Lai Omotola: Entrepreneurs, not politicians, will change Nigeria’s fortune

Lai Omotola, the chief executive officer of Confederated Facilitators Limited (CFL) Group, says Nigeria’s future lies in the hands of entrepreneurs rather than politicians.

He spoke on Thursday during a press briefing to mark the 26th anniversary of CFL Group.

Omotola noted the role of private-sector collaboration in overcoming the country’s economic challenges.

He urged citizens to rise to the challenge despite the country’s economic difficulties. He further stated that the government cannot resolve economic issues alone, as collaboration with the private sector is essential for progress.

“This is the most challenging time in the life of our nation, and we don’t need to say what you already know as to how citizens are suffering like never before. As the hardship persists, so does the opportunity, and we must not give in to the hardship but rise to the challenge and defeat it. This should be our attitude,” Omotola said.

“Let it be clear that our present hardship cannot be resolved singularly by government but by the joint collaboration with the private sector. Entrepreneurs and not politicians will change the fortunes of this Nation as seen in every developed country. The role of government is to either kill private enterprise or promote enterprise.

“Entrepreneurs will build houses, build schools, build hospitals, build roads, build rails, provide electricity, and allow us to speak to ourselves by providing connectivity and entertainment. Our continuous fixation on government such that until the government does it, we cannot live is a wrong doctrine which should be dispensed with forthwith. The government will continue to be the government.

“As entrepreneurs, we should be able to adapt to ever-changing government. If government policy kills businesses, it shouldn’t kill the entrepreneurs.”

On the company’s plan, Omotola said the organisation hopes to introduce technology into agriculture and also bridge the housing deficit gap in the country.

“In two days, on October 26, 2024, our group will be 26 years old. Over the years, we have weathered various challenges such as banking reforms, economic recessions, insecurity, FX crises, fuel shortages, and now, the current economic hardship,” Omotola said.

“In a country where most businesses collapse within five years, 26 years is indeed worth celebrating.

“Regarding our business, we are pleased to announce that our PPP project with Ikeja Local Government has been fully resolved, and construction is progressing well.

“We expect early delivery between December 2024 and the first quarter of 2025, marking 15 years of work on the project. Additionally, we have 18 real estate projects across Lagos awaiting government approvals.

“We are also raising funds to launch a nationwide ‘One Million Homes’ development, known as the Grace Project. In agriculture, we’ve launched Tech Farmers, integrating technology to accelerate farming. Next year, we plan to begin backward integration into our construction sector, manufacturing our materials, which will create jobs and reduce costs.”