On July 11, 2024, BusinessDay hosted the 15th edition of its annual CEO Forum Nigeria, bringing together over 200 CEOs, leaders, and business executives.
This year’s forum, themed “Leadership in Tough Economic Times,” featured a stellar lineup of speakers, panel discussions, and premium networking opportunities, providing attendees with invaluable insights and practical strategies for navigating the current business landscape.
This is the second of a three-part series communicating key ideas and outcomes of the CEO Forum Nigeria 2024.
Opening Address
The event began with a warm welcome from the host, Frank Aigbogun, publisher/CEO, of BusinessDay Media Limited, who acknowledged the thousands of participants joining online, underscoring the importance of continuous learning and improvement in today’s fast-paced world. The opening remarks set the tone for a day filled with inspiration, innovation, and impactful conversation.
“We believe that your joining us signifies your dedication to continuous learning and improvement,” the host noted, highlighting the forum’s commitment to fostering leadership capabilities through a well-curated agenda of speakers, panellists, and networking sessions.
BusinessDay’s New Initiatives
Aigbogun took the opportunity to update attendees on recent developments at BusinessDay. Since the last forum in 2023, BusinessDay has launched several initiatives to enhance its role as a leading business news authority in West Africa.
BusinessDay introduced the Policy Intervention Series, designed to address the challenges faced by business leaders and offer solutions through policy engagement. The initiative has received a warm welcome and is seen as a significant step toward fostering a more conducive business environment in Nigeria.
To better harness the wealth of data collected daily, BusinessDay has established a full-fledged research and data analytics arm. This move is intended to provide deeper insights and more comprehensive analysis, aiding businesses in making informed decisions.
The newly launched BusinessDay Centre for Social and Economic Development aims to support journalists in their social service roles, ensuring they can make impactful contributions to society. This foundation is a testament to BusinessDay’s commitment to promoting responsible journalism and societal development.
In a significant development, BusinessDay has received a television licence from the Federal Government of Nigeria. This new venture will expand BusinessDay’s reach and influence, offering more platforms for business leaders to engage with the public.
Presentation by PwC
Following the opening remarks, the forum proceeded with a presentation by Sam Abu, senior partner at PwC Nigeria and regional senior partner for West Market. Abu’s presentation, titled “Thriving in an Age of Continuous Reinvention,” resonated deeply with the forum’s theme.
Abu began by referencing an old Chinese proverb, “May you live in interesting times,” to describe the current global landscape. He emphasised that businesses today operate in a rapidly changing environment marked by significant megatrends.
He highlighted findings from PwC’s Global CEO Survey, which captures the concerns, risks, and strategies of CEOs worldwide. The survey indicates that 51 per cent of CEOs expect an economic downturn within the next year, reflecting a short-term pessimism tempered by long-term optimism.
Mega Trends Impacting Businesses
Abu identified five significant mega trends affecting businesses globally:
1. Climate Change: Impacting businesses through events like flooding and drought.
2. Technology Disruption: Accelerated by advancements in artificial intelligence.
3. Demographic Shifts: Affecting consumer patterns and workforce strategies.
4. Fracturing Geopolitical Landscape: Increasing conflicts and divisions.
5. Social Instability: Driven by disparities between rich and poor.
Strategies for Business Reinvention
He outlined key strategies for business reinvention, emphasising the need for:
● Adopting New Technologies: To enhance competitive advantage.
● Developing New Products and Services: To meet evolving customer needs.
● Forming Strategic Partnerships: To leverage new opportunities.
● Implementing New Pricing Models: To navigate economic challenges.
● Shifting to Regional Supply Chains: To reduce dependency on global imports.
Insights from the First Panel Session
The first panel session on “Adaptive Strategies – Leading Through Economic Challenges,” brought together some of Nigeria’s most influential female leaders to discuss strategies for navigating economic uncertainties. The session was moderated by Kemi Ajumobi, associate editor at Business Day Media, and featured esteemed panellists from diverse industries.
Panellists
Stella Okotete, executive director, Business Development, Nigeria Export and Import Bank (NEXIM); Juliet Ehimuan, CEO, of Beyond Limits and former director, Google West Africa; Bolane Austin-Peters, multi-award-winning film director, producer, founder, and CEO of Terra Kulture; Olufunmi Ogbue, co-founder, Zigma Limited, (joined online); Olupumi Oluwasheon Kuku, managing director, Federal Airport Authority of Nigeria (joined online).
Panel Discussions
Women in Leadership and Corporate Inclusivity
Stella Okotete spoke about the rise of female chief executive officers (CEOs) in Nigeria and the impact on leadership roles and inclusion. She noted significant progress with more women holding top positions in banks and other sectors but emphasised the need for further improvements. Okotete highlighted the importance of collaboration, partnership, and support networks among women to navigate corporate challenges effectively.
Strategies for Navigating Economic Uncertainties
Juliet Ehimuan outlined five key strategies for organisations to navigate economic challenges:
1. Cost Optimisation: Reducing waste, removing redundancies, and streamlining processes using technology.
2. Adaptability and Agility: Quickly responding to market changes and being flexible.
3. Innovation and Digital Transformation: Leveraging technology such as cloud computing, artificial intelligence (AI), and customer relationship management (CRM) tools to understand market dynamics.
4. Diversified Supply Chains: Building resilient and flexible supply chains to mitigate disruptions.
5. People and Employee Well-being: Prioritising employee training, capacity building, and well-being to ensure a motivated workforce.
Revenue Growth in the Creative Industry
Bolane Austin-Peters discussed the critical role of funding in movie production and expressed optimism about revenue growth prospects for the next few years.
She emphasised the importance of excellence, investment in infrastructure, and support from corporate Nigeria and philanthropists. Austin-Peters highlighted the global success of Nigerian films despite limited budgets and called for more substantial investments to unlock the full potential of the creative industry.
The session included insights from online participants Olufunmi Ogbue and Olupumi Oluwasheon Kuku, who shared their experiences and strategies in their respective fields, contributing to the rich discussion on adaptive strategies during economic challenges.
Strategies for Navigating Economic Uncertainties and Ensuring Resilience at FAAN
Olupumi Oluwasheon Kuku provided insights into the strategies employed by FAAN to navigate economic uncertainties and ensure organisational resilience. She highlighted several key approaches:
1. Cost Reduction Measures: Implementing cost-saving strategies across the organisation.
2. New Business Models: Exploring different business models, including outsourcing certain operations to organisations with specialised competencies.
3. Route Development and Revenue Diversification: Enhancing route development and diversifying revenue streams beyond passenger traffic, aiming for a more balanced mix of aeronautical and non-aeronautical revenue.
4. Infrastructure Modernisation: Investing in infrastructure upgrades to support operational efficiency and revenue growth.
5. Leveraging Cargo Infrastructure: Building and leveraging cargo infrastructure to support Nigeria’s potential as an export nation.
6. Partnerships and Incentives: Collaborating with other institutions and government agencies to attract investments and provide tax and special economic zone incentives.
7. Efficiency and Workforce Development: Focusing on organisational efficiency and reskilling the workforce to enhance productivity and strategic capabilities.
8. Sustainability Initiatives: Implementing business and environmental sustainability measures, including adopting electric buses and taxis, leveraging solar power, and exploring off-grid power solutions.
Concerns about Long-Term Sustainability and Strategies for Future-Proofing Business
Olufunmi Ogbue shared her perspectives on the long-term sustainability of her businesses, particularly in the oil and gas and public sector reform industries:
1. Economic Volatility: Acknowledging the challenging and volatile economic landscape, especially in the oil and gas sector.
2. Diversification and Net-Zero Ambitions: Emphasising the importance of diversifying beyond oil and gas, aligning with net-zero ambitions, and exploring renewable energy projects.
3. Investing in Infrastructure: Acquiring bitumen licenses to develop infrastructure, particularly in road construction, to support industrial growth and connectivity.
4. Technology and Partnerships: Leveraging technology for operational efficiency and fostering virtual teams across Nigeria to optimise costs and value.
5. Talent Development: Prioritising professional development and investing in talent to ensure organisational resilience and future growth.
Closing Questions and Key Takeaways
Impact on Women in Leadership: Stella Okotete highlighted the significant impact of her leadership at NEXIM, including achieving gender balance within the organisation and launching the Women in Export Development Facility (WEDF) to empower women in the export space.
Adoption of AI by Senior Executives: Juliet Ehimuan emphasised the importance of senior executives embracing AI tools to enhance performance and efficiency. She shared a practical example of using AI for market analysis, highlighting its potential to streamline tasks and transform organisations.
Sustainability Initiatives at FAAN: Olupumi Oluwasheon Kuku discussed FAAN’s initiatives to reduce its carbon footprint, including the introduction of electric buses and taxis, solar power implementation, and off-grid power solutions.
Encouraging a Culture of Innovation: Olufunmi Ogbue stressed the importance of implementing technology, measuring its impact, and fostering a culture of innovation through leadership and professional development.
Supporting Future Generations: Bolane Austin-Peters shared her efforts to support future generations in the creative industry through the establishment of an academy funded by the Mastercard Foundation. The academy provides free training and resources to young people, helping them develop skills and thrive in the industry.
Keynote address: Professor Catherine Dugan
Professor Catherine Dugan, director of the University of Cape Town Graduate School of Business, delivered the first keynote address, themed “Leadership for the Next Century: Global Trends and Insights for Nigeria.” She emphasised the power of storytelling, dignity, and confidence in leadership and organisational success.
Main Ideas
Importance of Stories
● Quote from Chimamanda Adichie: Stories can be used to dispossess and malign but also to empower and humanise. They can break or repair the dignity of a people.
● Personal Anecdote: Professor Dugan shared her own experiences in Uganda, highlighting perseverance and resourcefulness.
● Family’s Involvement with Nigeria: Professor Dugan mentioned that her family has been involved with Nigeria since the late 1940s. She expressed a personal connection to the country and hoped the audience would accept her as an honourary Nigerian.
Loyalty and Engagement
● Employee Engagement: Focus on transforming the middle 52 per cent of the workforce from passive involvement to active engagement.
● Creating Belonging: Foster a sense of belonging and loyalty to enhance organisational success.
● Key Question: How do we get people to express themselves constructively and stay committed to the organisation?
The Trim Tab Concept
● Buckminster Fuller’s Analogy: A small trim tab on a ship’s rudder can significantly impact its direction. Similarly, small actions by individuals can steer large organisations or societies.
● Empowerment: Individuals, regardless of their perceived size or influence, can make substantial contributions.
The Hero’s Journey and Business on Hard Mode
● Overcoming Challenges: Just like the hero’s journey in movies, doing business in Africa involves overcoming additional challenges, making us more agile and resilient.
● Playing on Hard Mode: African businesses operate under more challenging conditions, which ultimately strengthens them.
● Comparison to Easy Mode: African leaders manage complexities that their counterparts in developed regions do not face, showcasing their superior adaptability and resilience.
Pulling Together for a Common Cause
● Leadership and Sacrifice: People are willing to sacrifice if given a compelling reason. Leaders must provide a clear vision and purpose.
● John F. Kennedy’s Example: Kennedy’s inaugural speech during a time of great fear inspired collective effort and resilience.
● British and Japanese Examples: During the Second World War (WWII), British citizens pulled together for the war effort, while post-war Japan rebuilt itself through perseverance and self-restraint.
Cultural Transformation: The OCP Example
● OCP’s Transformation: The new CEO of OCP in Morocco shifted from a top-down approach to one that valued employee input, fostering a culture of trust and good intentions (nia). This led to the creation of numerous profitable spin-off businesses.
● Employee Empowerment: Listening to ground-level employees led to innovative ideas and increased organisational success.
Conclusion
● Collective Vision for Nigeria: Leaders must continuously ask why they do what they do and how they contribute to national growth. By sharing vision and purpose, they can inspire collective effort and achieve significant progress.
● Final Call to Action: Professor Dugan encouraged the audience to reflect on their contributions to Nigeria’s growth and to communicate their visions effectively to their teams.
Keynote address: Patrick Njoroge
Patrick Njoroge, former governor of the Central Bank of Kenya, delivered a keynote address focusing on globalisation, climate change, and the future of Africa. It was themed, “Africa’s Moonshot to 2050.” He highlighted the challenges and opportunities for Africa as it approaches 2050, emphasising the need for quality jobs, economic development, responsible business practices, and the importance of the services sector.
Main Ideas
Retreat from Globalisation
● Concerns in Advanced Economies: Advanced economies are reconsidering globalisation due to concerns about supply chain breakdowns and national security, leading to potential fragmentation.
● Benefits of Interconnected Economies: Despite these challenges, Njoroge believes the interconnectedness of economies supports a resurgence of globalisation.
African Continental Free Trade Area (AfCFTA)
● Operationalisation: The AfCFTA aims to create a unified African market, offering benefits from economies of scale.
● Economic Transformation: This initiative is expected to boost intra-African trade and economic integration.
Climate Change
● Urgency of Action: The global climate situation remains dire, with Africa experiencing extreme weather events and rising sea levels.
● 2020 State of the Climate in Africa Report: The report highlights the devastating impacts of climate change on millions of people in Africa.
● Need for Acceleration: Achieving the 2030 targets requires accelerated efforts from all stakeholders to mitigate and adapt to climate change.
Four Megatrends
1. Creation of Quality Jobs
○ Youth Employment: Africa needs to create millions of jobs annually to absorb the growing youth population.
○ Adaptability: The rapid pace of technological change necessitates adaptability in education and employment strategies.
2. Building Blocks of Economic Development
○ Government Responsibilities: Governments must establish conditions for economic and social development, including strong macroeconomic fundamentals and effective policies.
○ Government-Business Relations: Businesses often have grievances about government policies, but there needs to be a balance between support for good policies and addressing business concerns.
3. Business Responsibilities
○ Creating Meaningful Jobs: Businesses must prioritise people-centric approaches and support long-term growth.
○ Social Responsibility: Businesses should be aware of their impact on society and strive for fair labour practices and community support.
4. Dominance of the Services Sector
○ Shift from Manufacturing: Unlike in the past, manufacturing is no longer the primary driver of employment. The services sector, including IT, finance, health, and education, will play a crucial role in job creation.
○ Service Sector Growth: Services account for a significant portion of the workforce in low and medium-income countries and generate a large share of global GDP.
Story: Climbing Mount Everest
● Rescue and Gratitude: Njoroge recounted the story of Gelji Sherpa, who abandoned his summit attempt to rescue an unconscious climber. Despite the climber’s initial ingratitude, the story highlights the importance of recognising and appreciating those who help us.
● Responsibility to Build Africa: The story serves as a reminder of the responsibility to contribute to the development of Africa, even if recognition is not always forthcoming.
Conclusion
● Njoroge emphasised the potential for Africa’s transformation by 2050, highlighting the need for collective effort and resilience.
● Final Message: Africa, like a rose, has challenges (thorns) but also immense potential. It is up to each individual to determine the continent’s future and contribute to its success.
