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United Bank for Africa has called on Nigerian entrepreneurs to embrace sustainable business practices as a means to ensure long-term growth and survival in the country’s challenging economic environment.
Speaking at the UBA’s last quarterly business series for the year in Lagos on Thursday, the keynote speaker, Bolanle Austen-Peters, emphasised the importance of sustainable business models in driving growth and resilience. She noted that a lack of structured leadership and long-term planning continues to hinder the survival of many Nigerian businesses.
“Businesses must move beyond profit-making to adopting sustainable models that incorporate innovation, proper structure, and long-term planning,” she said. “The rate of business mortality in Nigeria is concerning, and it is time for entrepreneurs to rethink their approach to building resilient enterprises.”
Also speaking at the event, television host, Frank Edoho, highlighted the need for adaptability in today’s volatile economy. Drawing from his experience in the media industry, Edoho stressed the importance of consistency and evolving with market trends.
“In the fast-paced world we live in, sustainability is not just a buzzword; it’s a necessity. Entrepreneurs must learn to pivot, innovate, and continuously improve their strategies to remain relevant,” Edoho said.
Adding to the discussion, media personality, Toke Makinwa, called on business owners to prioritize their brand identity while focusing on sustainability. She shared insights from her entrepreneurial journey, highlighting how purpose-driven strategies have kept her businesses thriving.
“Your brand is your strongest asset, and building a sustainable model around it is what will set you apart,” Makinwa said. “It’s about finding a balance between growth and maintaining your values.”
In her remarks, the Chief Executive Officer of Happy Coffee, Princess Tekenah, underscored the importance of understanding customer needs while incorporating innovative practices.
“Running a sustainable business means being flexible and constantly finding new ways to deliver value,” Akinlosotu said. “At Happy Coffee, we have focused on educating our customers about the coffee culture in Nigeria while creating long-term value through innovation.”
The event concluded with UBA’s assurance of continued support for entrepreneurs. Alawuba reiterated the bank’s commitment to providing financial solutions, capacity-building programs, and advisory services to help businesses thrive.
