Fidelity Bank Plc reaffirms its commitment to enhancing business profitability by addressing prevalent challenges hindering business growth in the nation.
In collaboration with the Lagos Chamber of Commerce and Industry (LCCI), the bank organized a conference in Lagos. The event featured a panel discussion involving key figures from various sectors of the Nigerian economy.
The session was themed “Powering Nigerian Businesses for Growth’
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During the event, the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, delivered a keynote speech titled “Promoting Trade and Industry in Nigeria: Government Initiatives and Opportunities for Business Growth.” She emphasized the government’s role in fostering a conducive business environment akin to those in other countries where corporations thrive. Dr. Uzoka-Anite highlighted the efforts of the Presidential Enabling Business Environment Council (PEBEC) in eliminating critical bottlenecks and bureaucratic constraints in Nigeria’s business landscape. She lauded the Standards Organisation of Nigeria, supervised by her ministry, as the most performant agency with a score of 98.09% in the recent Ease of Doing Business report.
However, acknowledging the need for further strengthening of governmental institutions, Dr. Uzoka-Anite outlined upcoming initiatives from the Presidential Council on Industrial Revitalisation. These initiatives encompass upskilling, global certification and licensing of artisans, establishment of a robust Agri-market system, and promoting technology and knowledge transfer across programs, including free trade zones.
Welcoming attendees, Dr. Nneka Onyeali-Ikpe,OON, MD/CEO of Fidelity Bank Plc (represented by Osita Ede, Divisional Head, Product Development, Fidelity Bank Plc and chairman, Financial Services Group of LCCI), advocated for effective public-private partnerships to drive economic growth. Dr. Onyeali-Ikpe emphasized the bank’s commitment to fostering positive change, empowering businesses, and propelling economic expansion through collaborative efforts amidst current economic challenges.
In a similar vein, Asiwaju (Dr) Michael Olawale-Cole, President of LCCI, highlighted the plight of business owners, addressing high operating costs and weakened consumer demand due to inflation and reduced purchasing power. He urged businesses to embrace foreign exchange exposure awareness, adopt hedging strategies, leverage digital technologies, and streamline operations to explore growth opportunities. Additionally, Olawale-Cole advised the government to seek alternative funding sources to bolster the nation’s infrastructure amidst a substantial debt profile.
