Business leaders drawn from the length and breadth of Nigeria’s private sector on Saturday gathered at the Doing Business in Nigeria Conference to discuss strategies and coping mechanisms in response to the challenging operating environment.
The conference, themed ‘The Sustainable Transformations: Innovating for Growth,’ aimed to promote experience sharing among business professionals in a bid to provide useful insights on navigating through the challenges associated with doing business in Nigeria.
In her opening address, the convener of the event, Linda Uneze, described DNBC 2024 as a platform where business owners can inspire one another through experience-sharing.
She stated that, with the barrage of obstacles being faced by businesses, it was imperative to foster conversations around how these hurdles could be surmounted.
She said, “DBNC was created to ensure that we can have people who have the experience to share with other SMEs. I run a business myself, and I know that sometimes it can be really difficult.
“Sometimes, I feel isolated because not everyone understands the unique hurdles that entrepreneurs face. I wanted a platform that allows us to inspire others by sharing information on how to navigate some of the peculiar challenges that we find in our nation.”
Presenting the first keynote address, the Chief Executive Officer of Stanbic IBTC Bank, Wole Adeniyi, who was represented by the bank’s Head of Client Coverage, Olu Delano, described doing business in Nigeria as climbing a mountain.
According to Adeniyi, the recent economic reforms by the government have had telling consequences on the economy.
Delano also stated that the high cost of living has pushed up the number of poor people in Nigeria to 104 million, which is reflected in a report by the World Bank.
He said, “So when I speak about climbing the Nigerian mountain — the exchange rate, we all live here, and we all know how it has increased. In 2010, it was N150 to the dollar. In 2024, it went to N1,500.
“So, if you have to import, even if you are not importing. If you want to buy something in the market today, they will tell you that the exchange rate has increased, even if you are buying goat meat.”
The first panel session was moderated by a Partner, Banwo & Ighodalo, Toyin Bashir.
It delved into topics that revolved around the opportunities and challenges of doing business in Nigeria.
Speakers at the session included the Special Adviser to President Tinubu on Industry, Trade, and Investment, John Uwajumoju; the CEO of Heckerbella Limited, Yemi Keri; the General Manager, West Africa, General Electric Healthcare, Dr George Uduku.
Others were the Head of Investment Banking West Africa, Rand Merchant Bank, Chidi Iwuchukwu and the HCSE Director, BUA Cement, Ibrahim Salau.
In the third keynote address, the Chief Executive at BMG7even, Binta Max-Gbinije emphasised the importance of providing equal support for women-led businesses, which contribute about $162bn to the global economy.
The event also featured a second-panel session, which was moderated by the Director of Governance & Sustainability at Sahara Group, Ejiro Gray.
The speakers at the session included the CEO of Mojec Group, Chantelle Abdul; the Country Director and CEO of Dale Carnegie Nigeria, Patrick Nwakogo; the Managing Director of Nigerian Communications Satellite Ltd, Jane Egerton-Idehen and the CEO of the Development Bank of Nigeria, Tony Okpanachi.
They discussed ‘Catalysts for Success: Strategic Business Growth Approaches’.
