Top Nigerian business leaders have stressed the need for innovative thinking and strategic personnel choices to drive growth as companies continue to battle the country’s challenging economic conditions. The call was made at the 2025 edition of the Doing Business in Nigeria Conference (DBNC), held in Lagos.
Speaking on the theme “Navigating the Storm: Thriving in a Transforming Nigeria,” the Group Managing Director of UAC of Nigeria Plc, Mr. Fola Aiyesimoju, and the Group Executive Director of Sahara Group, Mr. Tonye Cole, advised businesses to embrace complexity, prioritise talent, and make bold decisions to stay afloat and competitive.
Mr. Aiyesimoju, in his keynote address, revealed that one of the most effective ways to build resilient businesses in Nigeria is by assembling a highly skilled workforce. “We spend a lot of time finding the best possible people to work with,” he said. “You would have completed 90 per cent of the work when you do that.”
He explained that aligning a strong team with a company’s core strengths and allocating capital accordingly can drastically improve operational efficiency and long-term growth. He also emphasised the importance of risk management, sustainability, and consistent product delivery as key components of business survival in a difficult operating environment.
“Consistent product quality and availability are incredibly difficult, but very important for branded consumer goods,” he said.
On his part, Mr. Tonye Cole advised business owners not to shy away from complexity, describing it as a sign of opportunity. He encouraged entrepreneurs to develop a strong savings culture, stay prepared for uncertainties, and create opportunities when none exist.
“Cash is king because you can be certain that tomorrow will visit you with some major complexity,” he said. “You must develop a habit of saving for saving’s sake. Saving is a character issue.”
Cole also identified promising sectors such as tech-enabled agriculture, healthcare, logistics, and data management, urging business leaders to explore innovative models and risk de-risking mechanisms to attract investor interest.
The DBNC 2025 also featured other prominent voices from Nigeria’s business and finance sectors. The CEO of Britannia-U Nigeria Limited, Mrs. Catherine Ifejika, shared her experience in overcoming challenges in the oil industry. She highlighted the importance of resilience, especially for founders navigating capital access hurdles.
Mr. Jude Chiemeka, CEO of Nigerian Exchange Limited (NGX), called on Nigerian companies to adopt global financial reporting standards and partner with the NGX for access to capital through bonds and equity markets.
“Corporations should focus on finding a good financial adviser to understand their funding needs,” he advised. “We have partnerships across the world that companies can leverage.”
Founder of Aruwa Capital Management, Ms. Adesuwa Rhodes, encouraged businesses to focus on productive and export-oriented ventures, while also acknowledging the rise of women-led asset management firms in the country.
Also speaking, the Managing Director and CEO of Champion Breweries Plc, Dr. Inalegwu Adoga, urged businesses to join industry groups like the Manufacturers Association of Nigeria (MAN) to enjoy better access to credit and policy support.
Delivering the welcome address, the conference convener and Managing Partner of Maurice Xandra Solutions, Mrs. Linda Uneze, praised Nigerian businesses for their resilience in the face of ongoing economic headwinds. She said the DBNC was designed to provide insights and connections that can help companies grow despite systemic challenges.
The conference also featured panel discussions, exhibitions, and pitch sessions, with key support and goodwill messages from the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and the US Consulate General, Lagos.
