In a compelling address directed at President Bola Tinubu, Dr. Sijibomi Ogundele, the astute Managing Director of Sujimoto Group, has succinctly unveiled the veritable stumbling block hindering the advancement of Nigerian entrepreneurs—access to capital. This candid assertion was unveiled within an open letter, titled ‘Government Has No Obligation to Support Businesses’, a missive that Ogundele issued to the press on Saturday.
Eminently perceptive, Sijibomi cogently expressed that funding, undeniably, stands as the catalytic fuel propelling innovation, birthing novel businesses, and ushering in a new era of products and services to the market. With resolute clarity, he advocated for a transformative shift within the governmental sphere—an impetus that would prompt financial institutions to innovate, creating an intellectual and creative collateral framework tailored to businesses bereft of conventional physical collaterals, such as lands or properties.
Elaborating on this perspective, the Czar of Luxury Real Estate Development astutely emphasized the dire need for the current political landscape to sever the Gordian knot of bureaucratic complexities. This, he affirmed, could be achieved by streamlining the labyrinthine process involved in initiating and operating businesses, a pivotal step in nurturing and nurturing an entrepreneurship culture that thrives—particularly among the youth demographic.
Drawing a pointed comparison, Ogundele illuminated the fact that nations like Singapore and the United Arab Emirates, perched atop the World Bank’s Ease of Doing Business Index, have ascended the ranks due to their business-friendly policies. In stark contrast, Nigeria, a nation of boundless potential, languishes beyond the threshold of the top one hundred. Armed with this insight, he urged for a seismic shift that would liberate Nigerian businesses from the shackles of cumbersome regulations.
The Real Estate Mogul eloquently articulated that while not every government is compelled to function as a crutch for businesses, a moral imperative exists for governments to align with businesses as collaborative partners. This synergy, he asserted, is a cornerstone upon which the edifice of a flourishing business community stands—a flourishing business sector that invariably contributes to the holistic prosperity of a nation.
Scrutinizing the global landscape, Ogundele underscored how nations like Egypt and Singapore resolutely champion localized production and embrace local enterprises, breathing life into the very essence of the business fabric. With unwavering conviction, he urged the Nigerian government to pioneer stimulus packages tailor-made for businesses and homegrown entrepreneurs, thereby nurturing a fertile ground for dreams to sprout, job opportunities to burgeon, and foreign exchange to prosper.
The path forward, according to Sijibomi, does not entail handouts but rather entails the provision of affordable and accessible loan packages, carefully calibrated for specific durations. He invoked the hypothetical scenario of Elon Musk, a visionary entrepreneur, potentially relegated to a humble corner in Lagos’ bustling Computer Village due to the insurmountable barriers posed by inadequate funding. Analogously, Steve Jobs’ masterful innovations may have been stifled were it not for the substantial investments made by the US government in research and development.
Venturing deeper, Ogundele delved into the economics of sustenance, revealing the glaring price disparity in a quintessential staple—rice. While a 50-kg bag of rice commands a price tag of N42,000 from mills and escalates to N52,000 within supermarkets, an astonishing contrast emerges at the Seme Border in the Republic of Benin, where the same bag fetches a mere N22,000. Ogundele’s prescription for driving the price southward is rooted in local paddy cultivation and the establishment of rice mills across individual states, substantially curbing the cost and transforming the food landscape.
Sijibomi then divulged the aspirations of Suji Farms Estate, a visionary endeavor aimed at enabling Nigerians to cultivate the nation’s paddy, usher it through the milling process, and subsequently distribute it to supermarkets across the country. This ambitious endeavor, slated for realization within the next 24 months, aims to slash the price of a rice bag from a staggering N52,000 to an affordable N35,000. Beyond reducing costs, this endeavor is poised to elevate human capital development and bolster the nation’s food security.
Yet, Ogundele’s wisdom shines through as he magnanimously acknowledges that Suji Farms Estate stands as one beacon amidst the entrepreneurial galaxy. He fervently advocates for the government to foster partnerships with innovative agro-entrepreneurs, endowing them with accessible, affordable, and hassle-free capital.
In his call to action, encapsulated in the resonating “7 Pillars to Tackle Economic Deprivation in Nigeria,” Ogundele reiterates the clarion call for funding opportunities as the primary step to surmount the entrepreneurial hurdles. His words reverberate as a rallying cry, a powerful summons to unshackle the potential of Nigerian businesses from the chains of insufficient funding.
