Entrepreneurship critical to retooling Nigeria’s economy – CFL Group

…Plans ‘Omotola Rice’ to tackle food scarcity

Entrepreneurship and effective public-private partnership (PPP), especially in infrastructure development, are critical to retooling Nigeria’s economy, create jobs, and rescue the citizens from despondency, Lai Omotola, group managing director/CEO, CFL Group, has said.

This is also as the group announced plans to tackle Nigeria’s rising food scarcity and promote economic growth, with soon to be test run ‘Omotola Rice’, premium rice brand, as well as the establishment of an Agric Mall at Mile 12 in Lagos State.

Omotola, who addressed a press conference in Lagos at the weekend, said that the quality of Omotola Rice sourced from the northern region of Nigeria would be comparable to imported varieties. The initiative, he noted, was aimed at providing affordable, high-quality rice amid the nation’s economic challenges.

“The situation of the economy does not give room for many options. People are looking for quality at a cheaper rate. While rice production and importation are insufficient to meet public demand, we believe our efforts will help bridge the gap and stabilise prices,” he stated.

Omotola emphasised the crucial role of entrepreneurship in Nigeria’s economic recovery, calling for stronger collaboration between entrepreneurs and the government across key sectors, including finance, energy, agriculture, aviation, and infrastructure.

“Successful entrepreneurs can lift this economy to greater heights. However, banks need to be more creative in their support for the economy, while the government must work harder to gain citizens’ trust through transparency and people-oriented programmes,” he added.

Omotola urged Nigerians to adopt a collaborative approach and reduce excessive criticism of the government, stressing that entrepreneurship, not government intervention, is the primary driver of job creation and economic growth.

“It is naive to think the government will solve all our problems or provide all the jobs. Entrepreneurs are the ones who build the economy. Nigerians must remain optimistic and focus on opportunities despite the daunting challenges,” he said.

While acknowledging the harsh business environment—marked by fuel hikes, foreign exchange crises, and rising food costs, he said, while commended Nigerians for their resilience and optimism.

“We must keep hope alive and remain positive that one day we will get it right, even as the challenges remain daunting,” he noted.