Stakeholder Tasks Nigerian Businesses To Adapt Amid Economic Shifts

Firms and businesses in Nigeria have been urged to reposition their businesses and deploy innovation for sustainability amidst the unpredictability in the economic landscapes of Nigeria and West Africa.
Hence, innovative thinking and problem-solving skills, expert said, helps develop unique products and services that set firms apart from other competitors.
Speaking at the 14th West Africa Innovation Award held in Lagos tagged: “Digital Innovation In West Africa: A Challenge for Business Leaders,” the chairman, Organising Committee, Camil Chineme, ably represented by the Programme director for the West Africa Innovation Award, Mr Abidemi Adesanya emphasised the role of innovations.
He alluded that innovation will help create a strategic competitive edge for businesses in the marketplace.
“Innovation is simply doing what you are doing now in a better way through a better process, to get better products and better services, that’s the key. So if you don’t innovate, be prepared to go into extinction,” he stated.
He added that, “If our leaders are not innovating, most of the people here will not be in business again. While the private sector is getting the hits, what the private sector is going through in Nigeria and West Africa if there is no innovation everybody would have fizzled out from the pension industry to finance, the digital banks and others.
“Everything is changing because everybody is innovating. So that’s the key and the private sector leaders must continue to pay attention to innovation to make things better,” he said.
Similarly, ED Growth & Operations, PRA Insurance Brokers, Ososanya Uchenna, expressed the need for continuous innovation in the insurance sector for sustainability.
“As an innovative insurance brokering firm, what we do is to look outward and design unique and customised products for innovation and risk bearers to mitigate their risks and protect against unforeseen events by innovating and marrying it with tech to drive down insurance penetration in Nigeria and Africa,” she stated.
Meanwhile, among the 24 awardees at the Gala event is Stanbic IBTC with the award of the Most Customer-focused Trust and Investment Company of the Year, Keystone Bank won the Most Trusted Customer-focused Bank of the Year, Julius Berger won Best Construction and Infrastructure Development of the Decade, BUA won the Best Home Ownership Cement Brand of the Year and First Registrars won the Best Pension Company of the Year amongst others.