A recent survey conducted by Africa Practice has revealed that 46% of African businesses are facing revenue declines due to inflation and macroeconomic challenges. Despite these setbacks, a significant 70% of business leaders are turning to digital solutions to foster innovation, adapt to the changing economic landscape, and drive future growth.
These insights were presented during the 30th Nigerian Economic Summit (NES30), hosted by Google, which brought together top CEOs, government officials, and industry leaders to discuss strategies for advancing Nigeria’s digital economy amid ongoing economic difficulties. The event, themed “Leveraging Digital Solutions to Navigate Economic Volatility,” emphasized the critical role of cross-sector collaboration in addressing these challenges.
Taiwo Oyedele, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and Laoye Jaiyeola, former CEO of the Nigerian Economic Summit Group, both underscored the necessity of public-private cooperation in driving Nigeria’s digital economy forward.
The survey results highlighted a dual reality: while many businesses struggle with declining revenues, there is a strong commitment among CEOs to leverage technology for resilience and sustainable growth. Oyedele remarked, “Forums like this provide an opportunity for both sectors to engage, ideate, and work together. I believe in the power of collaboration, and by fostering a digital-first mindset, we can bring about real change in how Nigeria operates.”
Jaiyeola emphasized the need for policy consistency and active engagement from both sectors: “Policies are only as impactful as the commitment behind them. Through the NESG’s Digital Economy Policy Commission, we offer a platform for the private sector to contribute significantly to advancing digital solutions.”
Olumide Balogun, Google’s West Africa Director, also highlighted the transformative potential of technology in shaping Nigeria’s economic landscape, indicating a strong belief in the power of digital innovation to navigate economic volatility.