Peter Obi, 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.
Obi's Warning at This Generation Conference 2026
Speaking on Saturday in Abuja at the This Generation Conference 2026, the yearly 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 encourage enterprise, reward hard work and invest in the productive capacities of their citizens rather than placing politics at the centre of national life.
High-Interest Rates Suffocating Small Businesses
The former Anambra State Governor lamented that the country's high-interest rate regime is suffocating small businesses and discouraging productive investment. He argued that entrepreneurs and manufacturers are 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 the government than to businesses, while many young Nigerians see political office as a quicker route to prosperity than building enterprises.
Call for Entrepreneurial Mindset
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.
Concerns Over Igbo Apprenticeship System
Obi has expressed concern over the declining effectiveness of the Igbo Apprenticeship System, warning that the once-celebrated model of wealth creation is gradually losing its core values. He said the system, which traditionally thrived on successful business owners mentoring and empowering apprentices to establish their own enterprises, is increasingly being distorted by greed and exploitation. According to him, the focus has shifted from raising future entrepreneurs to keeping apprentices in conditions that leave them impoverished and unable to attain economic independence.
Need to Restore Original Spirit
He stressed that unless the original spirit of the arrangement, anchored on selflessness, mentorship and shared prosperity, is restored, the Igbo Apprenticeship System risks losing its status as one of Africa's most successful indigenous mechanisms for economic empowerment and social mobility. Widely regarded as one of Africa's most successful indigenous business incubation models and popularly known as 'Igba Boi,' the system gained prominence after the Nigerian Civil War as a mechanism for rebuilding livelihoods in the South-East. Under the arrangement, established traders (Master or Oga) took in young apprentices, trained them for several years, and, upon completion, settled them with start-up capital or goods to launch their own businesses.
