Nigerian businesses have been urged to adopt innovative strategies amid inflationary pressure to keep their business floating and stay relevant in the marketplace.
“Leaders in business must innovate to keep their business relevant,” Cammil Chineme, chairman, award organising committee, said during the 14th edition of the West Africa Innovation Awards, held in Lagos with the theme, ‘Digital Innovation in West Africa: A challenge for business leaders.’
Chineme, who was represented by Abidemi Adesanya, project director, West Africa Innovation Awards, said that innovation is the key to keeping any business going forward. According to him, innovation is the key that will unlock the future. “Innovation is simply doing what you are doing now in a better way. Better process, better products, better services,” he said.
According to him, both the private and public sector of the Nigerian economy must continue to innovate to keep abreast of global best practices. “What the private sector is going through in Nigeria, in West Africa, if there is no innovation in their diary, everybody will have to fizzle out,” he said.
Read also: How Nigerian businesses can survive and thrive amid accelerating inflation
Uchenna Ososanya, ED, growth and operations, PRA Insurance Brokers, said the firm leverages technology to innovatively drive insurance penetration in Nigeria. According to her, the brokerage firm customized and designed its products to target customers’ needs.
“My firm is an innovative insurance brokerage firm. We design or customize unique insurance products for our users and risk bearers to see how we can actually mitigate their risk, protect them against the risk,” Ososanya said.
Some of the winners of the 2025 West Africa Innovation Awards include: Stanbic IBTC won the most customer-focused trust and investment company of the year, while Keystone Bank won the most trusted customer-focused bank of the year.
Also, Julius Berger won the best construction and infrastructure development of the decade, while BUA won the best home ownership cement brand of the year. First Registrars won the best pension company of the year.
