Nigerians urged to see current socioeconomic challenges as growth opportunities

Experts have urged Nigerians to see current socio-economic challenges as opportunities to build legacies that outlive them and grow the economy as they provide solutions to societal problems.

The experts who spoke during the London Business School (LBS) worldwide alumni celebration 2024, Nigeria chapter themed ‘Building a Legacy in Nigeria: Turning Challenges into Opportunities’ noted that with the right vision, strategic leadership, and effective collaborations every challenge can be an opportunity for people to build legacies that outlast them.

Babajide Sanwo-Olu, governor of Lagos State, urged Nigerians to see the economic uncertainties and infrastructural deficits as a catalyst for innovation, growth and transformation as they tap the opportunities to provide solutions to the problems.

The governor who was represented by Folashade Ambrose-Mebedem, commissioner for commerce, cooperatives, trade & investments, said Lagos is a clear example of how turning challenges into opportunities can drive development.

“The core of transforming challenges into opportunities is the commitment to economic growth,” he said, noting that the government alone cannot drive sustainable growth without robust partnerships with the private sector.

He said the expertise of the LBS alumni is valuable in driving sustainable growth, urging them to use the platform to mentor young professionals, invest in local talents and champion innovations that address the country’s most pressing challenges.

Omobola Johnson, chairman of Guinness Nigeria, described Nigerians as hustlers, saying the country must move from a hustling economy to entrepreneurship to drive sustainable growth.

She defined entrepreneurship as the ability to identify a problem and provide solutions to solve the issues, stressing that lots of people see it as an act of buying and selling.

Omobola who is also the former minister of Communication, urged Nigerians to think entrepreneurial and see problems as opportunities to provide solutions to societal challenges.

Speaking on the country’s macroeconomic shifts, Bismark Rewane, managing director of Financial Derivative Company, said with the current reforms, Nigeria’s economy will soon reach equilibrium within two and three years.

“If the government can address the rising inequality in the country, the economic reforms for growth and stability will start yielding fruit in two to three years,” he said, adding that inflation will start moderating early next year.

He noted that the macroeconomic challenges in the country are well documented, but the level of adjustment required for growth is not known, adding that the bigger the problems are the higher the returns on investments.

Wole Abegunde, chairman, eTranzact International and group MD Meristem Securities Limited, said policies present opportunities for investors to address challenges, however, he noted that in Nigeria policies have been very inconsistent.

“Policies need to be more predictable and enduring. When policy changes rapidly, there is disequilibrium. You must be able to predict where the new equilibrium is to be able to tap the opportunities.”

Akintayo Sanwo-Olu, president of LBS, Nigeria chapter, called on all alumni of LBS to build legacies that promote their brand, LBS brand and that of the country.

He appreciated all the sponsors’ support in holding this year’s alumni celebration, noting that the LBS – Nigerian chapter will continue to foster innovation through a financial contribution to employment opportunities and access to sustainable accelerator programmes to drive entrepreneurship.