FG Should Invest In SMEs, Not Infrastructure, Says Obi

Former Governor of Anambra State, Peter Obi, has decried the
policy of the federal government which focuses more on the
provision of infrastructure while allegedly neglecting the Small
and Medium Enterprises (SMEs).

Obi condemned such policy yesterday while speaking on Arise News
network Morning Show programme.

He said many countries that have tackled their problem did not
use infrastructure as a prop to drive the economy.

The vice-presidential candidate in the 2019 Nigerian general
election asserted that poverty should not be seen as a scary thing;
rather, he cautioned that what should be the focus is if the
country is making wise and proper investment.

According to him, “I have said it severally that SMEs drive the
economy of every country. Poverty is something that is seen all
over the world. It happened in China. Everybody is aware that China
pulled over 400 million people out of poverty. It also happened in
India, but in five years, they pulled over 200 million people out
of poverty. It happened in Vietnam also.”

He used Bangladesh as a case study of how any country can
successfully drive its economy by investing in education and
SMEs.

Obi noted that as of 2008, the Bangladeshi GDP was $101 billion,
the per capita was $753, while the debt was $50 billion, which
represented 50 percent of the GDP size.

The Peoples Democratic Party (PDP) vice presidential candidate
in the 2019 elections stated that the Bangladeshi economy is
presently worth over $300 billion while the per capita has jumped
three-fold from $753 to over $2,000 and the national debt stands at
$102 billion.

Obi said: “Their debt has actually reduced because instead of
being 50 per cent of their GDP, it is now about 30 percent. What
happened? Bangladesh took the money to SMEs. Today, Bangladesh is
the second biggest exporter of textiles in the world.

“There are over 5,000 textiles in Bangladesh and they are making
over $35 billion in textiles and textile materials, which is about
what we are making from oil.

“I checked that other countries have done the same thing. They
throw money into SMEs, and also invest in education. They did not
go on building more infrastructures.”

Former Governor of Anambra State, Peter Obi, has decried the
policy of the federal government which focuses more on the
provision of infrastructure while allegedly neglecting the Small
and Medium Enterprises (SMEs).

Obi condemned such policy yesterday while speaking on Arise News
network Morning Show programme.

He said many countries that have tackled their problem did not
use infrastructure as a prop to drive the economy.

The vice-presidential candidate in the 2019 Nigerian general
election asserted that poverty should not be seen as a scary thing;
rather, he cautioned that what should be the focus is if the
country is making wise and proper investment.

According to him, “I have said it severally that SMEs drive the
economy of every country. Poverty is something that is seen all
over the world. It happened in China. Everybody is aware that China
pulled over 400 million people out of poverty. It also happened in
India, but in five years, they pulled over 200 million people out
of poverty. It happened in Vietnam also.”

He used Bangladesh as a case study of how any country can
successfully drive its economy by investing in education and
SMEs.

Obi noted that as of 2008, the Bangladeshi GDP was $101 billion,
the per capita was $753, while the debt was $50 billion, which
represented 50 percent of the GDP size.

The Peoples Democratic Party (PDP) vice presidential candidate
in the 2019 elections stated that the Bangladeshi economy is
presently worth over $300 billion while the per capita has jumped
three-fold from $753 to over $2,000 and the national debt stands at
$102 billion.

Obi said: “Their debt has actually reduced because instead of
being 50 per cent of their GDP, it is now about 30 percent. What
happened? Bangladesh took the money to SMEs. Today, Bangladesh is
the second biggest exporter of textiles in the world.

“There are over 5,000 textiles in Bangladesh and they are making
over $35 billion in textiles and textile materials, which is about
what we are making from oil.

“I checked that other countries have done the same thing. They
throw money into SMEs, and also invest in education. They did not
go on building more infrastructures.”