Navigating the Storm: Strategies for Business Success in Nigeria’s Challenging Economic Climate
The Doing Business in Nigeria Conference 2025 (DBNC 2025), themed "Navigating the Storm: Thriving in a Transforming Nigeria," brought together prominent business leaders to discuss strategies for navigating the complex economic realities facing Nigerian businesses. The summit, held in Lagos, featured keynote addresses, panel discussions, fireside chats, exhibitions, and business pitches, all aimed at equipping attendees with the insights and tools necessary to not just survive but thrive in the current environment. A recurring theme throughout the conference was the critical need for innovation in leadership, personnel management, and strategic decision-making to unlock growth opportunities.
Fola Aiyesimoju, Group Managing Director of UAC of Nigeria PLC, emphasized the importance of talent acquisition and development as cornerstones of business success. He highlighted UAC’s commitment to attracting and retaining top talent, stating that finding the right people constitutes 90% of the work. Building a "galaxy of stars," a team of highly skilled individuals aligned with the company’s objectives, is crucial for navigating complex challenges and capitalizing on emerging opportunities. Aiyesimoju further stressed the need for strategic capital allocation, aligning investments with the company’s core strengths. He underscored the significance of robust risk management and compliance controls, emphasizing that maintaining operational licenses is as critical as generating sales and profits. Finally, he championed sustainability and consistency, recognizing the importance of community engagement and delivering consistent product quality and availability, especially for consumer goods businesses.
Tonye Cole, Group Executive Director of Sahara Group, echoed the need for innovation and emphasized the importance of preparedness, faith, courage, and a proactive approach to navigating complexity. He urged business leaders to embrace complexity as an inherent characteristic of the business landscape, viewing it as a breeding ground for opportunities. Cole advocated for a strong savings culture, highlighting the importance of having readily available capital to weather unforeseen challenges. He stressed that saving is not merely a financial strategy but a character trait that reflects discipline and foresight. He encouraged businesses to be proactive in creating their own opportunities, especially in a dynamic and unpredictable environment. Cole pointed towards sectors like tech-enabled services in agriculture, health, and mass transport logistics, as well as data management and de-risking strategies to attract investors.
Panel discussions at DBNC 2025 delved into practical strategies for accessing finance, emphasizing the importance of calculated risk-taking, standardized financial reporting, and operational efficiency. Catherine Ifejika, CEO of Britannia-U Nigeria Limited, shared her company’s journey in the oil industry, highlighting the challenges faced in accessing finance and the unwavering commitment required to overcome them. Jude Chiemeka, CEO of Nigerian Exchange Limited (NGX), encouraged businesses to adopt international financial reporting standards and leverage NGX’s partnerships, including the London Stock Exchange, to access capital markets through bonds and other asset classes. He advised companies to seek guidance from experienced financial advisors to navigate the complexities of raising capital.
Adesuwa Rhodes, Founder and CEO of Aruwa Capital Management, highlighted the growing influence of asset management companies, particularly those led by women, and encouraged businesses seeking credit to prioritize productive and export-oriented ventures. Dr. Inalegwu Adoga, Managing Director and CEO of Champion Breweries Plc, recommended that productive businesses join industry associations like the Manufacturers Association of Nigeria (MAN) to access credit at more favorable rates. These insights offered practical guidance for businesses seeking to navigate the financial landscape and secure the necessary funding for growth.
The perspectives offered at the DBNC 2025 underscored the vital role of leadership, innovation, and strategic planning in tackling the economic headwinds facing Nigerian businesses. By embracing complexity, prioritizing talent development, implementing robust risk management strategies, and adopting internationally recognized financial reporting standards, businesses can position themselves for sustainable growth and success in a challenging but dynamic market.
The conference, convened by Linda Uneze, Managing Partner of Maurice Xandra Solutions, was lauded as a timely and necessary platform for discussing the challenges and opportunities facing Nigerian businesses. The event provided a forum for business leaders, policymakers, and experts to share insights and collaborate on solutions for navigating the complexities of the Nigerian business environment. The insights and recommendations shared at the conference served as a roadmap for businesses seeking to not only weather the current economic storm but also thrive in the long term. The collective wisdom shared at the DBNC 2025 emphasized the resilience and adaptability of Nigerian businesses and their determination to succeed despite the prevailing challenges. The active participation and engagement of stakeholders reinforced the commitment to fostering a robust and thriving business environment in Nigeria.
