Chidinma Iroegbu
The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has urged Nigeria to prioritise entrepreneurship, innovation and enterprise development, warning that excessive focus on politics is undermining economic growth and job creation.
Speaking at the This Generation Conference 2026 organised by Summit Bible Church in Abuja, Obi said nations achieve sustainable prosperity when productive sectors receive greater attention than political power struggles.
He argued that Nigeria’s current economic structure rewards politics more than business, stating that, “Any society where people prosper more in politics than in business is a failed society.”
Obi identified high lending rates as a major challenge confronting entrepreneurs, noting that many small and medium-scale enterprises are struggling to survive due to expensive access to credit.
According to him, businesses cannot expand or create jobs when borrowing costs remain prohibitive, adding that “No business will survive on 35 per cent interest rate.”
The former Anambra State governor said commercial banks increasingly prefer lending to government institutions rather than supporting productive private-sector investments.
Drawing lessons from countries such as Japan and Singapore, he stressed the need for affordable financing policies capable of stimulating innovation, manufacturing and employment generation.
Obi also encouraged young Nigerians to embrace resilience, discipline and consistency, describing them as critical values for building successful enterprises and sustainable wealth.
Earlier, Senior Pastor of Summit Bible Church and convener of the conference, Dr. Andy Osakwe, urged participants to pursue goals that create lasting societal impact rather than focusing solely on personal advancement.
Osakwe said productivity requires a combination of faith, knowledge and professional competence, while the conference featured business sessions, panel discussions, prayers for Nigeria and presentations by leading entrepreneurs and business executives.