The Managing Director of Sujimoto Group, Dr. Sijibomi Ogundele has written President Bola Tinubu on the economic woes confronting the country and also suggested ways out.

In the statement issued by him to the media on Saturday, Dr. Sijibomi said there is no greater and more fascinating story than a flourishing economy that thrives on innovative businesses.

The Czar of Luxury Real Estate Development noted that intentional support for subsidising businesses and dreams is a strategic and intelligent thing to do as a nation.

He narrated that no start-up or entrepreneur can raise one naira in pre-seed funding without having to provide an arm and a leg in Nigeria today; hence, he demanded for physical collateral that cripples revolutionary ideas and quenches the visionary flames of entrepreneurship.

According to him, With over 200 million citizens and a pregnant economy that must be delivered through the surgical needle of proper restructuring, the Nigerian business landscape must recover from its 77 percent year-on-year funding decline, a sharp fall from the $2 billion that the startup ecosystem attracted between July 2021 and June 2022 to $470 million in the last year (July 2022 to June 2023). Dr. Ogundele told Pres. Tinubu that the hikes in food prices and transportation are slowly eating deep into the moral fabric of society as the economy continues to find its feet.

The Czar noted that uncommon entrepreneurs are forced to explore new terrains with the Jakpa syndrome, where countless of Nigeria’s brightest minds seek opportunities elsewhere, away from their homeland.

Dr. Sijibomi said even companies with over 100 employees are being forced out of business or in debt due to a series of negative funding, adding that an employee who earns N200,000 as a monthly salary today still struggles with the skyrocketing cost of living, which takes up more than 70 percent of the income.

Dr. Ogundele noted that this influences the decision of such staff to seek alternative ways of surviving while living in debt, even before salaries are paid (if paid on time or even ever paid after 3 months).

“Your excellency, there’s no greater and more fascinating story than a flourishing economy that thrives on innovative businesses.

“Thus, intentional support for subsidising businesses and dreams is a strategic and intelligent thing to do as a nation. “In Nigeria today, no start-up or entrepreneur can raise one naira in pre-seed funding without having to provide an arm and a leg. “A demand for physical collateral that cripples revolutionary ideas and quenches the visionary flames of entrepreneurship. “With over 200 million citizens and a pregnant economy that must be delivered through the surgical needle of proper restructuring, the Nigerian business landscape must recover from its 77 percent year-on-year funding decline, a sharp fall from the $2 billion that the startup ecosystem attracted between July 2021 and June 2022 to $470 million in the last year (July 2022 to June 2023).

“Asiwaju, as the economy continues to find its feet, the hikes in food prices and transportation are slowly eating deep into the moral fabric of society.

“Uncommon entrepreneurs are forced to explore new terrains with the Jakpa syndrome, where countless of Nigeria’s brightest minds seek opportunities elsewhere, away from their homeland.

“Even companies with over 100 employees are being forced out of business or in debt due to a series of negative funding. An employee who earns N200,000 as a monthly salary today still struggles with the skyrocketing cost of living, which takes up more than 70 percent of the income.

This influences the decision of such staff to seek alternative ways of surviving while living in debt, even before salaries are paid (if paid on time or even ever paid after 3 months).”

He said. The Real Estate Mogul related the country’s economic situation to that of a mosquito sitting on one’s scrotum, adding that the slightest amount of anger or irritation will lead to excruciating social and economic unrest. Dr. Sijibomi said all hopes are not dashed even as new ones are being created as businesses gradually move from brick-and-mortar into the digital space.

He stated that the criteria for support should shift from tangible to intellectual assets, where vision can be invested in with funding and monitoring timelines and milestones, creating an enabling environment where competence and integrity prevail over connections and deceit.

The Czar lamented that no Nigerian bank is able to give any entrepreneur, visionary businessman, or woman one naira without a property asset or fixed asset to be held as collateral, adding that amidst innovative thinking, financial engineering has crippled the growth of radical entrepreneurs, who have no problem with the presence of vision but lack everything in the acquisition of tangible collateral.

“Father, Nigeria’s current economic situation is like a mosquito sitting on one’s scrotum; the slightest amount of anger or irritation will lead to excruciating social and economic unrest. “Although all hopes are not dashed, in fact, new ones are being created as businesses gradually move from brick-and-mortar into the digital space.

“In today’s fast-paced society, the criteria for support should shift from tangible to intellectual assets, where vision can be invested in with funding and monitoring timelines and milestones, creating an enabling environment where competence and integrity prevail over connections and deceit.

“As it stands today, no Nigerian bank is able to give any entrepreneur, visionary businessman, or woman one naira without a property asset or fixed asset to be held as collateral.

“Amidst innovative thinking, financial engineering has crippled the growth of radical entrepreneurs, who have no problem with the presence of vision but lack everything in the acquisition of tangible collateral.” He said. (Saturday Independent)