By Juliet Umeh

A recent CEO survey conducted by Africa Practice has revealed that 46 percent of African businesses are experiencing revenue declines due to inflation and macroeconomic pressures.

However, 70 percent of business leaders are turning to digital solutions to foster innovation, adapt to the economic environment, and fuel future growth.

This insight was highlighted at the 30th Nigerian Economic Summit (NES30), where Google convened top CEOs, government officials, and industry leaders to discuss strategies for advancing Nigeria’s digital economy amid ongoing economic challenges. Themed “Leveraging Digital Solutions to Navigate Economic Volatility,” the roundtable emphasized the importance of cross-sector collaboration in effectively addressing these issues.

During the event, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele, and former CEO of the Nigerian Economic Summit Group, Laoye Jaiyeola, stressed the necessity of cooperation between the public and private sectors to drive Nigeria’s digital economy forward.

The Africa Practice survey results shaped the discussions, revealing that while 46 percent of businesses are struggling with revenue drops, 70 percent of CEOs are actively seeking digital solutions. This indicates a strong commitment to leveraging technology for resilience and long-term growth.

Oyedele emphasized the power of collaboration:

“Forums like this provide an opportunity for both sectors to engage, ideate, and work together. I believe in the power of collaboration, and by fostering a digital-first mindset, we can bring about real change in how Nigeria operates.”

Jaiyeola echoed this sentiment, highlighting the importance of policy consistency and engagement:

“Policies are only as impactful as the commitment behind them. Through the NESG’s Digital Economy Policy Commission, we offer a platform for the private sector to contribute significantly to advancing digital solutions.”

Google’s West Africa Director, Olumide Balogun, spoke on the transformative potential of technology:

“Technology has the power to reshape lives and economies. By fostering collaboration between government, business, and communities, we can unlock the full potential of Nigeria’s digital economy.”

Discussions also touched on Artificial Intelligence (AI) as a potential driver of economic growth, with Google emphasizing the need for a responsible and inclusive framework for AI adoption, ensuring that all Nigerians benefit from this technological innovation.