At the Doing Business in Nigeria Conference 2025 held in Lagos, prominent business leaders urged Nigerian companies to embrace innovation and invest in talent to thrive in a challenging economic landscape.
The summit, which brought together top executives and policymakers, was centered around the theme “Navigating the Storm: Thriving in a Transforming Nigeria.” It featured insightful panel discussions, fireside chats, exhibitions, and business pitches.
Leadership and Talent: Key to Surviving Uncertainty
In his keynote address, Fola Aiyesimoju, Group Managing Director of UAC of Nigeria PLC, emphasized that the survival of Nigerian businesses in uncertain times depends largely on leadership and talent. Drawing from his experience, Aiyesimoju stressed the importance of surrounding oneself with skilled and innovative personnel.
“We spend a lot of time finding the best possible people to work with. When you do that, you’ve completed 90% of the work,” Aiyesimoju stated. “A competent leader must build a team of stars aligned with the company’s goals.”
He also discussed capital allocation, urging business leaders to focus their resources on their core strengths. “You must allocate capital to areas aligned with your company’s strengths,” he advised. Additionally, Aiyesimoju highlighted the importance of risk management and compliance. He noted, “Businesses need to ensure they don’t just focus on making sales and profits but also on not losing their licenses to operate.”
On the topic of sustainability, Aiyesimoju emphasized that maintaining consistent product quality is a challenge, but it is critical for long-term success.
Embracing Complexity and Innovation
Tonye Cole, Group Executive Director of Sahara Group, echoed Aiyesimoju’s sentiments, adding that complexity should be embraced as an opportunity for growth. “Complexity equals opportunity. Do not be afraid of complexity. Embrace it as a way of life,” Cole remarked.
He also touched on the importance of a savings culture for business resilience, advising leaders to prepare for unforeseen challenges. “Cash is king because you can be certain that tomorrow will bring complexity that will disrupt carefully laid plans,” he said. “Develop a habit of saving for saving’s sake; it’s a character issue.”
Cole also advocated for creating opportunities when they don’t exist, noting, “No one knows what tomorrow holds, but the ability to take hold of the present and create opportunities distinguishes successful businesses.”
He also suggested that Nigerian companies explore tech-enabled services—especially in agriculture, health, and transport logistics—to drive innovation and attract investment.
Opportunities for Growth
The conference also highlighted several growth opportunities for Nigerian businesses. Catherine Ifejika, CEO of Britannia-U Nigeria Limited, shared her experience overcoming challenges in the oil industry and accessing finance. She stressed the importance of commitment as a founder in navigating tough times.
Jude Chiemeka, CEO of Nigerian Exchange Limited, called on businesses to adopt international financial reporting standards and collaborate with the NGX to access capital through bonds. “Corporations should focus on finding a good financial adviser to understand their funding needs,” Chiemeka advised.
Adesuwa Rhodes, Founder and CEO of Aruwa Capital Management, emphasized the growing role of asset management companies, particularly those led by women. She encouraged companies seeking credit to focus on export-related businesses.
Meanwhile, Dr. Inalegwu Adoga, Managing Director of Champion Breweries Plc, urged businesses to join industry associations like the Manufacturers Association of Nigeria to access credit at lower rates.
A Resilient Business Landscape
The conference concluded with remarks from Linda Uneze, Convener of DBNC 2025 and Managing Partner of Maurice Xandra Solutions, who praised the resilience of Nigerian businesses in the face of global and local challenges. “This conference is fitting as Nigerian businesses demonstrate remarkable resilience amid global uncertainty and local complexities,” Uneze said.
The event reaffirmed the collective commitment of stakeholders to shaping Nigeria’s business environment and driving innovation for long-term success.
