Dr. Biodun Adedipe, Chief Consultant, B. Adedipe Associates Ltd., says Nigerian businesses must adapt to 23 megatrends to succeed in the changing world, particularly for positive results and futurist growth.
Adedipe made this known at the Chartered Institute of Directors (CIoD) Academy’s Network Breakfast on Tuesday in Lagos with theme: ” Megatrends and Insights for Tomorrow’s Business Landscape”.
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He listed the megatrends to include increasing technological disruptions, globalisation and cultural disruptions of values, climate change, changing business models, Environment, Social and Governance (ESG) issues.
Others are investor’s expectations, global health infrastructure, changing nature of work, increasing global crisis, changing economic powers, society expectations, and increasing sophistication of stakeholder’s awareness and rights.
He added that megatrends such as Equality, Diversity and Inclusion (EDI), Artificial Intelligence (AI) and robotics, strategic innovation, agility/ resilience, cyber security, and Enterprise Risk Management (ERM) were important dynamics for businesses.
Adedipe furthered that business continuity, increasing emigration, the great resignation, changing bar of corporate governance regulations and integrity of security networks were trends to also look out for.
“More important is how to adopt and deploy generative artificial intelligence into business operations.
“We must understand how such megatrends are impacting industries and how they may impact them in the near future and what companies can do to manage the trends for positive results.
“Businesses must understand how to effectively engage local and global population dynamics, financial development, diffuse nature of competition and de-globalisation.
“Nigeria must target producing what would take care of the numbers before exports and for businesses, looking forward, to be resilient and strong, it is about collaboration and not competition,” Adedipe said.
Alhaji Tijjani Borodo, President, CIoD, said the event would enable directors to forge stronger bonds, share insights, and collectively shape the future of the Nigerian business landscape.
Borodo stated that in an era marked by rapid technological advancements, shifting economic paradigms, and unprecedented global challenges, directors and C-suite executives must remain at the forefront of these changes.
He said the CIoD Academy’s Network Breakfast was not just a one-time event but the beginning of a series of networking sessions that would become a regular feature of the institute’s calendar.
“Through this event, we aim to create a vibrant and supportive community of directors and executives who are committed to excellence and continuous improvement.
“Hence this gathering is designed to equip us with the knowledge, insights, and connections necessary to navigate and thrive in this evolving landscape,” he said.
Mr Femi Ojumu, Principal Partner, Balliol Myers LP, stressed the need for Nigerian businesses to be very aware of global disruptors, the after-effects of the pandemic, generative AI and other dynamics for comparative advantage.
Ojumu said businesses must also be aware of the wider dynamics of geopolitics and how it directly correlates to the Nigerian business environment.
“What government can do is fairly limited to creating policies, simplifying business, creating proper laws and access to loans for the business environment to thrive.
“We need to be alive to the strategic and operational risks and ensure we have proper and effective mitigation plans in place,” he said.
