Experts Caution Against Imbibing Foreign Business Solutions to Solve Nigeria’s Challenges

Oluchi Chibuzor

As digital innovation continues to disrupt beyond boundaries, technological innovators have cautioned the younger generation against importing foreign models of business growth in Nigeria’s economic climate.

According to them, the younger generation should understand and accept the peculiarity of the Nigerian business environment and glean from well established indigenous business leaders to learn indigenous models to grow their businesses.

Speaking on the sidelines of his book launch themed; ‘Success, Wealth and Purpose: What really matters and where do we draw the lines?’which was held in Lagos recently, Dr. Adebola Akindele said the young demographic must embrace local solutions. 

Fielding questions from journalists on the current state of business and startups in Nigeria, Dr. Akindele opined that by engaging with indigenous industry leaders through mentorship and learning from resource materials, the younger generation can learn the ropes needed to thrive in the Nigerian economy.

“The Nigerian system is so peculiar that I don’t know of any foreign economic theory that has worked. So, as we continue to do a plug and play model for these theories coming from outside, it would never solve our problems entirely.

“We have to look at those that have lived the story, lived the history, that can bring the history and the story together and forward and allow the story and the history become what can be useful to the younger generation”, he said.

Speaking also at the event, Managing Director, Management Transformation, Dr. Wura Abiola, noted that true success and wealth in business moves beyond material possession to touch on legacy and impact on the younger generation.

According to her, “Success is setting balanced, objective goals and then striving everyday to try and move towards them… And I think true wealth should move beyond being able to afford the basic necessities of life or being able to afford luxury. It should incorporate such contexts as indicated in my local Yoruba parlace ‘ola’. This would not mean just material wealth but also other kinds of wealth like a good name, a good reputation. Hence, wealth should also answer the more lasting question of legacy.”

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