Chief Executive Officers (CEOs) and entrepreneurs at BusinessDay 13th CEO forum have said that understanding, knowing and focusing on the gaps in the market they are venturing into is critical in remaining resilient in business especially operating in Nigeria’s economy.
These CEOs shared how their businesses have remained resilient, strong, and scaled through tough times in Nigeria’s economy.
They also shared their journeys of resilience and innovation in Nigeria business economy, noting that refocusing strategy on how to deliver value and solutions consistently to customers is important in running businesses amid macroenomic headwinds.
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“We understand our markets, and I’d like to say that it’s more refocusing of our strategy in the markets that we do serve, due to the length of time that we’ve been in there, but more importantly, reflecting on what we bring to the market and ensuring that we bring focus to the value that we deliver to our clients,” Dalu Ajene, CEO, Standard Chartered Bank, Nigeria, said during one of the panel sessions, themed ‘Builders of the New Nigeria- Stories of Scale, Grit, and Innovation’
Speaking on resilience, Kofo Akinkugbe, founder/CEO, Secure ID Limited, said that entrepreneurs need to understand market trends, identify the opportunity, and improve business diversification in order to remain strong in operating in Nigeria’s economy.
“You need to know the market trend, ensure you are ahead of the market you are in, so that it’s very easy to adjust when it changes.,” Akinkugbe said, while noting that diversifying manufacturing capacity, and targeting different market segments helps managed volatility.
She emphasised the need for Nigeria to achieve macroeconomic stability to encourage business growth and sustainability.
