By Adeyemi Adeleye

Some experts and professionals have called for massive investment in renewable energy, efficient supply chains and Artificial Intelligence (AI) to enhance businesses and catalyse Nigeria’s economy.

They spoke at the ST. RACHEAL’s People’s Consulting Ltd, 2025 Talent Development and Retention Summit Series 2, titled “Economic Opportunities”, on Saturday in Lagos.

Speaking virtually, a Business Analyst, Mr Oluwadara Adeosun, said that Nigeria was blessed with vast resources which should be explored for economic prosperity and to enhance quality of life.

Emphasising the critical role energy plays in businesses, Adeosun said that massive investment in renewable energy would be a game changer for the country.

Calling for collaboration between the public and private sectors in the development of renewable energy, the analyst said that this would positively impact all sectors of the economy including health and education.

“The opportunity is there should the private sector want to tap into it. It is a collaboration between the private and public.

“The opportunity in Nigeria is massive. We have oceanic waves, lakes, dams and solar.

“When we have more electricity in the country, it will improve quality of life, even our hospitals will be better,” Adeosun said.

Speaking, Dr Solomon Aigbavboa, a Supply Chain Expert, described supply chain as the lifeblood of any business either for individual or government.

According to Aigbavboa, supply chain leads to business success and sustainable sustainability, hence the need to ensure primary and secondary product flows in an effective and efficient manner for economic rebuilding.

He said that businesses needed supply chain because of high incidence of lost sales owing to sub-optimal production and inventory planning, harsh macro economy, inefficient maritime and inland transport distribution among others.

Aigbavboa said that supply chain management was critical in business for cost reduction, improved efficiency, practical action to mitigate risk and for customer satisfaction.

“Supply Chain management must be resilient to stand disruptions and absorb shocks.

“Supply Chain processes must be optimised ensuring consistency, efficiency, quality, and scalability

“If supply chain is not structured well, strong and dynamic, it will affect businesses.

“Supply chain enables businesses success, ensures business agility and responsiveness, sustainability, data -driven decision making, scalability and market expansion.

“We cannot do without supply chain if we must increase business activities,” he said.

He said that challenges of supply chain included power, infrastructure, inefficient distribution process, harsh macro-eneomy, forex, high outbound transport costs, diesels among others.

Also speaking, Head of Microsoft, Nigeria and Ghana, Mrs Olatomiwa Williams, who spoke on AI, said that the innovation was transforming businesses and unlocking economic growth for nations.

Williams, who joined virtually, said that any organisation could harness and adopt AI to drive efficiency and effectiveness, saying “AI is already fueling global economic space. A nation that adopts it will lead”.

According to her, Nigeria has a golden opportunity to leverage AI in key economic sectors including agriculture, finance, education, medicical diagnostics and prescription, manufacturing sector among others to compete with the rest of the world.

“AI has enormous opportunities for businesses and entrepreneurs. It develops solutions, increases efficiency, job creations.

“We must continue to invest in AI innovations.

“It is important for everyone to collaborate. We need to look into our educational curriculum to ensure AI is embedded. AI revolution is not waiting for us, we must act faster.

“Business leaders should adopt AI, policy makers should create enabling environments for AI growth.

“Youths should embrace learning not just as customer but as innovators to grant economic prosperity, create new jobs and secure Nigeria,” Williams said.

She listed the challenges in AI ecosystem to include infrastructure, regulation uncertainties among other.

On concerns that AI could stifle creativity, Williams said that AI had not come to stop human creativity but to enhance it.

She, however, said that though Nigerian government had embraced the innovation,  there was still a long way to go in embracing technology.

Other speakers who spoke on businesses, economy and health in the nation included a Sales Expert, Mr Bunmi Adimula; a Tech Law expert, Mrs Ngozi Nwabueze; Mr Orji Uka, a Legal Practitioner with TEMPLARS, among others.

The Lead Visioner and Chairman of ST. RACHEAL’S PHARMA, Mr Akinjide Adeosun, said that the event was to bring in people of diverse backgrounds in their efforts to change the society.

Adeosun urged Nigerian leadership to invest in renewable energy especially solar to power businesses.

Adeosun said that Critical Success Factor (CSF) in anything business included strategic insight, clear communication and compelling Emotional Intelligence.(NAN) (www.nannews.ng)
Edited by Vivian Ihechu