LAGOS – As Nigeria continues to grapple with economic challenges, business magnates in the country have canvassed for innovative ideas to move the country out of the present woes.
Chief Executive Officers (CEOs) from diverse fields, suggested that in the face of the current challenges, innovation and resilience are not just beneficial, but are essential to navigate the tide.
Various speakers stated this at the BusinessDay CEO Forum held in Lagos, recently.
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The event, a collaboration with PricewaterhouseCoopers (PwC), served as a crucible for innovative thinking and visionary leadership.
Mr. Chukwuma Nwanze, Managing Director, Credit Direct Finance Company Limited (Credit Direct), the consumer finance arm of FCMB Group, during a panel discussion on ‘Leadership and Partnership: Driving Value in a Challenging Economy,’ said that leaders in public and private sectors must at this time, extend their vision beyond traditional boundaries by continuously adapting and incorporating effective and efficient methods to take their businesses forward.
He emphasised on what it takes to be a visionary leader in today’s rapidly evolving business landscape.
Nwanze’s own company, Credit Direct, stands as a testament to this philosophy.
As Nigeria’s leading FinTech and consumer finance company, the company has leveraged AI-driven credit decisioning and digital channels to expand nationwide.
He said: “We consistently innovate to build products that solve our customers’ problems. It’s about optimising and scaling significantly.”
He also underscored the importance of customer-centric solutions in driving growth.
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In his contribution, Dr. Ayotunde Coker, CEO of Open Access Data Centres Limited, highlighted the transformative power of technology, particularly broadband development.
Coker suggested that a 10 per cent increase could boost Nigeria’s economic growth by 2.5 per cent.
Also, Mr. Olayemi Cardoso, Governor of Central Bank of Nigeria (CBN) in his participation on the sideline of the event, reinforced the importance of credibility and resilience in the banking sector.
“It is essential for businesses to build genuine credibility,” Cardoso stated.
He also outlined the CBN’s focus on developing a stronger, more resilient banking system for the country.
The forum, which drew attendees from Nigeria’s leading companies and government officials, including Deputy Lagos State Governor Femi Hamzat, served as a microcosm of the broader challenges and opportunities facing Nigerian businesses.
The consensus among these visionary leaders was for business organisations to embrace technology, foster innovation and adapt to change, stressing that these were crucial for survival and growth in these challenging times.
As Nigeria stands at an economic crossroads, the insights shared at the BusinessDay CEO Forum offer a roadmap for visionary leadership.
The message is one of proactive strategy, technological embrace, and unwavering resilience.
The path forward for Nigerian businesses may be fraught with challenges, but with visionary leadership at the helm, there’s a sense of cautious optimism, participants said.
As these industry leaders return to their respective organisations, the true test of their vision will lie in translating these insights into tangible results, steering their companies—and by extension, the Nigerian economy—towards a more resilient and prosperous future.
