The government has been urged to formulate and implement policies that would stabilise the Naira and control inflation to enable businesses to thrive in the country.
Innocent Nnamene, CEO, Centino Global Limited, made the call during an interview with journalists at the just concluded Lagos International Trade Fair, while also affirming that the government can also encourage entrepreneurship by providing a more stable economic environment and facilitating access to affordable financing.
Nnamene, an industrialist, stressed the need for the government to lower taxes for small and medium enterprises.
“Creating dedicated grants for startups, and easing regulatory processes would help reduce operational costs and encourage more business growth.
“Investments in infrastructure, especially in energy, can help businesses to operate more efficiently and sustainably,” he said.
Lamenting the present economic realities in the country, he decried that every sector is negatively affected.
“The current economic challenges in Nigeria, which include; rising inflation, foreign exchange shortages, and high operational costs are affecting businesses across the board.
“For companies like ours, these issues translate to increased production costs and slimmer margins.
“The way forward is a mix of resilience and strategic adaptation. Businesses need to innovate around these constraints, and for Centino Global, that means focusing on efficiency, local sourcing, and building a robust digital footprint to enhance customer reach,” he explained.
He decried the exit of foreign investors from Nigeria, amid its serious implications.
“Foreign investments bring not only capital, but also technology and expertise, which are crucial for economic growth and job creation. Their departure diminishes foreign exchange inflows, which could lead to further currency devaluation.
“It also signals a lack of confidence in the economy, which can impact the morale of local businesses. To address this, the government needs to create a more favorable environment for investment by tackling insecurity, ensuring transparent policies, and stabilising the economy,” he said.
Speaking of his firm, the Centino Global Limited boss stated that his decision to establish the organisation was driven by his vision to bring innovative, high-quality products to the Nigerian market, while creating an enduring brand that serves essential needs in the automotive industry.
The journey, he affirmed, has been both challenging and rewarding, adding that launching and growing Centino Global required dedication, resilience, and constant innovation.
“We have received encouraging feedback from our clients and distributors, and it has been fulfilling to see our products; Stallion 1 oil and Super Gold spare parts, being trusted by professionals and vehicle owners alike. Each milestone achieved has only reinforced our commitment to delivering more value’’.
He also commended the organisers of the trade fair, stating that it has continued to be an excellent platform for businesses to showcase their products and network.
For him, this year’s fair highlighted resilience among Nigerian businesses and the diversity of local industries, as well as provided the participants with valuable insights into the needs, expectations of customers and emerging market trends.
He was optimistic that improved organisation and infrastructure could elevate the experience, making it more accessible and beneficial for both participants and visitors.
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