Peter Obi, the presidential candidate of the Nigeria Democratic Congress (NDC), has raised concerns over what he described as Nigeria's growing preference for politics over entrepreneurship, warning that the trend poses a serious threat to the country's economic future.
Speaking on Saturday in Abuja at This Generation Conference 2026, the annual conference of Summit Bible Church, Obi said the country's growing fascination with political offices and power has continued to overshadow the importance of innovation, business creation and wealth generation. According to him, societies that prosper are those that encourage enterprise, reward hard work and invest in the productive capacities of their citizens rather than placing politics at the centre of national life.
The former Anambra State Governor lamented that the country's high interest rate regime was suffocating small businesses and discouraging productive investment. He argued that entrepreneurs and manufacturers were increasingly unable to access affordable credit needed to expand operations and create jobs, adding that financial institutions now find it more attractive to lend to government than to businesses, while many young Nigerians see political office as a quicker route to prosperity than building enterprises.
"Any society where people prosper more in politics than in business is a failed society," he said. "Small businesses die in Nigeria because of high interest rates. No business will survive on 35 per cent interest rate."
Speaking on the theme, "Thriving in the Marketplace," Obi shared insights on leadership, nation-building and purposeful living, tasking innovators to develop an entrepreneurial mindset capable of transforming ideas into sustainable ventures. He stressed that consistency, resilience, and discipline remain critical ingredients for long-term business success.
Drawing comparisons with countries such as Japan and Singapore, which provide entrepreneurs with affordable access to credit, the NDC Presidential standard bearer said Nigeria must rethink its lending policies if it hopes to stimulate innovation, reduce unemployment and drive economic growth. According to him, empowering businesses through favourable financing conditions would yield greater national benefits than an economy dominated by political patronage.
He also reflected on his early entrepreneurial journey, recalling a period when he bought vehicles for as little as N2,700 and N7,359 and travelled to the United Kingdom for N100. Obi contrasted those experiences with the present reality of soaring borrowing costs and limited support for small businesses, which he said have made it increasingly difficult for aspiring entrepreneurs to thrive.
Conference Highlights
Earlier in his welcome address, the Senior Pastor of Summit Bible Church and convener of the conference, Dr Andy Osakwe, described the event as a broad ecosystem that extends beyond commerce to encompass careers and every sphere of human endeavour that involves interaction and service to others. Dr Osakwe stressed the importance of adopting a trans-generational mindset, urging participants to pursue goals that create lasting value for society rather than focusing solely on personal advancement and material success.
According to him, true fulfilment lies in building legacies that positively influence future generations and contribute meaningfully to national development. He further noted that becoming productive and industrious requires a combination of spiritual dependence and practical preparation. He encouraged participants to seek divine guidance for ideas, wisdom and the capacity to navigate complex challenges, while also committing themselves to acquiring the knowledge, competencies and professional skills needed to excel in their chosen fields.
The cleric emphasised that faith and excellence should go hand in hand, arguing that individuals who aspire to make a difference in the marketplace must be intentional about personal growth, innovation and continuous learning. He added that integrity, diligence and a service-oriented mindset remain essential attributes for anyone seeking sustainable success and societal relevance.
The event featured panel and interactive sessions, keynote addresses, song ministration, prayer for Nigeria among others. Speakers who shared business secrets with participants included the Co-owner, Nordic Hotels, Collins Nwaya; Executive Director, Hope Behind Bars Africa, Funke Adeoye; Chief Executive Officer (CEO), IreDire, Adebola Adefila; Founder, SewPro, Andrew Ogbeh; CEO, Pamtech Group, Ndubuisi Chidomere; CEO Millard Fuller Foundation, Sam Odia and CEO, TriciaBiz and Founder, Ziba Beach Resort, Tricia Olufemi-Olumide.
