Fidelity Bank Plc has reaffirmed its commitment to supporting the profitability of businesses by addressing the challenges hindering their growth in Nigeria. In collaboration with the Lagos Chamber of Commerce and Industry (LCCI), the bank organized a conference in Lagos that featured a panel session with prominent figures from various sectors of the Nigerian economy.
The panellists, convened under the theme “Powering Nigerian Businesses for Growth,” included Chika Mbonu (MD/CEO, KSBC Knowledge Resources Ltd), Yemi Osinubi (CEO, Helf Africa), Tosin Ojo (Principal, Sahel Capital), Dr. Segun Musa (Deputy National President, Nigeria Cargo Airport Chapter of NAGAFF), Sir Elvis Emecheta (MD/CEO, Zevis Pharmaceutical Ltd), and Mr. Keshab Vaswani (MD, Super Audio Ind. Nigeria Limited).
The keynote address, titled “Promoting Trade and Industry in Nigeria: Government Initiatives and Opportunities for Business Growth,” was delivered by the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite. Represented by Lucia Shittu, the Managing Director of Tafawa Balewa Square Managing Board, Dr. Uzoka-Anite highlighted the government’s commitment to creating a conducive business environment through initiatives like the Presidential Enabling Business Environment Council (PEBEC). She emphasized the need to strengthen weaker government institutions and outlined upcoming initiatives to boost industrial revitalization.
Dr. Uzoka-Anite also announced significant progress, citing the Standards Organisation of Nigeria’s recognition as the most performant agency with a score of 98.09% in the last Ease of Doing Business report. Despite this achievement, she acknowledged the ongoing efforts required to enhance government institutions further.
Dr. Nneka Onyeali-Ikpe, the MD/CEO of Fidelity Bank Plc, represented by Osita Ede, Divisional Head, Product Development, and Chairman, Financial Services Group of LCCI, advocated for effective public-private partnerships to stimulate economic growth. Dr. Onyeali-Ikpe emphasized the importance of resilience, adaptability, and collaboration in navigating economic uncertainties. She expressed Fidelity Bank’s commitment to driving positive change, empowering businesses, and fostering economic growth through strategic partnerships.
The President of LCCI, Asiwaju (Dr) Michael Olawale-Cole, addressed the challenges faced by business owners, including high operating costs and weak consumer demand. He urged businesses to recognize their foreign exchange exposures, adopt hedging strategies, and leverage digital technologies for operational efficiency.
Olawale-Cole further advised the government to explore alternative funding sources to improve the country’s infrastructure, considering the significant debt profile. The event concluded with a shared vision of unlocking Nigeria’s business potential and creating a sustainable and prosperous future through collaborative efforts.
