A senior lecturer at the University of Lagos, Dr. Ayodele Shittu has said that Nigeria’s business environment is currently yearning for innovation in order to fulfil its potential of stimulating prosperity.

In view of this, he said there was need for reformulation of the business paradigm in the country.

Shittu made this call in a keynote address titled: “Transforming Business and Economy through Innovation,” at the Worldstage Economic Summit, organised by the online news platform in Lagos on Tuesday.

Hence, to transform the Nigerian business landscape, he urged operators as well as regulators to promote collaborative activities between the universities and industries.

“We must develop smart focus for specific sectors and promote knowledge-sharing in both the formal and informal sectors. Innovative financing option for both existing and new businesses must be prioritised. Nigeria’s educational system, if not prioritised may see reduction in future human capital.

“This is quite fascinating to me and that has actually inspired me the more to look into the potential in young people. It will interest you to know that Nigeria as we speak is an embodiment of youthful talents. The big question is, why are our policies not tailored towards promoting youth development?

“Given these evidences, Nigeria’s business environment is yearning for prosperity and now is the time to take action. Take action in this context does not conote the business as usual attitude. Instead, we need to rethink our business culture and create innovative approaches to creating, nurturing and developing local businesses with global outlook. We must bear in mind that the process of transformation is a journey,” he advised.

According to Shittu, there is a significant relationship between the business environment and the economy, saying that the business environment is essential for economic growth, poverty reduction and for the achievement of the sustainable development goals.

He stressed the need for policy makers as well as private sector operators to focus on delivering quality services at all times, saying the increasing level of competitiveness requires quality delivery of services.
“Businesses should pay attention to defects reduction. This also requires that businesses in both the informal sectors should strive to attain quality certification. If we promote cluster development, it has the ability to promote prosperity and promote global competitiveness.

“Also, it would increase the capacity of businesses to innovate and stimulate new businesses to supprt innovation. Transforming the Nigerian business environment is not going to be a libera process. It requires utmost commitment, consistency and sincerity of purpose on the part of the business and political leaders as well as the followers,” he added.