Business leaders in Nigeria are calling on entrepreneurs to strengthen resilience, adaptability, and innovation to navigate the nation’s tough economic landscape in 2025. At the University of Ibadan School of Business MBA week on October 15, experts shared practical advice on thriving despite ongoing issues like inflation and market shocks.
Key Advice from Industry Leaders
Former Oyo State finance commissioner Bimbo Adekanmbi highlighted the importance of building local empathy and cultural ties to handle emerging market pressures. He explained that entrepreneurs face unique shocks in Nigeria, from policy changes to supply chain disruptions, but resilience helps turn these into opportunities.
Adekanmbi also encouraged young professionals to engage in governance, especially with elections approaching in less than two years. He stressed that waiting for perfect conditions is not an option; instead, people should actively create the stability they need.
Travella founder Adebayo Ogunranti added that innovation demands persistence and strength against economic hurdles. He noted that challenges in Africa are constant, but successful entrepreneurs outlast them by staying adaptable.
Ogunranti called for government to include more experts from various sectors to boost productivity and support business growth.
Economic Challenges Facing Nigeria in 2025
Nigeria’s economy grew by about 3.2 percent in the second quarter of 2025, marking its strongest performance in four years, according to recent reports. However, high inflation at around 32 percent and unemployment over 5 percent continue to strain businesses.
Experts point out that currency fluctuations and infrastructure gaps make it hard for startups to scale. For instance, access to funding has tightened, with investors pulling back amid global uncertainties.
Despite these issues, opportunities exist in sectors like fintech and agriculture, where innovation can drive resilience. Recent events, such as the Nigeria Innovation Summit 2025, showcase how entrepreneurs are using technology to address local problems.
- Inflation remains a top concern, pushing up costs for raw materials and operations.
- Unemployment affects consumer spending, limiting market demand for new products.
- Infrastructure deficits, like unreliable power, hinder manufacturing and distribution.
Strategies for Building Business Resilience
Entrepreneurs can adopt several approaches to build adaptability. First, focusing on local markets helps create products that fit cultural needs, reducing reliance on volatile imports.
Second, treating risks as learning tools allows businesses to pivot quickly. Adekanmbi described how managing uncertainty can become a strength, turning potential setbacks into advantages.
Innovation plays a key role too. Ogunranti emphasized that persistence in testing new ideas leads to breakthroughs, even in tough times.
| Strategy | Description | Example Benefit |
|---|---|---|
| Local Empathy | Understand community needs and build strong ties | Increases customer loyalty and reduces market shocks |
| Risk Management | View challenges as teachers, not threats | Improves decision-making and long-term survival |
| Innovation Focus | Invest time in new ideas despite hurdles | Opens doors to emerging sectors like digital services |
| Government Engagement | Push for inclusive policies | Enhances productivity through better regulations |
Role of Education and Youth in Innovation
Education initiatives like the MBA week event are vital for equipping the next generation. Speakers urged students to develop skills in leadership and creative thinking to tackle economic issues.
With youth making up over 60 percent of Nigeria’s population, their involvement in entrepreneurship could transform the economy. Programs that teach resilience help young people turn ideas into viable businesses.
Recent studies show that creative cognition boosts entrepreneurial intentions, especially in uncertain environments like Nigeria’s.
Impact on Broader Economic Growth
Stronger entrepreneurs contribute to national progress. By fostering innovation, Nigeria can harness opportunities in digital transformation and regional trade.
Experts warn that without adaptability, businesses risk failure in a changing global landscape. Yet, success stories from resilient startups inspire hope for 2025 and beyond.
As Nigeria marks 65 years of independence, events like this highlight the need for collective action to build economic stability.
What do you think about these strategies? Share your thoughts in the comments and spread the word to help fellow entrepreneurs.
