Former President Olusegun Obasanjo has described the economic situation for many small businessmen and women in Nigeria as frustrating.
Obasanjo stated that the situation had made his friend, a legal luminary, Afe Babalola, to weep.
The former President said this at the Youth Development Centre of the Olusegun Obasanjo Presidential Library Credit Scheme held in Abeokuta on Wednesday.
Obasanjo, during the programme, presented over N1m cheques to beneficiaries of the centres for start-up businesses.
While sharing his experience with some petty traders and youths, Obasanjo disclosed that many people who have ideas are in need of money to start-up businesses.
He lamented that many Nigerians are frustrated over failed businesses, adding that many of them had shared their horrible experiences and information with him.
He said, “Over the years, my own frustration which would be the same as the frustration of those that have attended the course, they found it as a very important course. I listened to those that have tried out businesses and failed and those who want to try; they called me to share experiences, share information and all that.
“But the frustration is that after the training, they yield to almost nothing and I do know that as for some of them, what they need is not millions but a few thousands of naira to start up or continue.”