NBCC Forum: Businesses in Nigeria Must Embed Technology

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Sunday, April 24, 2021 / 07.00AM / Ayomide Oguntoye for WebTV /Header Image Credit: WebTV

 

Businesses in Nigeria have been advised to embed technology across their internal and external core operational and ancillary systems. The Chief Executive Officer of First Bank of Nigeria (FBN), Dr. Adesola Adeduntan disclosed this as the keynote speaker at the recent Nigeria-British Chamber of Commerce webinar that discussed "Technology and Innovation; Creating Boundless Opportunities".

 

According to him significant growth in the global economy has been linked to the changes in transport and communication technologies which has led to a reduction in trade costs.

 

Speaking further he alluded to the fact that technology and innovation,  have been able to create an easier entry into various industries through increased product diversity, making it easier for firms to produce, promote and distribute their products at a lower cost.

 

Concerning FBN,  Adeduntan mentioned that the bank has also deployed several platforms and products that have leveraged innovative technologies to facilitate trade and e-commerce with a robust cybersecurity framework in operation.

 

He further stated that the government and relevant institutions play critical roles in creating an enabling environment for technology and innovation to thrive and drive business growth and the economy.

 

Highlighting the roles of the government, he mentioned that the government should  take the following steps;

  • Articulate and implement business-friendly policy programmes and actions.
  • Develop critical and supporting infrastructure
  • Set policies to attract foreign direct investments
  • Deliberate technology and innovation policy thrust
  • Introduce and create knowledge and innovation-based educational curriculum.

 

Mr. Kayode Falowo, President and Chairman of Council, NBCC, in his opening remarks, noted that technology and innovation have contributed to the change in operations and increased the level of productivity, efficiency, and profitability for organizations and businesses.

 

He mentioned that innovation was critical to growth particularly as the changes in business cycles became more frequent. He added that most companies understand the importance of innovation but sometimes fall short when it comes to the implementation of new ideas that have the potentials of changing their existing practices.

 

"Technology has also become a vital tool for financial inclusion and economic growth. It is also addressing the barriers to providing financial services such as lack of identification, informal income and connecting geographical distance"  Falowo added. 


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