Experts say business digitalisation key to stimulating growth

Rising from the second Stanbic IBTC BusinessLeadership Series, participants expressed their support to build a new cadre of business and entrepreneurship leadership to trigger the continent’s renaissance.

Experts at the event, which had the theme Digitalization and Business Sustainability in the new World, held in Lagos noted that transforming Africa-made solutions to meet its developmental aspirations has become imperative if the continent hopes to actualize its economic potential.

Internationally acclaimed rocket scientist, motivational speaker and innovator, Siyabulela Xusa, who expressed delight to be visiting Nigeria for the first time, said that with science and technology being the bedrock of any nation’sproductive capacity, Africa must focus on developing local capacity, part of which includes to ‘be ruthlessly curious.’

Xusa, who won global acclaim for developing a cheaper and safer rocket fuel, said Africa, needs ‘a revolution in innovations’ in order to put the continent on the path of growth and greatness. According to Xusa, Nigeria, as Africa’s biggest economy, must lead the quest and others will follow.

“Instead of buying technology and innovation, we should develop the African capacity to create innovations,” Xusa said, adding that “mediocrity is the enemy of innovation.”

Africa’s huge and young population, the abundance of talents and natural resources, vast consumer market and cheap labour are opportunities that can propel strong growth, if well harnessed, he said.

Chief Executive Officer and founder of Interswitch Limited, Mitchel Elegbe, used the story of Interswitch, which he has nurtured into a leading pan-African integrated payment giant, to illustrate the transformational power of digital technology. He reiterated that there are huge opportunities for African companies in the digital and innovation space, and it only requires the ability to recognize such opportunities for growth and development.

The event drew attendance from both the public and private sectors, including experts, investors, regulators, captains of industry and the business community.

In her welcome address, Chief Executive Officer, Stanbic IBTC HoldingsPLC, Sola David-Borha, said a major objective of the event was to help individuals and businesses gain insight on how they can leverage digitalization and technology to develop their businesses and the Nigerian economy.

She described digitalization as the way of the future, while the development of a vast entrepreneurship class will be crucial in lifting Africa out of poverty.

“The benefits of digitalization are obviously huge for any business or economy. In looking at today’s global economic landscape, businesses of every
size need to overhaul their processes and applications if they hope to compete and succeed,” Daivid-Borha stated.