CEOs brainstorm on how innovation can save Nigeria’s economy at Lagos forum
Chukwuma Nwanze
CEOs brainstorm on how innovation can save Nigeria’s economy at Lagos forum
In the heart of Lagos, as Nigeria grapples with economic headwinds, a gathering of the country’s most influential business leaders convened at the BusinessDay CEO Forum to discuss strategies for navigating these turbulent times. The event, a collaboration with PricewaterhouseCoopers (PwC), served as a crucible for innovative thinking and visionary leadership.
At the forefront of this dialogue was Chukwuma Nwanze, MD/CEO of Credit Direct Finance Company Limited (Credit Direct), the consumer finance arm of FCMB Group. Nwanze’s message was clear and resonant: in the face of adversity, innovation and resilience are not just beneficial – they are essential.
“Leaders must extend their vision beyond traditional boundaries by continuously adapting and incorporating effective and efficient methods to take their businesses forward” Nwanze emphasized during a panel discussion on “Leadership and Partnership: Driving Value in a Challenging Economy.” His words cut to the core of what it means to be a visionary leader in today’s rapidly evolving business landscape.
Nwanze’s own company, Credit Direct, stands as a testament to this philosophy. As Nigeria’s leading FinTech and consumer finance company, it has leveraged AI-driven credit decisioning and digital channels to expand nationwide. “We consistently innovate to build products that solve our customers’ problems,” Nwanze stated, underscoring the importance of customer-centric solutions in driving growth.
The sentiment was echoed by other panelists, including Dr. Ayotunde Coker, CEO of Open Access Data Centres Limited. Dr. Coker highlighted the transformative power of technology, particularly broadband development, suggesting that a 10% increase could boost Nigeria’s economic growth by 2.5%.
Central Bank of Nigeria Governor Olayemi Cardoso, participating in a fireside chat, reinforced the importance of credibility and resilience in the banking sector. “It is essential for businesses to build genuine credibility,” Cardoso stated, outlining the CBN’s focus on developing a stronger, more resilient banking system.
The forum, which drew attendees from Nigeria’s leading companies and government officials, including Deputy Lagos State Governor Femi Hamzat, served as a microcosm of the broader challenges and opportunities facing Nigerian businesses. The consensus among these visionary leaders was clear: embracing technology, fostering innovation, and adapting to change are crucial for survival and growth in these challenging times.
As Nigeria stands at an economic crossroads, the insights shared at the BusinessDay CEO Forum offer a roadmap for visionary leadership. The message is one of proactive strategy, technological embrace, and unwavering resilience. In the words of Chukwuma Nwanze, it’s about “optimising and scaling significantly” in the face of adversity.
The path forward for Nigerian businesses may be fraught with challenges, but with visionary leadership at the helm, there’s a sense of cautious optimism. As these industry leaders return to their respective organisations, the true test of their vision will lie in translating these insights into tangible results, steering their companies—and by extension, the Nigerian economy—towards a more resilient and prosperous future.
