Dr. Adesola Adeduntan, Chief Executive Officer of FirstBank Group, says there is a need for businesses to actively adjust their strategies in response to shifting government policies in 2024.
He spoke at a summit by the bank, themed: “Nigeria Economic Outlook 2024: Current Realities and Prospects.”
At the summit on Friday in Lagos, Adeduntan emphasised the need for businesses to take decisive action and a positive and future-oriented approach over explanations and excuses for inaction.
He urged them to tap into the opportunities that the Nigerian economy had presented for businesses to thrive and potentially gain significant benefits.
He expressed optimism about the economy for 2024 based on the recently signed appropriation bill by President Bola Tinubu.
With a record proposed spending of N28.7 trillion, including a significant allocation for capital expenditure, Adeduntan said that there was potential for economic stimulus that would benefit serious market players.
He also pointed out the importance of proactive business adaptation in response to changing government policies and priorities.
He stressed that history favours those who take action rather than those who could eloquently explain their inaction.
The CEO noted that the focus should be on finding ways to succeed rather than dwelling on the possibility of failure.
In addition, Adeduntan expressed a strong commitment to supporting businesses and assured them of being a key ally in their journey.
He said: “How do we as FirstBank, a bank, that has heeded and supported our customers through different economic cycles over the last 130 years, how do we continue to play that pivotal role to heed your business, to heed your understanding of experts and we believe the economy is likely to pan out in the course of 2024 to ensure that you take full benefit of that?
“We remain very committed to supporting your businesses and you can always count on us. We see ourselves as your trusted business advisor, the institution you can always count on, either in terms of financing or providing business advice.”
The Chief Consultant, B. Adedipe Associates Limited, Dr. ‘Biodun Adedipe, urged businesses to be proactive and ambitious in their growth plans.
He highlighted the risk of falling behind if they grow slower than the overall economic pace.
Adedipe said: “So, if you expect this economy to grow this year, what then is your own expectation? What do you want to do? You cannot afford to grow slower than the rate at which the economy you are operating in is growing.
“If you grow slower, that means some entity within that space, not necessarily your direct competition, but somebody somewhere, is growing at your expense, because that growth rate is aggregate.”
With Agency report
