‘Why Nigerians Witness High Business Mortality’

A United Nations official, Dr Ejeviome Otobo, yesterday in Lagos said that the inability of Nigerian entrepreneurs to sustain their investments was responsible for the high rate of business mortality in the country.

Otobo, deputy head of the UN Peace Building Support Office urged local businessmen to promote sustainable investments.

The UN official, who spoke at a retreat of the New Partnership for Africa’s Development (NEPAD) Business Group, said that the lack of sustainability had affected private businesses in Nigeria.

“There are at present no traces of such early Nigerian private businesses such as Odutola Tyres and others in this country anymore. These were private companies that provided employment and boost our economy in the past,” Otobo said.

Otobo urged the NEPAD Business Group in Nigeria to re-design its orientation to move from growth phase to consolidation phase.

He also urged the group to periodically hold dialogue with the Federal Government on its policy implementation.

“As Nigeria consolidates her democracy, it will require a thriving private sector that creates employment, produces goods and services needed by the citizens and exports,’’ he said.