Market Update: Leverage export opportunities to strengthen Nigeria’s economy, Aduloju tells MSMEs – Full Analysis

PICTURE CAPTION: Head, The FATE Institute, Amaka Nwaokolo (left); Outgoing Executive Director, FATE Foundation, Adenike Adeyemi; CEO, Nigeria Economic Summit Group (NESG), Dr Tayo Adoloju; Incoming Executive Director, FATE Foundation, Ayomide Akindolie-Igwe; President, FATE Alumni Executive Committee, Toyin Bakare; Dean, The FATE School, Bambo Adebowale; and Senior Programs Manager & Head, Growth & Alumni Services, FATE Foundation, Oluwaseun Oshoniyi at the 11th FATE Business Outlook & Annual General Meeting in Lagos.

Entrepreneurs have been urged to move intentionally into production, think export from the start, and position their ventures to earn foreign currencies while strengthening Nigeria’s economic resilience.

The Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, who gave the advice in his keynote address at the 11th FATE Business Outlook & Annual General Meeting in Lagos, said for businesses, growth can no longer be confined to local demand alone, as the future lies in building products and services that can compete across borders.

He said: “We think that export expansion is key because of the exchange rate. It creates an opportunity for us to expand into African economies and into any economy where Nigerian goods and services are needed.

“What that requires is a new rebirth of an African-Nigerian pioneering spirit for the terms of free trade areas. There is need to digitize now because if you’re going to scale across Africa, digital payments, digital delivery, logistics services, supply chain becomes a big part of being known, of being seen, of being credible within the digital economy in West Africa and in Africa.
Aduloju stressed the need for entrepreneurs to study all the markets in Africa, and look at where their products can scale.

The incoming Executive Director of the FATE Foundation, Ayomide Akindolie-Igwe, said the theme of the 11th Business Outlook: “The Good, The Bad & The Opportunities,” informed the fact that the economy going through some transitions is at the moment stable.

“So we’re not recording the kind of growth that we’d like to see, but the headlines are positive. But what does this mean for businesses? There are some of the real implications of the economy for businesses that are still bad. The reality of the headlines has not yet hit our pockets, our businesses, or our households, but there are still opportunities. Opportunities to prepare to take advantage of the growth that the economy is projected to have in the next 18 months.”