Idea of doing business in Nigeria termed suicidal – Peter Obi

Mr. Peter Obi, the Presidential candidate from the Labour Party (LP), has expressed his dissatisfaction with the government’s lack of support for commerce, industry, and the creation of wealth. He characterized the idea of doing business in Nigeria as ‘suicidal’.

Obi went on to bemoan the contrasting situations of companies in parts of Asia, which were listed on stock markets alongside Nigerian companies. He observed that those Asian companies are thriving while their Nigerian counterparts have either shut down or are struggling to stay afloat.

These remarks were made by Mr. Obi during the 40th Anniversary event of Cutix Plc, where he was speaking in honour of Ambassador Obi Nwosu, the co-founder and former Chairman of the company who recently retired.

A former Governor of Anambra State, Mr. Obi, emphasized that the country’s challenges stem from having individuals without a track record of creating wealth or generating employment in leadership positions.

According to Mr. Obi, “Regrettably, doing business in Nigeria is an arduous task, and engaging in business activities here can feel like facing insurmountable obstacles. When Cutix Plc was first listed on the Nigerian Stock Exchange, similar companies from Asia and other parts of the world were also listed. However, today, those foreign companies are thriving, in stark contrast to those in Nigeria.”

Mr. Obi stressed that for these Nigerian companies to succeed, they require substantial support from the government. He argued that such companies are instrumental in creating jobs and revitalizing the economy, hence deserving of robust government backing.

He recounted his experiences during his tenure as Governor, where his administration, alongside Cutix Plc, collaborated to construct a road to the company’s premises. Mr. Obi highlighted his role in securing an ambassadorial appointment for Chief Odi Nwosu and extended his congratulations to both him and Cutix Plc’s Founder, Engr. Dr. Ajulu Uzodike, for maintaining the company’s stability over the past four decades.

Ambassador Nwosu, the co-founder and former Chairman of Cutix Plc, expressed his contentment with the company’s accomplishments, praising Engr. Ajulu Uzodike’s dedication to fostering a platform for widespread wealth creation through partnership.

Engr. Ajulu Uzodike, the founder of Cutix Plc, acknowledged Ambassador Nwosu’s contributions and expressed his commitment to collaborating with retirees to manage the company’s shareholder affairs effectively.

Senator Victor Umeh, representing Anambra Central Senatorial District, lauded Cutix Plc’s significance to Nigeria and the South East region. He urged the company’s staff and management to persevere in steering the company towards growth despite the challenging economic climate.