A recent CEO survey conducted by Africa Practice has revealed that 46% of African businesses are experiencing revenue declines due to rising inflation and macroeconomic pressures. Despite these challenges, 70% of business leaders are turning to digital solutions to drive innovation, adapt to the economic climate, and promote future growth.
This data was presented at the 30th Nigerian Economic Summit (NES30), where Google brought together top CEOs, government officials, and industry leaders to explore strategies for advancing Nigeria’s digital economy amid economic turbulence. The event, themed “Leveraging Digital Solutions to Navigate Economic Volatility,” highlighted the importance of cross-sector collaboration to tackle these challenges effectively.
Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and Laoye Jaiyeola, Former CEO of the Nigerian Economic Summit Group, both emphasized the need for public-private sector cooperation to propel Nigeria’s digital economy forward. Oyedele noted, “Forums like this are vital as they provide an opportunity for both sectors to engage, ideate, and work together… By fostering a digital-first mindset, we can bring about real change in how Nigeria operates.”
Jaiyeola stressed the importance of engagement and policy consistency, stating, “Policies are only as impactful as the commitment behind them. Through the NESG’s Digital Economy Policy Commission, we provide a platform for the private sector to make substantial contributions in advancing digital solutions.”
Google’s West Africa Director, Olumide Balogun, also spoke on the transformative power of technology, highlighting how collaboration between the government, businesses, and communities can unlock the full potential of Nigeria’s digital economy: “Technology has the power to reshape lives and economies.”
The Africa Practice survey provided a foundation for these discussions, demonstrating the increasing reliance on digital solutions as a means of resilience in an evolving economic landscape.