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Business tycoon and Chairman of CFL Group of Companies, Lai Omotola, has offered crucial advice to President Bola Tinubu on enhancing Nigeria’s economy.
Speaking at the CFL Group’s end-of-year news conference in Maryland, Lagos, Omotola emphasised that the government must intensify efforts to build citizens’ trust through transparency in all its dealings. He stressed that prioritising people-oriented programmes was essential for economic growth.
Omotola highlighted the critical role of infrastructure in economic development, noting that a nation lacking solid infrastructure cannot move goods or people effectively, thereby stalling progress. He criticised the N4.06 trillion allocated for infrastructure in the 2025 budget as insufficient, arguing that with projects like the Lagos-Calabar Coastal Highway in progress, the budget should be significantly higher.
He also called on entrepreneurs to collaborate with the government in key sectors such as energy, aviation, agriculture, and infrastructure. Additionally, he urged banks to innovate in their support for the economy.
Regarding the role of citizens, Omotola stated: “While we cannot be denied the right to voice our opinions on the government, it’s important to recognise that change will only occur when everyone contributes their part.
We must engage in collective efforts and maintain an optimistic outlook.”
Discussing his company’s efforts to contribute to Nigeria’s economic development, Omotola disclosed that CFL Group’s initiative to build one million homes across the country in the next 10 years has commenced, with the company working alongside various stakeholders to realise the project.
“Despite the odds this year, we have forged ahead against numerous business challenges. We have expanded our property business and initiated ‘The Grace Project,’ aiming to develop one million homes in the next decade. We are partnering with various stakeholders to achieve this goal,” Omotola concluded.
