Business Leaders Collaborate to Devise Strategies to Navigate Challenging Operating Condition

Representatives from various sectors of Nigeria’s private industry convened on Saturday for the Doing Business in Nigeria Conference. The event served as a platform for discussing strategies and adaptation methods in light of the demanding business landscape in the country.

Themed ‘The Sustainable Transformations: Innovating for Growth,’ the conference fostered knowledge exchange among business leaders, offering valuable perspectives on overcoming the hurdles inherent in conducting business operations in Nigeria.

In her opening address, the convener of the event, Linda Uneze, described DNBC 2024 as a platform where business owners can inspire one another through experience-sharing.

She stated that, with the barrage of obstacles being faced by businesses, it was imperative to foster conversations around how these hurdles could be surmounted.

In her words,

“DBNC was created to ensure that we can have people who have the experience to share with other SMEs. I run a business myself, and I know that sometimes it can be really difficult. Sometimes, I feel isolated because not everyone understands the unique hurdles that entrepreneurs face. I wanted a platform that allows us to inspire others by sharing information on how to navigate some of the peculiar challenges that we find in our nation.”

Presenting the first keynote address, the Chief Executive Officer of Stanbic IBTC Bank, Wole Adeniyi, who was represented by the bank’s Head of Client Coverage, Olu Delano, described doing business in Nigeria as climbing a mountain.

According to Adeniyi, the recent economic reforms by the government have had telling consequences on the economy.

Delano also stated that the high cost of living has pushed up the number of poor people in Nigeria to 104 million, which is reflected in a report by the World Bank.

He said, “So when I speak about climbing the Nigerian mountain — the exchange rate, we all live here, and we all know how it has increased. In 2010, it was N150 to the dollar. In 2024, it went to N1,500. So, if you have to import, even if you are not importing. If you want to buy something in the market today, they will tell you that the exchange rate has increased, even if you are buying goat meat.”