The Chief Executive Officer of SBI Limited, Daniel Newman, has raised alarms regarding the escalating cost of doing business in Nigeria. Following a recent four-day conference and the unveiling of their stem cell simulator, Allemax, Newman highlighted the detrimental effects of Nigeria’s challenging business environment on production costs and product distribution across the nation.
He stated, “The harsh business climate in Nigeria is significantly hampering the manufacturing sector, diminishing productivity and competitiveness, and resulting in estimated losses of ₦1.5 trillion for the industry.”
Newman emphasized that while the government cannot solely address these challenges, it is crucial for the federal government to foster an enabling environment for businesses that create wealth and employment opportunities for youth. He called for access to single-digit loans to help local businesses compete with foreign brands.
The theme of this year’s conference, “The New Oil Well: Towards Total Wellness and Financial Freedom,” highlights the urgent need for Nigeria to diversify its economy beyond its reliance on crude oil.
In his remarks, Newman stressed the importance of corporate social responsibility, showcasing their commitment to providing complimentary health services to the host community in Ikeja. He described his organization, Straight Business Integrated (SBI), as a divine mandate from the Zed Fate Foundation International, aimed at positively impacting community lives.
His vision extends beyond Nigerian well-being to encompass the wider African populace. This commitment spurred extensive research into therapeutic products capable of enhancing community health. Collaborating with partners from various countries, including Israel, India, and England, SBI has invested heavily in aligning its projects with international standards since 2018. A significant portion of the profits generated has been reinvested in business development and expansion.
Newman noted that research initiatives have consumed considerable profits, leading to the production of diverse product lines. He highlighted that SBI offers a robust multilevel marketing platform that empowers individuals to engage in wealth creation opportunities. This initiative aims to foster income generation and financial autonomy for Nigerians across all segments, ultimately contributing to poverty alleviation.
