By Kadiri Abdulrahman

The National Association of Microfinance Banks (NAMB) has urged President Bola Tinubu to involve Microfinance Banks (MFBs) in the planned disbursement of one million each to 75,000 Micro Small and Medium Enterprises (MSMEs).

Alhaji Abubakar Ahmad, the newly elected President of NAMB, made the call in his post-election speech at the14th Annual General Meeting (AGM) of the association in Abuja.

Ahmad said the call was necessary because of the MFBs’ strategic national spread and robust platforms.

He stressed the need for the involvement of the MFBs in the disbursement of the ongoing social intervention funds based on their grassroots-oriented roles in the nation’s financial system.

According to him, the involvement of the MFBs in the disbursement of the intervention funds will go a long way in helping the government to successfully disburse funds to beneficiaries.

He noted that 75,000 beneficiaries had been processed to receive one million Micro and Small Business single-digit interest loans.

“With the new minimum wage, high taxes and rising electricity tariffs, high cost of diesel, and general inflation, microfinance business is becoming increasingly expensive and difficult.

“We urge the President to consider tax relief, a moratorium on other fees and charges, so that the subsector would be giving a new lease of life.

“With a spread in all nooks and crannies of the rural areas of our dear nation, we are best equipped in the implementation of the President’s people oriented and life changing initiatives,” Ahmad said.

Ahmad also called on Tinubu to approve fiscal and other incentives for banks.

He said that this would enable microfinance banks to play their statutory roles of funding support for Nano and Micro, Small and Medium Enterprises (MSMEs) in the country.

The News Agency of Nigeria (NAN) reports that the association also elected other national officers at the AGM.

The elected officers included the National 1st Vice President, Mr Adenrele Oni; National 2nd Vice President, Mr Benjamin Mapac; National Publicity Secretary, Sir Emmanuel Ajuzie; and National Treasurer, Alhaji Mohammed Idris.

The association also elected new Board of Trustees, namely Chief John Owan (Chairman) South-South; Prof. Abiodun Amuda-Kannike, Secretary (NEC); Mr Rogers Nwoke, (South East) and Mrs Theresa Deme, (North Central).

Others were Alhaji Hamzat Abdullahi, (South West); Alhaji Yusuf Ibrahim, (North East); and Alhaji Aminu Ibrahim Aminu, (North West).

Speaking shortly at the end of the AGM, NAMB Executive Secretary, Mr Eddy Orok, urged the association’s members and relevant stakeholders to give the new national officers maximum cooperation to move the association to greater height. (NAN)

Edited by Deji Abdulwahab

By Rukayat Moisemhe

Experts have urged government to support the growth and development of the hospitality and tourism sector, noting that the investment opportunities in the industry are enormous.

They made the call on Monday via a communique from the second edition of a hospitality business summit organised by Vertiline Synergy Ltd., in Lagos.

Mr Gabriel Idahosa, President, Lagos Chamber of Commerce and Industry (LCCI), in a keynote address called for more collaboration between the private and public sectors.

Idahosa said this would help to improve transportation, accommodation, security and other infrastructure across the country.

According to him, tourism thrives on solid security, where tourists can explore the hospitality landscape without fear of exposure to danger.

He noted that Nigeria, with a burgeoning middle class, a youthful population, and a vibrant cultural scene, presented an unparalleled opportunity for investors looking to make their mark in the hospitality sector.

He stated that the country’s economic landscape, which was diversifying rapidly with significant investments in technology, agriculture, transportation, and manufacturing showed its resilience.

Idahosa added that government’s commitment to creating a business-friendly environment, current currency rate were dynamics that foreign investors could take advantage of by bringing in superior capital to invest in Nigeria.

“According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel and Tourism will contribute an additional $770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every $10 worldwide.

“Tourism in Nigeria is on an upward trajectory. From Lagos’s bustling city life to Calabar’s serene beauty, the ancient wonders of Kano, and the natural splendour of Yankari National Park, Nigeria boasts a rich tapestry of attractions.

“These diverse destinations draw an increasing number of domestic and international tourists annually.

“The Nigerian government has recognised the potential of tourism and is actively working to improve infrastructure, streamline visa processes, and promote the country’s attractions globally.

“This commitment is creating a fertile ground for the hospitality industry to flourish,” he said.

The LCCI president revealed that investment opportunities existed in hotels and resorts, event centres and conference facilities, restaurants and culinary experiences, travel and tour services and technology integration.

“There is a need for professional tour operators and travel agencies that offer curated experiences. This includes adventure tourism, cultural tours, and wildlife safaris.

“Embracing technology can enhance the hospitality experience. Investments in online booking platforms, mobile apps, and digital marketing can streamline operations and attract tech-savvy travelers.

“Nigeria has an advanced technology sector that supports sophisticated operations and transactions,” he said.

Idahosa, however, stated that while the opportunities were immense, challenges such as infrastructure deficits, security concerns, and regulatory hurdles existed.

He noted that collaboration with private sector partners and government was making significant strides to overcome these obstacles.

“Investors are encouraged to engage with local stakeholders, conduct thorough market research, and adopt a long-term perspective to navigate these challenges successfully.

“The relevant government agencies responsible for our cultural and natural sites must focus more on maintaining the originality of such sites so they can remain attractive to visitors.

“We must engage local communities in tourism ventures to ensure sustainable practices and shared benefits,” he said.

Adedoyin Fabikun, Founding Partner, Vertiline Synergy Ltd., said that the hospitality industry was a vital component of the Nigerian economy, offering numerous opportunities for investment, growth, and community development.

Fabikun, however, noted that the industry also faced significant challenges, from economic fluctuations to evolving consumer preferences and environmental sustainability.

She said forums such as the business summit helped stakeholders collectively address issues and chart a course for a prosperous future.

“Let us work together to build a resilient and innovative hospitality sector that not only meets the needs of today but anticipates the demands of tomorrow,” she said. (NAN)

Edited by Folasade Adeniran

By Salisu Sani-Idris

Vice-President Kashim Shettima has commended MTN Nigeria for donating N1 billion to the Federal Government’s Food Support Programme.

Shettima also thanked the telecommunications company for donating 4,600 units of digital devices for distribution to schools.

The Vice-President made the commendation on Friday when he received the Chairman of MTN Nigeria, Mr Ernest Ndukwe, at the Presidential Villa, Abuja.

He said the gesture would complement government’s efforts in addressing hardship and indicated its commitment to the development of the Nigerian economy.

“I am hugely proud of your (MTN’s) stability as a company and commitment to the progress of our country.

“We have witnessed a couple of changes in the industry, but you have remained stable and strong.

” On behalf of my boss, President Bola Ahmed Tinubu, I want to sincerely thank you for this gesture.”

The Vice-President said the donation by the company would be judiciously managed by the Federal Ministry of Industry, Trade and Investment and the Office of the National Security Adviser (ONSA).

On the distribution of 4,600 digital devices, each pre-installed with the U-lesson application, Shettima said the MTN team should liaise with his office to work on the beneficiary criteria.

He also explained that the MTN team and the Office of the Vice-President would facilitate the distribution of the devices to secondary schools in the six geo-political zones.

He expressed confidence that the gesture would go a long way in supporting the government’s efforts to boost the nation’s economy.

According to him, this includes support for the educational needs of the poor and vulnerable.

Shettima, therefore, called on other companies in the country to emulate MTN in the area of Corporate Social Responsibility.

He assured the business community that Tinubu’s administration remained pro-business and its policies would begin to manifest for all to see.

Earlier, Ndukwe said the N1 billion donation was to support the most vulnerable, marginalised, and underserved communities.

This, according to him, will ensure that no one is left behind through increased collaboration and partnership with the Federal Government.

He expressed hope that the devices donated by the company would support the Federal Government’s objective to increase digital literacy in secondary schools.

He added that the devices would improve creativity, analytical thinking, adaptability, and students’ access to current information in science and technology.

He commended the Federal Government for its efforts to revive the economic fortunes of the country through various initiatives rolled out across Ministries, Departments and Agencies (MDAs) of government.

He pledged the company’s support to the present administration, noting that the gesture was in line with MTN Nigeria’s shared value objectives of “the AMBITION 2025 strategy.’

“In the strategy, MTN seeks to support strategic initiatives of the Federal Government.” (NAN)

Edited by Deji Abdulwahab

By Fummilola Gboteku

Mr Nandan Mer, the Group Chief Executive Officer, Network International, says government-sponsored programmes and infrastructure are crucial for the acceleration of financial inclusion in Nigeria.

Mer said this at the launch of the company’s Innovative Network One Payment Platform on Wednesday in Lagos.

According to him, the government needs to put in place a financial inclusion target for all ecosystem participants.

He, however, said that the government could not do it alone, adding that ecosystem players must embrace government’s mandates, policies and regulations.

Mer noted that when government gets involved through different initiatives, there was always a tremendous force for good.

“I believe the Nigeria Inter-Bank Settlement System is doing a good job in terms of interbank payments, and the proposed domestic card scheme is a step in the right direction.

“Network International is committed to embracing these initiatives and recognising the transformative power of government involvement.

“While government responsibility is not sole, its engagement accelerates progress. Alignment among government, policymakers, and central banks is vital,” Mer said.

Speaking on the launch, Mer said the company had aligned with the Central Bank of Nigeria’s directive for in-country transaction routing, enhancing its local processing capabilities by deploying its flagship Network One platform on soil.

According to him, the platform is now ready to onboard and empower banks, Mobile Network Operators and fintechs in Nigeria and throughout the West African region.

Mer said the integrated platform provides banks, financiaI institutions and fintechs with a comprehensive range of payment products and services locally in Nigeria for both issuers and acquirers.

He said the suite was complemented by a variety of value-added services such as digital, loyalty, tokenisation, enterprise fraud prevention, embedded finance and data and advisory solutions and many more.

According to Mer, Network International is strategically investing in rolling out the platform in key markets to effectively serve its local and regional clients and partners across the MEA region

“This major milestone took us only a few months to deploy thanks to a local team that worked tirelessly and seamlessly with cross-functional colleagues in various geographies to ensure we deliver on Network One’s promise of innovation, resilience and agility.

“As the country with the fourth-largest Gross Domestic Product in Africa with strong consumer spending, Nigeria is ripe for a digital payment boom.

“Total transaction value in the domestic digital payments market is projected to reach 21.32 billion US dollars in 2024, with an annual growth rate (CAGR 2024-2028) of 10.06 per cent projected to reach a total amount of $31.28 billion by 2028,” he said.

Dr Reda Helal, Group, Managing Director for Processing in Africa, said the Network One platform was an integrated payment suite offering both merchant and issuer solutions, hosted and supported in-country.

Helal explained that it relies on a consolidation of best-in-class technologies brought together to provide end-to-end payment processing capabilities in a highly adaptable environment.

“Our presence on the ground and comprehension of the specific needs of the local market have enabled us to tailor a solution that is ideally suited for Nigerian enterprises.

“Our capability to establish a hub equipped with all the essential technology not only empowers our clients to enhance their value proposition but also positions the Network to effectively contribute to financial inclusion and democratisation of payments.

“It has also allowed us to effectively address the needs of a large population of consumers across the continent,” he said.

Explaining how the company operates, the Regional Managing Director for West and Central Africa, Chinwe Uzoho, said the company serves only financial institutions, Fintechs and Telcos.

“We are the ones giving Fintechs and financial institutions products and services that enable them to serve the end users,” Uzoho said.

The News Agency of Nigeria (NAN) reports that Network International provides technology-enabled payments as a service to merchants and financial institutions in the Middle East and Africa.

It is also listed on the London Stock Exchange and is a constituent of the FTSE 250 Index. (NAN)

Edited by Chinyere Nweokeoma

By Fortune Abang

Mr Ali Khwaja, Chairman of KTrade Securities, a Pakistani-based stock and commodity outfit, says the U.S. fiscal deficit can impact negatively on the global financial markets.

Khwaja disclosed this on Thursday during the global virtual analysis of the KTrade Securities research report.

He said that the deficit could create less trust by international market players and increase search for alternative currency.

According to him, the highlight had become important because the U.S. spending spree is creating massive risks for the global financial system, particularly the developing world.

Khwaja said that, as the U.S. government borrowed more, the resulting increase in interest rates would  continue  to ripple through global financial markets.

“Right now, the U.S. is still able to borrow and attract capital from the rest of the world, but countries are feeling the pinch of rising interest rates.

“In five years or so, most emerging and low-income countries that rely on external borrowing will need to use most of their budget for the payment of interest cost.

“Soon, other countries, especially large holders of the U.S. debt, will start asking questions about where the U.S. debt is heading, and they  will take some policy options,” he said.

He said that the situation could be dangerous, as the U.S. will have to defend its position by non-economic means.

“For the U.S.,the solution is to allow a global free-trade movement that attracts younger people to come into the economy and thus, increase tax collection,” he said.

He, however, said that such a move was unfortunate because the U.S. political choices were creating an equilibrium in which it will remain in fiscal deficit.

He observed that the U.S. fiscal deficit used to be around two to three  per cent until the 1980s.

He said that the  country soon ventured into uncharted territory, as it had been running a deficit in decades averaging around 10 trillion dollars per year.

“In the past, there was this understanding that if you run a deficit, you run for some special reason in a temporary situation, such as world war, after which you will revert to fiscal discipline.

“But since the 2008 financial crisis, the fiscal discipline upon which the global financial market and the global financial system rest, has been broken.

“The situation will only worsen with the ageing American population, which necessitates increased spending on pensions, healthcare, and other benefits straining the fiscal budget, which failed to be fully replenished by taxes.

“Political pressure to maintain popularity has led to increased spending. Cutting budgets can lead to political unpopularity and electoral losses, which creates a cycle of persistent high spending.

“When a government realises that it can spend more money for political benefits, then it is difficult to control when it comes out of the bottle.

“But popular political options are not always good economic options,” he said.

He quoted Jodey Arrington, Chairman of the U.S. House Budget Committee as confirming the fiscal deficit, when referring to the alarming accumulation of gross national debt that hit a new record of 35 trillion dollars.

Khwaja reiterated that the U.S. Congressional Budget Office had warned that the rate of increase, equivalent to 6.4 billion dollars of new debt per day, is pushing the U.S. fiscal sustainability to its limit.

He further said that by the early 2030s, government bills will exceed revenue and that the escalating debt trajectory raises concerns about the feasibility of financing and the associated costs.

“Risks to economic growth and lower investment in the private sector could lead to lower wages.

“This is due to losses in productivity. And upward pressure on interest rates would make it more expensive for individuals to borrow money,” he said.

He further quoted Gene Dodaro, Comptroller-General of the U.S. and Head of Government Accountability Office (GAO) aa suggesting that measures should be taken to ensure lasting solution to fiscal deficit. (NAN)

Edited by Kadiri Abdulrahman

The imperative for an indigenous credit rating agency in Africa

By Lucy Ogalue, News Agency of Nigeria (NAN)

In the ever-evolving landscape of global finance, Africa stands at a crucial juncture with its burgeoning economies, industries, and a young, dynamic workforce.

The continent holds immense potential, yet, in spite of these promising indicators, Africa still grapples with a significant challenge one of which is the absence of a robust credit agency tailored to its unique economic landscape.

Credit rating is an evaluation of the credit risk of a prospective debtor, predicting their ability to pay back the debt, and an implicit forecast of the likelihood of the debtor defaulting.

Credit rating represents an evaluation from a credit rating agency of the qualitative and quantitative information for the prospective debtor, including information provided by the prospective debtor and other non-public information obtained by the credit rating agency’s analysts.

African economies, both emerging and established, face hurdles when it comes to accessing credit on favorable terms.

Traditional credit rating agencies, predominantly based in the West, often lack the level of understanding required to accurately assess African businesses and sovereign entities.

Consequently, this knowledge gap perpetuates a cycle of limited access to affordable credit, hindering the continent’s growth prospects.

In the intricate space of global finance, Africa’s economic potential shines brightly, yet, in spite the continent’s vast opportunities; its journey to prosperity faces a formidable obstacle, which is the absence of a credible, indigenous credit rating agency.

Stakeholders, experts, partners and shareholders on the continent have strongly advocated the creation of an Afrocentric credit rating agency, designed to better understand and fairly assess the continent’s conditions.

Dr Akinwumi Adesina, President, African Development Bank (AfDB), has been an ardent advocate for rectifying the disparity in rating, emphasising the critical need for Africa to have its own credit-rating institution.

Adesina contends that major international credit rating agencies often paint an inaccurate picture of African risk, unfairly penalising the continent.

Speaking at the 2024 AfDB Annual Meeting in Nairobi, he said although the continent needed its own rating institution, it was not intended to replace the global rating agencies.

“What the Heads of States are saying is that saying is that they want a counterpart institution that understands the conditions in the continent better.

“There is need for reform in the global rating system. The global system has to change. We need to create a fair response that rates African countries properly and with equity.

“Africa is not asking for a pass, but there needs to be a fair process that rates African countries properly. It is about fairness, it is about equity, it is about making sure that both sovereign and non-sovereign are rated properly,” he said.

Similarly, while speaking at the Chatham House in London, Adesina highlighted how Africa was unjustly perceived, as being riskier than other regions, in spite evidence to the contrary.

He said over the past five years, the AfDB had facilitated investments exceeding 180 billion dollars in Africa underscoring the continent’s immense potential for growth and development.

The AfDB boss said: “Africa is not any riskier than any other part of the world. Perception is not reality.

“Over the past five years, we have brought investors to Africa and mobilised well over 180 billion dollars in investment interest. This tells you the opportunities are limitless.

“For Africa to rise and shine brightly among the global community of nations we must accelerate structural transformation and finance its implementation. This is the key to unlocking Africa’s development opportunities.“

Addressing participants at the 2024 AfDB meeting in Kenya, President William Ruto also called on the AfDB to establish an African Credit Agency and conduct a comprehensive review of African states’ Gross Domestic Product (GDP) to reflect their true economic status.

Ruto disclosed how perceptions had impacted Kenya’s credit rating on Eurobond issuance.

According to him, countries on the continent borrow from international markets at rates far above those paid by the rest of the world, often up to eight to 10 times more.

He said these rates were said to factor in an arbitrary risk profile that is notably not applied when considering mineral extraction, even in areas of active conflict.

President Nana Akufo-Addo of Ghana expressed similar sentiments while addressing the 35th Africa Union summit in Addis Ababa, Ethiopia.

He said: “We need to guard against the continuing consequential stranglehold of rating agencies, which has affected the cost and access to capital markets for African countries”.

Experts argue that the problem with African debt is not just the interest that is paid on them, but also the tenure of the loans as repayment periods tend to be shorter than for elsewhere around the world.

Mr Jeffrey Sachs, an American economist, academic and public policy analyst, said long-term development cannot be based on short-term loans.

“Thus, the loans granted to Africa should have at least a 25-year term, or longer. Short-term borrowing is dangerous for long-term development,” Sachs said.

For Dr Mohammed Adam, Ghana’s finance minister, establishing an African sovereign credit rating agency would ensure a balanced, accurate, and comprehensive assessment of credit risk.

He said it would therefore facilitate access to competitive capital and foster domestic financial market development across the continent.

The minister decried what he described as unfair assessments of developing countries by international rating agencies.

“If we have our own rating agency, we will have an alternative professional second opinion.

“When challenged, the facts can be brought to bear, and I think the AfDB should lead by organising stakeholders to determine the modalities.

“Such a stakeholder meeting is crucial to build credibility that will reflect the ratings given to African nations,’’ the media quoted Adam as saying.

According to a United Nations Economic Commission for Africa (ECA) report, in the first half of 2023, the top rating agencies issued 13 negative decisions to 11 African countries, including downgrades and negative outlook assessments.

The report stated: “These developments have reversed the optimism among investors on the international financial markets that African countries are recovering from the devastating Covid-19 economic shocks.”

To address these credit rating issues, the ECA and the African Peer Review Mechanism (APRM) hosted a workshop in Accra from July 9 to July 12.

The event brought together stakeholders and major credit rating agencies, including S&P Global and Moody’s, to discuss the credit rating methodologies.

The workshop aimed to provide a comprehensive understanding of the factors that influence these ratings and to identify actionable steps that African countries could take to enhance their creditworthiness.

“By bringing together diverse stakeholders we can foster a deeper understanding of credit rating methodologies.

“We work collaboratively to improve the financial stability and economic prospects of African nations,” Sonia Essobmadje, Chief of Section on Innovative Finance at ECA said.

McBride Nkhalamba, Acting Director, Governance and Specialised Reporting at APRM, highlighted the significance of the initiative.

Nkhalamba said that consistency in policy communication and transparent reporting were imperative in fostering investor confidence and mitigating potential rating downgrades.

Amb. Albert Muchanga, African Union (AU) Commissioner for Economic Development, Trade, Tourism, Industry and Minerals, says the continent was on track to establishing a credit rating agency by 2025.

According to Muchanga, the project was at the operationalisation stage, adding that APRM, AfDB, African Export-Import Bank and AU Commission are involved in the task. (NANFeatures)

**If used, please credit the writer and News Agency of Nigeria.

By Abigael Joshua

Nigerians in London and other parts of the world have been advised to acquire homes and properties in Abuja, their country’s capital, to safeguard their future financial investments.

This is part of efforts by the President Bola Tinubu administration to strengthen the housing sector of the economy under the Renewed Hope Agenda.

Many Nigerians abroad are challenged in acquiring homes and properties in the country due to exploitations and outright fraud encountered in the process.

The event will emphasise the importance of contributing to national development, according to TEXEM and Bilaad Real Estate, organisers of the show, in a statement.

‘’Investing in Nigerian real estate is not just about personal gain but also about playing a part in the country’s economic growth and infrastructure development.

By driving sustainable development and creating job opportunities, diasporans can positively impact the local economy and communities.’’

The road show would sensitise Nigerians in the diaspora on the legal and physical processes of acquiring homes and properties in Abuja.

The free road show would present a strategic opportunity for participants to gain valuable insights, connect with experts, and explore the vast potential of the Nigerian real estate market.

The theme of the event is, “Unlocking the Future: The Bilaad Real Estate Road Show for Nigerians in the Diaspora”.

The statement announced that renowned personalities would provide information on the dynamics of real estate, while participants would gain a comprehensive understanding of the Nigerian real estate market, with a particular focus on Abuja.

According to the statement, presentations will cover current trends, the benefits of investing in the market, and success stories that highlight the sector’s potential.

The statement said that the event offers practical training sessions on effective communication, handling objections, and closing deals.

These sessions, including role-playing exercises, are designed to equip attendees with the skills needed to excel in the real estate market.

The show would also allow for networking by providing opportunities to connect with other Nigerian professionals, investors, and industry experts.

Mr Aliyu Aliyu, CEO of Bilaad Realty, said the show would inspire participants to have a commitment to a brighter future of their country.

“Abuja’s growing economy guarantees property value appreciation, while our communities offer a serene and secure environment, paired with unmatched lifestyle amenities and sustainable designs.”

Aliyu said that investing in Nigeria’s economic growth agenda would offer substantial returns that outpace currency fluctuations and inflation.

He said that the event would provide insights into building and managing a profitable real estate portfolio, crucial for those planning to return to Nigeria or maintain strong ties with the country.

Dr Alim Abubakre, Founder of TEXEM UK, also said that the group believes in the transformative power of strategic investments.

He added that the free road show would be a significant platform to encourage this among participants.

“This programme is a unique opportunity for Nigerian professionals in the UK to gain invaluable insights into the Nigerian real estate market, foster key partnerships, and contribute to national development.

“By participating, Nigerian professionals can leverage cutting-edge knowledge, connect with industry leaders, and position themselves at the forefront of a dynamic market.

”This event is about sustainable investment and reconnecting with your roots,” Abubakre said. (NAN) (www.nannews.ng)

Edited by Razak Owolabi

By Rukayat Moisemhe

Dr Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., says Nigerian businesses must adapt to 23 megatrends to succeed in the changing world, particularly for positive results and futurist growth.

Adedipe made this known at the Chartered Institute of Directors (CIoD) Academy’s Network Breakfast on Tuesday in Lagos, with theme: “Megatrends and Insights for Tomorrow’s Business Landscape”.

He listed the megatrends to include increasing technological disruptions, globalisation and cultural disruptions of values, climate change, changing business models, Environment, Social and Governance (ESG) issues.

Others are investor’s expectations, global health infrastructure, changing nature of work, increasing global crisis, changing economic powers, society expectations, and increasing sophistication of stakeholder’s awareness and rights.

He added that megatrends such as Equality, Diversity and Inclusion (EDI), Artificial Intelligence (AI) and robotics, strategic innovation, agility/ resilience, cyber security, and Enterprise Risk Management (ERM) were important dynamics for businesses.

Adedipe furthered that business continuity, increasing emigration, the great resignation, changing bar of corporate governance regulations and integrity of security networks were trends to also look out for.

“More important is how to adopt and deploy generative artificial intelligence into business operations.

“We must understand how such megatrends are impacting industries and how they may impact them in the near future and what companies can do to manage the trends for positive results.

“Businesses must understand how to effectively engage local and global population dynamics, financial development, diffuse nature of competition and de-globalisation.

“Nigeria must target producing what would take care of the numbers before exports and for businesses, looking forward, to be resilient and strong, it is about collaboration and not competition,” Adedipe said.

Alhaji Tijjani Borodo, President, CIoD, said the event would enable directors to forge stronger bonds, share insights, and collectively shape the future of the Nigerian business landscape.

Borodo stated that in an era marked by rapid technological advancements, shifting economic paradigms, and unprecedented global challenges, directors and C-suite executives must remain at the forefront of these changes.

He said the CIoD Academy’s Network Breakfast was not just a one-time event but the beginning of a series of networking sessions that would become a regular feature of the institute’s calendar.

“Through this event, we aim to create a vibrant and supportive community of directors and executives who are committed to excellence and continuous improvement.

“Hence this gathering is designed to equip us with the knowledge, insights, and connections necessary to navigate and thrive in this evolving landscape,” he said.

Mr Femi Ojumu, Principal Partner, Balliol Myers LP, stressed the need for Nigerian businesses to be very aware of global disruptors, the after-effects of the pandemic, generative AI and other dynamics for comparative advantage.

Ojumu said businesses must also be aware of the wider dynamics of geopolitics and how it directly correlates to the Nigerian business environment.

“What government can do is fairly limited to creating policies, simplifying business, creating proper laws and access to loans for the business environment to thrive.

“We need to be alive to the strategic and operational risks and ensure we have proper and effective mitigation plans in place,” he said. (NAN)

Edited by Olawunmi Ashafa