Nigeria’s High Cost of Doing Business: CEO SBI Limited Laments
In a statement released on Sunday, Daniel Newman, Chief Executive Officer of SBI Limited, expressed concerns over Nigeria’s high cost of doing business. The statement came after a four-day conference and the unveiling of the company’s stem cell simulator, Allemax.
Newman lamented that the harsh operating terrain is affecting production costs and product distribution across the country. According to reports, the harsh business environment in Nigeria is having significant negative impacts on the manufacturing sector, decreasing productivity and competitiveness, and leading to an estimated ₦1.5 trillion in losses for the sector.
The CEO emphasized the need for the federal government to create an enabling environment for businesses to thrive, providing single-digit loans for businesses to compete with foreign brands. He also highlighted the importance of corporate social responsibility, committing to giving back to society through the provision of complimentary health services to the host community in Ikeja.
SBI Limited, founded by Newman, aims to positively impact the lives of individuals and has extended its aspiration beyond improving living conditions in Nigeria to encompass the broader African populace. The company has been conducting extensive research on therapeutic products with the potential to enhance the health and well-being of communities.
Newman’s research endeavors, which began in 2018, have led to the production of diverse product lines. He emphasized that SBI Limited offers a robust multilevel platform that empowers ordinary individuals to engage in its multilevel marketing framework, thereby creating sustainable wealth opportunities and mitigating poverty.
With the company’s mission to positively impact lives, SBI Limited is poised to make a significant impact in Nigeria and beyond.
