Business leaders speaking at a recent summit have called for more innovation in leadership and personnel to inspire growth as Nigerian businesses navigate a harsh economic environment.
Leaders, including the Group Managing Director of UAC of Nigeria PLC, Fola Aiyesimoju, and Group Executive Director of Sahara Group, Tonye Cole, on Saturday at the Doing Business in Nigeria Conference 2025 held in Lagos, called for prioritising innovative personnel and making critical decisions to achieve success.
Stakeholders at the DBNC 2025 addressed the business community on the theme ‘Navigating the Storm: Thriving in a Transforming Nigeria.’ The summit featured panel discussions, fireside chats, exhibitions, and business pitches.
In his keynote address, Aiyesimoju detailed what it takes for a Nigerian company to survive by embracing opportunities in uncertain times.
Drawing from his company as a case study, the UAC boss asserted that a competent business leader must hunt for the best talent to energise the company.
“We spend a lot of time finding the best possible people to work with,” Aiyesimoju stated. “We incentivise and develop them. You would have completed 90 per cent of the work when you do that.
“Surround yourself with a galaxy of stars, a team of very skilled people aligned with your company’s goals.”
The UAC boss urged the summit attendees to make “a clear assessment of what a business’s strengths are” to prioritise them by capital allocation. “You must allocate capital to areas aligned with your company’s strengths,” he added.
Aiyesimoju encouraged attendees to conduct risk management and compliance controls, submitting that “Businesses need to pay as much attention to making sales and profit as not losing their licenses to operate.”
He spoke on sustainability and consistency, quipping, “You need to be welcomed by your environment. A business like ours has not lasted this long without thinking about the hosts whom we are tenants.
“Consistent product quality and availability are incredibly difficult, but very important for branded consumer goods.”
Meanwhile, in his keynote address, Sahara Group’s GMD Cole affirmed that the steps to drive business innovation amidst complex market forces included preparedness, faith, courage and innovation.
He encouraged business leaders to be unafraid of complexity, stating, “complexity equals opportunity. Do not be afraid of complexity. Embrace it as a way of life.”
Cole advocated other business skills, including a rigid savings culture and looking. “Cash is king,” Cole remarked. “It is king because you can be certain that tomorrow will visit you with some major complexity that will throw every carefully planned part of your life out the window.
“You must develop a habit of saving for saving’s sake. Saving is a character issue. Have a stomach for risk.”
He encouraged businesses to make their opportunities, noting, “No one knows tomorrow. It is an uncertainty that puts everyone on the same playing field. What distinguishes anyone is their ability to take hold of their present. If no opportunity exists, then create one.”
Cole outlined growth opportunities for Nigerian businesses, from looking at tech-enabled services, especially agriculture, health, and mass transport logistics, to data management and de-risking of opportunities to make businesses attractive to investors.
Notably, the DBNC 2025 featured a special address and goodwill message from the Nigerian Minister of Industry, Trade and Investment, Dr Jumoke Oduwole and the US Consulate General, Lagos.
It also featured panel sessions, where stakeholders spoke on how Nigerian businesses can access finance, pointing out the need for taking calculated risks, standardised financial reporting and operational efficiency.
Chief Executive Officer of Britannia-U Nigeria Limited, Catherine Ifejika, urged attendees to have a strong-willed commitment to their businesses as founders.
She narrated the challenges her company faced in breaking into the oil industry and accessing finance, and how she overcame them to keep the company afloat.
Also, the CEO of Nigerian Exchange Limited, Jude Chiemeka, called on businesses to adopt international financial reporting standards and partner with the NGX to access capital through bonds.
“Corporations should focus on finding a good financial adviser to understand their funding needs,” Chiemeka noted. “From an exchange perspective, we have a Memorandum of Understanding with the London Exchange and partnerships across the world. It is in this way that corporations can partner with us and begin to utilise all asset classes.”
Founder and CEO of Aruwa Capital Management, Adesuwa Rhodes, noted the growth of asset management companies, especially female-led and urged companies seeking credit to prioritise productive and export-related businesses.
Managing Director and CEO of Champion Breweries Plc, Dr Inalegwu Adoga, urged productive businesses to join membership organisations like the Manufacturers Association of Nigeria to access credit at lower rates.
Speaking earlier in her welcome address, DBNC 2025 Convener and Managing Partner of Maurice Xandra Solutions, Linda Uneze, noted that the conference was “fitting” as Nigerian businesses demonstrate resilience in the face of global uncertainty and local complexities.”
Uneze hailed the stakeholders who spoke at the conference for their commitment to shaping the country’s business environment.
