with the potential to enhance the health and well-being of our communities.
“In collaboration with partners from Israel, India, England, and a fellow Nigerian, our research endeavors commenced in 2018. Substantial capital investment was channeled towards aligning our projects with international standards. Since 2018, a significant portion of the proceeds generated by our ventures have been reinvested in business development and expansion,” he averred.
He pointed out that the research initiatives alone consumed a substantial portion of its profits in the production of diverse product lines.
“From a business perspective, SBI offers a robust multilevel platform that empowers ordinary individuals to engage in our multilevel marketing framework, thereby engendering sustainable wealth creation opportunities. This framework ensures income generation and financial autonomy for
Nigerians across all strata, ultimately mitigating poverty,” he said.