Lai Omotola, group managing
director of CFL group, says some ministers in President Muhammadu Buhari’s
cabinet have to go for the government to succeed.
Omotola said this during an
interactive session with journalists in Lagos on Thursday.
He said some policies of the
current administration have had negative effect on the country, adding that to
say the economy is challenged is an understatement.
“The truth of the matter is that
our economy is dangerously moving downwards. Every nation depends on a strong
economy to have peace. Nigeria cannot be an exception. The current economic
challenges we face are caused by four ministers and a governor,” he said.
“There’s a fundamental problem
with our president, in everything in life, one is not suppose to know
everything in life but the chief executive is suppose to know those that know.
“I don’t have to know everything
about the economy but I should be able to spot people that know and will
deliver.”
Omotola also faulted President
Muhammadu Buhari on the economy, listing steps he feels the president ought to
have taken.
“The issue of economy is the
major weakness of our president and it’s too late for him to acquire the
skills,” he said.
“There’s nothing so difficult
about the economy of Nigeria. The Nigerian economy is an economy that is simple
to handle and you asked what I would do differently.
“First thing I will do is to sack
these ministers… the president of the nation that was voted for must have a
blueprint, an economic philosophy that the CBN must align with.”
Still on the economy, Omotola
said economy prosperity cannot be based on a “cut and paste of IMF and World
Bank economic model”.
“The model is hinged on heavy
investment on infrastructure. In as much as this is good, the impact on our
economy has been little. The problem is that we can not just say to ourselves
that by just doing one thing, the economy will come out better,” he said.
“When you listen to this
government reel out its achievements, the first thing they mention is
infrastructure.”
He also lamented over the effect
of government policies on the private sector.
“The federal government has taken
a lead in doing business instead of allowing the economy be driven by the private
sector not knowing that the wealth of the citizens is the wealth of the
nation,” he said.
“The purchasing power of people
has been greatly eroded. Today, our economy has been reduced to a
pedestrian/penchant economy as exemplified by trader moni of N5,000,000.00.”
Omotola highlighted what he
considered as loopholes in the transportation sector, saying for the Nigerian
economy to be buoyant, we must possess the ability to move persons and goods
without let or hindrance.
“Transportation must be seamless,
integrated and efficient. Today, the only thing we hear from ministry of
transportation is rail and yet major rail projects that will catapult the
economy remain comatose,” he said.
“We have embarked on rural rail
projects that cannot be seen by urban people that contribute majorly to the
GDP.
“Look at the blue line in Lagos,
the light rail project from Okokomaiko to Marina. One would have thought that
the Buhari government that destroyed the metro rail would have compensated
Lagosians by helping to complete the light rail project.
“Take a look at the rail corridor
at our port. The port that brings the most revenue and all we see are rhetoric
and drama. For close to four years, there is no transportation reform and no
master plan.”
He also reeled out the
achievement of his company, saying they have made significant progress despite
the current state of the economy.
“In the beginning of 2018, we
continued with the construction of our two major projects – Triangular Business
Place, Lekki and Omotola Plaza, Ikeja, to the glory of God, we are 90 percent
done with these two projects,” he said.
“On our flagship project, the
Alade Mall, we have been able to take full possession of the site and clear the
site of every encumbrance. Unfortunately, we are unable to commence
construction as a result of our inability to complete our financial structure.
“But the good news is that just
yesterday we got a green light from our financiers. Consequently, we are
optimistic that we shall commence construction at the beginning of first
quarter of 2019.
“Also, we commenced our
entrepreneurship programme on radio in the course of the year. the building
where we are seated today, is the E-Boot Camp, our training centre for
entrepreneur which will be commissioned tomorrow.”
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