The Group Managing Director and Chief Executive Officer (CEO) of CFL Group of Companies, Lai Omotola, has said that the N4.06 trillion allocated for infrastructure in the 2025 budget is far too low.
President Bola Tinubu on Wednesday, presented a N49.7 trillion budget to the National Assembly for approval for the 2025 fiscal year, out of which N4.06 trillion was earmarked for infrastructure.
Speaking at the CFL Group’s end-of-year news conference in Maryland, Lagos, on Friday, Omotola, when asked to comment on the allocation for infrastructure, expressed his concerns, stating that the amount was inadequate.
He argued that with projects like the Lagos-Calabar Coastal Highway in progress, the infrastructure budget should have been significantly higher.
Omotola emphasised that no economy could truly develop without adequate mobility for its people.
He pointed out that a nation lacking solid infrastructure could neither move goods nor people effectively, which would ultimately hinder its development.
He also highlighted various challenges faced by Nigerians, from fuel price hikes to foreign exchange issues and rising food costs, among others.
Despite these hurdles, he praised the resilience of Nigerians, noting that they had overcome numerous obstacles and were steadily moving towards stability.
However, he acknowledged that the challenges remained formidable.
Omotola stressed the importance of staying hopeful, maintaining a positive outlook, and believing that the country would eventually get things right, despite the harsh business environment.
At CFL Group, he said they had not anticipated the full scale of the economic challenges but had managed to remain competitive and expand their influence across major sectors.
Omotola also acknowledged that while individual purchasing power had significantly decreased, there was still market potential.
He said in spite of these challenges, CFL Group had made strides in its property business, launching The Grace Project, with a plan to develop one million homes over the next 10 years in partnership with various stakeholders.
Additionally, the CEO stated that the company had begun test-running its premium rice brand, ‘Omotola Rice,’ to address food scarcity, alongside plans to build an agricultural mall at Mile 12.
Omotola stressed that successful entrepreneurs had the potential to drive the country’s economy to greater heights, but they needed to collaborate with the government, particularly in sectors such as energy, aviation, agriculture, and infrastructure, while calling for more creative support from banks to stimulate the economy.
Turning to the government, Omotola urged them to work harder to regain citizens’ trust through transparency and people-oriented programmes.
While acknowledging that citizens had the right to voice their opinions, he emphasised that real change could only come if everyone contributed their fair share.
He called for a collaborative effort, expressing optimism for the future.
In terms of security, Omotola argued that the best way to tackle insecurity was through infrastructure, adding that increasing security votes was not a viable solution.
He also warned that 2025 would be a challenging year and stated that it would be the government’s last opportunity to turn things around.
He believed that the foundation for this change needed to be laid by December 2024.