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46% African businesses grapple with revenue declines as digital transformation takes center stage – Report

 

By Juliet Umeh

A recent survey conducted by Africa Practice has revealed that 46 percent of African businesses are facing revenue declines, citing inflation and macroeconomic pressures as significant challenges.
However, despite these economic hurdles, 70 percent of business leaders are actively turning to digital solutions to foster growth and innovation.
These findings were unveiled during the 30th Nigerian Economic Summit (NES30), where top CEOs, government officials, and industry leaders gathered to discuss the future of Nigeria’s digital economy.
Hosted by Google, the event was themed “Leveraging Digital Solutions to Navigate Economic Volatility” and aimed at exploring strategies to help businesses weather current economic challenges.
The roundtable featured key figures such as Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, and Laoye Jaiyeola, former CEO of the Nigerian Economic Summit Group (NESG).
Their discussions emphasized the importance of collaboration between the private and public sectors in driving digital transformation and economic progress.
Oyedele underscored the necessity of fostering strong public-private partnerships, stating, “The private sector cannot thrive without working hand-in-hand with the public sector. Digital transformation must be rooted within government frameworks, enabling us to achieve a true shift toward a digital-first economy.”
Jaiyeola also highlighted the crucial role of persistent engagement and policy formation. “While businesses often disengage if immediate solutions are not found, platforms like the NESG Digital Economy Policy Commission ensure continuous dialogue between sectors, driving meaningful advancements in digital solutions.”
West Africa Director at Google, Olumide Balogun, pointed to the transformative potential of technology, emphasizing the need for collective action. “Technology has the power to reshape our economies. By fostering collaboration between government, businesses, and communities, we can unlock the full potential of Nigeria’s digital economy,” he remarked.
The summit also explored the role of Artificial Intelligence (AI) in driving future economic growth. Google stressed the importance of developing a responsible and inclusive framework for AI, ensuring that innovation benefits all Nigerians and promotes sustainable growth.
As African businesses continue to adapt to economic challenges, the increasing adoption of digital tools offers a path forward, signaling a significant shift toward a more resilient and digitally-driven future.

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