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 third and last part of a three-part series communicating the key points and outcomes of the Forum.
Another key highlight of the CEO Forum 2024 was the question and answer session (Q&A).
Overview
The Q&A session followed speeches by Catherine Duggan and Patrick Njoroge, with questions directed at both speakers. Discussions revolved around economic strategies, the impact of technological and geopolitical changes, climate change, and the role of services in job creation.
Key Questions and Responses
Economic Adaptation in Nigeria
How can CEOs adapt to short-term shocks like inflation and high exchange rates, and prepare for future trends like AI?
Duggan emphasised the importance of strategic vision and inspirational leadership. She highlighted the need for leaders to regularly step back and consider the broader direction while maintaining personal and collective motivation. She underscored the importance of inspiring and encouraging young people to contribute to Nigeria’s future.
Njoroge stressed the importance of resilience in the face of challenges, drawing a historical parallel to African sailors navigating vast oceans. He called for leaders to take full responsibility for their roles and focus on strengths as well as challenges. Njoroge also emphasised the potential of Africa’s youth and the need to support their growth and development.
Climate Change and Equitable Transition
From the Consul General of Denmark in Lagos, Nigeria: What is your one wish to ensure support for countries like Nigeria, heavily affected by climate change and shifting away from oil dependency?
Duggan emphasised the need for a balanced approach that considers both carbon reduction and the welfare of people. She stressed the importance of supporting countries through a just transition.
Njoroge highlighted the need for equitable climate solutions, allowing Africa, and specifically Nigeria, adequate time to transition. He acknowledged Nigeria’s progress in setting up less polluting industries compared to older industries in other nations.
Role of Services in Job Creation
From an audience member, Amina Yagwala: What are the opportunities in the services sector for job creation, given Nigeria’s rapidly growing population?
Njoroge affirmed the significant potential in the services sector, which includes transport, telecoms, finance, information technology (IT), tourism, health, and education. He emphasised that services now account for a large portion of the workforce in low and medium-income countries and generate the majority of global gross domestic product (GDP).
The session concluded with reflections on Africa’s potential and the need for a reimagined future. Duggan quoted Nigerian author Ben Okri, encouraging the audience to envision and work towards a transformed Nigeria. She highlighted the importance of collective effort in realising this vision.
Focus on Manufacturing vs. Services for Job Creation
Professor Duggan mentioned how China has refocused its energies on manufacturing. For Nigeria and Africa, should the focus be on manufacturing, services, or both to create the needed jobs?
Njoroge emphasised the importance of maintaining and developing the manufacturing sector. He cited Nigeria’s progress in building internal capacity, such as in the cement industry, which has reduced imports.
However, he noted that the number of jobs in manufacturing might decline, similar to trends in advanced economies. Njoroge argued that the majority of future jobs would be in the services sector, which includes diverse areas like IT, music, and banking. He highlighted the potential for Africa to supply skilled professionals, such as CEOs and bankers, to the global market.
Insights from the Second Panel Session: Governors in Conversation
The “Governors in Conversation” panel was a highlight of the CEO Forum Nigeria, bringing together key representatives from various states to discuss strategies for economic resilience and development amidst challenging economic conditions.
The session was moderated by Olusegun Zaccheaus, lead of PwC Strategy& Practice in the West Market.
Panellists
● Aminu Usman, deputy governor, of Jigawa State representing Umar A. Namadi, governor of Jigawa State
● Abduljabbar Umar, commissioner for Lands and Physical Planning, Kano, representative of Governor Abba Kabir Yusuf, of Kano State
● Deputy Governor of Lagos State, Femi Hamzat, representing Governor Babajide Sanwo-Olu of Lagos State
Opening Remarks
Moderator Olusegun Zaccheaus warmly welcomed the panellists and audience, setting the tone for a discussion centred on building resilience, balancing growth with economic development, and supporting vulnerable segments of the economy.
Key Discussion Points
Navigating Internally Generated Revenue (IGR) for Economic Growth
Hamzat, the deputy governor of Lagos State, emphasised the importance of creating a conducive business environment through regular corporate assemblies and simplified business operations, such as the consolidation of multiple taxes into a single land use charge. He also highlighted efforts to improve transportation and accessibility, essential for business operations.
Additionally, Hamzat mentioned the creation of ministries and initiatives focused on supporting vulnerable populations, such as the Ministry of Wealth Creation and Employment and the Ministry of Women Affairs and Poverty Alleviation. He detailed initiatives like the Lagos State Employment Trust Fund, which provides grants, single-digit interest loans, and training to support nano and micro SMEs.
The representative of Usman, deputy governor of Jigawa State representing Governor Umar Namadi of Jigawa State highlighted the state’s focus on youth employment through large-scale agricultural projects. He detailed a collaboration with the Federal Government to cultivate wheat, providing inputs and support to youth clusters. Furthermore, he mentioned that Jigawa State ranks second in Nigeria for ease of doing business and discussed the creation of industrial clusters to attract and support businesses.
Abduljabbar Umar, commissioner for Lands and Physical Planning, Kano State, the representative of Governor Abba Kabir Yusuf of Kano State emphasised the importance of a favourable regulatory environment and infrastructure development to enhance business operations in Kano State. He discussed efforts to streamline regulations and improve transportation and logistics. The representative also stressed the significance of federal-state collaboration in aligning policies and addressed challenges related to managing the ecological impacts of federal projects within the state.
Alignment of Federal and State Policies
Hamzat highlighted the importance of sector-specific support and coordination with federal agencies. He emphasised the need for federal policies to support state-specific competitive advantages, such as agriculture and fish production. Moreso, he called for tailored federal assistance to enhance state capacities and advocated for improved coordination between federal and state agencies, especially in areas like procurement and regulatory approvals.
Usman outlined youth empowerment initiatives focused on large-scale agricultural projects and collaborations with the federal government. The initiatives aim to provide inputs and support to youth clusters to enhance productivity and empower them in the agricultural sector.
Similarly, Umar, representative of Governor Yusuf of Kano State highlighted the importance of effectively implementing federal policies at the state level to achieve desired results. Challenges and solutions for improved federal-state collaboration to address local economic and ecological issues were discussed.
The session concluded with a focus on the importance of creating a favourable business environment, aligning federal and state policies, and supporting vulnerable populations to foster economic resilience and growth across Nigerian states. The insights and strategies shared by the panellists underscored the collaborative efforts needed to navigate current economic challenges effectively.
Insights from the Third Panel Session
The panel session titled “Leadership & Partnership: Driving Value in a Changing Economy” featured distinguished panellists including Yomi Ademola, chairman of West Africa, Rendezvous and Managing Director of Alaro City; Kilian Khanoba, senior partner at Kreston Pedabo, and Chukuma Nwanze, MD/CEO of Credit Direct Limited, a member of the FCMB Group. The session aimed to discuss the dynamics of leadership and partnership in today’s volatile economic landscape. Moderated by Esiri Agbeyi, partner, PwC, Africa Family Business Leader.
Key Highlights
Opening Remarks
The session started with introductions, highlighting the significance of effective leadership and strategic partnerships in navigating economic challenges.
Ademola spoke about Alaro City’s joint venture with the Lagos state government and Rendezvous, focusing on urban planning, bulk infrastructure, and residential development in the Lekki Free Zone. Key points included:
● Adaptability in the face of market dynamism and operational challenges.
● Expansion into the power sector to ensure 24/7 electricity for industries and residents.
● Establishment of a security company within Alaro City to enhance investor confidence.
Khanoba addressed trends in digital infrastructure development, particularly the role of data centres and connectivity in economic growth. Highlights included:
● Open Access Data Centres’ role in building digital infrastructure across Africa.
● The impact of broadband penetration on gross domestic product (GDP) growth.
● The significance of Lagos as a key hub for digital infrastructure in Africa, with ongoing investments in data centres and connectivity.
Nwanze discussed the importance of resilience, agility, and a digital mindset in leadership, especially in challenging economic times. Key points included:
● Emphasis on consumer insights, feasibility studies, and market analysis to inform strategic planning.
● The role of BusinessDay Intelligence in providing tailored solutions for business growth and decision-making.
The session underscored the critical role of leadership and partnership in driving economic value amidst changing conditions. The panellists highlighted the need for adaptability, innovation, and strategic collaboration to overcome challenges and seize opportunities in the evolving economic landscape.
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