Nigerian Businesses Must Embrace Innovation and Resilience to Thrive in Challenging Economy
At the recent BusinessDay CEO Forum, Chukwuma Nwanze, MD/CEO of Credit Direct Finance Company Limited, emphasized the importance of innovation and resilience for Nigerian businesses navigating the current economic challenges. Nwanze, who is also the consumer finance arm of FCMB Group, highlighted the transformative potential of technology and digital transformation in adapting to evolving consumer needs and ensuring sustained growth.
During a panel discussion on “Leadership and Partnership: Driving Value in a Challenging Economy,” Nwanze stressed the need for proactive strategies to address market volatility. He shared insights on how businesses can foster innovation and achieve sustainable reinvention, citing Credit Direct’s success as Nigeria’s leading FinTech and consumer finance company.
Credit Direct’s growth is attributed to its use of AI-driven credit decisioning in its loan origination process and digital channels for nationwide expansion. Nwanze emphasized the importance of embracing emerging technologies and understanding evolving consumer behaviors to meet demands and remain competitive.
The panel session also featured other distinguished business leaders, including Yomi Ademola, Khilian Khanoba, and Dr. Ayotunde Coker, who shared their insights on driving value in a challenging economy. Dr. Coker stressed the need for broadband development to drive economic growth and the importance of data in making economic decisions.
The conference also featured Central Bank of Nigeria Governor Olayemi Cardoso, who emphasized the importance of building genuine credibility for businesses. Cardoso highlighted the Central Bank’s focus on developing a stronger and more resilient banking system.
The BusinessDay CEO Forum brought together CEOs from Nigeria’s leading companies, including the Deputy Lagos State Governor and former Governor of the Bank of Kenya, to discuss critical economic issues and shape the nation’s economic landscape.
