At the 8th A.M. Agoro Entrepreneurship Lecture Series (AMAELS) in Onikan, Lagos, economic policymakers and business executives urged Nigerian entrepreneurs to navigate current economic pressures by strengthening customer trust, prioritizing financial discipline, and delivering intentional value.
Centered around the theme “Winning the Customer in a Tough Economy: How Nigerian Businesses Can Adapt and Grow,” the session featured key perspectives from Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Prima Garnet Africa Founder ‘Lolu Akinwunmi, and Eleganza Group Chairman Chief Rasaki Akanni Okoya.
Core Takeaways for Businesses Navigating Economic Headwinds
1. Trust & Value Over Price Undercutting
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Keynote Perspective: Keynote speaker ‘Lolu Akinwunmi noted that while Nigerian consumers have become highly price-conscious due to rising living costs, competing purely on price is a race to the bottom.
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The Strategy: Businesses must win market share by consistently honoring commitments, elevating service delivery, and offering clear, demonstrable value that justifies consumer spending.
2. Financial Discipline & Sustainable Governance
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CBN Guidance: Represented by Dr. Olubukola Akinbiyi Akinwunmi (Director of Banking Supervision), CBN Governor Olayemi Cardoso emphasized that enduring enterprises are defined by capital conservation and governance rather than rapid expansion.
“Enterprises that endure are not always those that grow fastest, but those that manage their resources wisely, plan for uncertainty, and build long-term value rather than short-term gain.”
3. Macro-Awareness & Operational Adaptability
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Market Reading: Entrepreneurs were advised to monitor broader economic indicators to anticipate cost shifts, manage foreign exchange risks, and hedge against supply chain volatility.
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Ethical Continuity: Speaking on behalf of Chief Rasaki Okoya, Mr. Raheem Okoya highlighted that the historical legacy of industrialist Pa Abudu Mukandasi Agoro was built on ethical practices, focus, and continuous learning—principles that remain vital for contemporary startups.
Supporting the Next Generation of Founders
To turn policy dialogue into direct operational support, event organizers awarded targeted business grants to 10 emerging entrepreneurs through the A.M. Agoro Entrepreneurs Support Initiative.
Planning Committee Chairman Dr. Adrienne Tikolo noted that the platform continues to evolve beyond a memorial lecture into an active incubation channel, equipping local micro-enterprises with the capital and strategic networks required to scale amidst economic complexity.
