Founder and former CEO of Neimeth Pharmaceutical, Mazi Sam Ohuabunwa, has criticised the Nigerian government for its slow and disinterested approach to trade and franchising, warning that the lack of urgency is hurting the country’s broader economic and continental trade ambitions.
Speaking during a media parley in Lagos ahead of the African Caribbean Franchise Exhibitions 2025, Ohuabunwa said the government’s passive involvement is creating barriers for private-sector-led growth, despite the wealth of opportunities available through regional partnerships and franchising models.
The three-day exhibition, scheduled to hold from July 3 to 5, 2025 at the Lagos Continental Hotel, aims to promote franchise investments and strengthen trade ties between African and Caribbean entrepreneurs.
Ohuabunwa, who is also a former President of the Pharmaceutical Society of Nigeria, lamented that ministries and key public agencies often fail to prioritise trade-enhancing platforms.
“There seems to be a reluctance on the part of the government, a partner that must be dragged into conversations on how to grow the economy and exploit the opportunities around us,” he said. “There is insufficient policy focus on areas like franchising, which I see as a powerful mechanism for economic growth.”
According to him, the government’s nonchalance risks Nigeria being left behind as other African nations embrace more dynamic trade strategies. He said franchising has the potential to rapidly scale proven business models, bridge service gaps, and attract foreign direct investment.
Ohuabunwa argued that strategic engagement with international partners can help fill local industrial and technological gaps while also providing new markets for Nigerian goods and services. He cited food, fashion, and entertainment as key sectors where Nigeria holds global competitive advantage, especially in the Caribbean.
“We must seek out products, services, and technologies that we are unable to produce in sufficient quantities and collaborate with those who can help us bridge that gap,” he said. “At the same time, we must identify areas where we have expertise and push those into new markets.”
Referencing his tenure as Chairman of the African Economic Summit, he recalled how government participation in regional trade dialogues was often absent or limited. He pointed to the 2024 summit on intra-African trade, where important agencies like the Ministry of Trade and the Nigerian Export Promotion Council (NEPC) were notably missing.
“The people who should have been in the frontlines, the Ministry of Trade and the Export Promotion Council, were nowhere to be found. Their budgets should be directed at stimulating trade and industrialisation, but that’s not happening,” he said.
Ohuabunwa stressed that Nigeria’s economic future hinges on strategic investments in areas that generate jobs and wealth. “No economy grows without investment,” he said. “It is businesses that create jobs, and jobs generate wealth. Without understanding this cycle, it will be very difficult for Nigeria to achieve meaningful economic growth.”
He praised the organisers of the African Caribbean Franchise Exhibitions for creating a platform to build economic bridges between African and Caribbean nations and highlighted the cultural alignment between Nigeria and the Caribbean as a natural foundation for stronger partnerships.
“We have so much in common with the Caribbean. They understand us better than many of our Western partners,” he said. “We should explore what we can offer them and what they can offer us in return.”
Ohuabunwa called on the media to play a stronger advocacy role in pushing the government to take a more active role in promoting trade and investment-led growth. “Everyone must play their part; only then can we truly accelerate trade and development across Africa and the Caribbean.”
The African Caribbean Franchise Exhibitions 2025 will feature franchise brands, trade dialogues, and matchmaking sessions designed to unlock new business opportunities between the two regions. Organisers hope the platform will attract increased private investment and inspire policy shifts that promote franchising as a driver of inclusive economic development.
