Entrepreneurs will boost economic growth—CFL boss

The Group Chief Executive Officer of CFL Group of Companies, Lai Omotola, has stated the efforts of entrepreneurs will determine Nigeria’s future rather than politicians.

Omotola said this during the company’s recent 26th anniversary in Lagos.

He remarked, “Entrepreneurs and not politicians will change the fortunes of this nation, as seen in every developed country.

“The role of the government is to either kill private enterprise or promote enterprise. In these 26 years, we have weathered storms, such as banking reforms, economic recessions, insecurity, FX crises, and the current economic hardship.”

Omotola reflected on his more than two decades in construction and real estate, noting that Nigerian entrepreneurs required a stable environment, business-friendly policies, and supportive regulations.

He argued that such an environment was critical to job creation and sustainable economic growth.

Omotola charged the government with fostering a business-friendly atmosphere, urging Nigerians to be less dependent on the government.

“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.”

He criticised the conduct of some business elites, questioning the over N40tn spent on fuel subsidies over the last 28 years and the N10tn intervention in agriculture during former President Muhammadu Buhari’s administration.

He added, “How do you explain how a business elite can buy a Rolls Royce and aircraft, be billions in debt to banks, and yet live a lavish lifestyle?”

Also, Omotola announced a tech-driven agricultural initiative and a housing project to address Nigeria’s housing deficit.

“We are putting funds together to launch a one million-home development known as the Grace Project across the nation,” he revealed, adding that the project’s launch date would be announced soon.

The CFL Group boss also highlighted plans for ‘Tech Farmers’, a new agricultural group focused on leveraging technology to ensure food security.

Omotola outlined a backward integration strategy within CFL’s construction arm, stating, “Our team of 25 companies will now manufacture and deliver all our construction materials in-house, creating more jobs and offering competitive pricing to subscribers.”