Again, Peter Obi Decries Market Shutdowns, Urges Support for Small Businesses

In a recent post on his X handle, Peter Obi addressed the mixed reactions—both positive and negative—to his call for the immediate reopening of markets that were not involved in illegal drug trading. Obi argued that the closure of these markets is a reminder of why Nigeria continues to suffer from economic stagnation and unproductivity. He asserted that when individuals who have never built or managed businesses—and who lack a genuine understanding of how micro, small, and medium enterprises (MSMEs) operate—are in charge, their actions inevitably cripple legitimate businesses and stifle economic growth.

During his recent visit to Indonesia, Obi engaged with the Ministry of MSMEs and policymakers, who demonstrated that over 90% of employment in Indonesia is generated by MSMEs. He contrasted this with the current situation in Nigeria, emphasizing that a government which understands the critical role of small-scale businesses can boost a more productive economy. 

Reflecting on his tenure as Governor of Anambra State, Obi recalled that his administration was the first to secure a partnership with the Bank of Industry to provide special loans for MSMEs, setting up a dedicated committee to ensure funds reached those in need and even facilitating the establishment of a Bank of Industry branch locally. Moreover, while many states opted to ban okada riders due to alleged criminal activities, he resisted such measures, recognising the severe economic implications for small businesses. Instead, he enhanced their operations by collaborating with unions and security agencies to remove bad actors and even exempted certain small businesses, such as wheelbarrow pushers, from paying taxes to ease their financial burden.

Obi criticized the indiscriminate shutdown of entire markets—specifically noting the closure of the Ogbo Ogwo market and its surrounding markets —as a misguided enforcement strategy that amounts to economic sabotage. Insisting that only affected market should be closed rather than all the surrounding markets, he warned that such closures, even for just one month, can cripple businesses that rely on daily profits, leading to substantial losses, particularly when perishable goods expire before reopening. He also advised that shop owners be present during searches to ensure transparency and fairness.

Concluding his message, Peter Obi affirmed his belief that “a new Nigeria is very possible,” urging policymakers to protect and nurture small businesses to build a more vibrant, productive nation.