First Bank CEO Adeduntan Speaks on Nigeria's Economy, Business Survival in 2024 as Hardship Bites
- The chief executive officer of First Bank, Adesola Adeduntan, has explained the need for businesses to adjust strategies in 2024
- He expressed optimism about the state of the economy in 2024 based on President Bola Tinubu's recently passed appropriations bill
- Adeduntan also underlined the value of proactive corporate adaptation in response to the government's evolving objectives and policies
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Dr Adesola Adeduntan, the Chief Executive Officer (CEO) of First Bank Plc, has highlighted the need for businesses to actively adjust their strategies in response to shifting government policies in 2024.
Source: UGC
He spoke at the First Bank of Nigeria's summit with the theme, “Nigeria Economic Outlook 2024: Current Realities and Prospects.”
Forward-thinking mindset needed in 2024
Adeduntan explained emphasized that businesses must move decisively and have a proactive, forward-thinking mindset rather than offering justifications for their inaction.
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He also advised businesses to take advantage of the chances the Nigerian economy has given them to prosper and reap significant rewards.
According to a New Telegraph report, he expressed optimism about the economy for 2024 based on the recently signed appropriation bill by President Bola Tinubu.
Adeduntan claimed that the record N28.7 trillion in proposed spending, which included a sizeable amount for capital expenditure, could stimulate the economy and help significant players in the market.
Take action
Adeduntan also emphasized the significance of proactive corporate adaptation in reaction to shifting goals and policies of the government.
He said history rewards action-takers more than those who could articulate a compelling case for inaction.
He said:
“How do we, as First- bank, a bank that has heeded and supported our customers through different economic cycles over the last 130 years?
“How do we continue to play that pivotal role to heed your business, to heed your understanding of experts and we believe the economy is likely to pan out in the course of 2024 to ensure that you take full benefit of that?
“We remain very committed to supporting your businesses, and you can always count on us; we see ourselves as your trusted business advisor, the institution you can always count on, either in terms of financing or providing business advice.”
FirstBank sounds alarm on loan sharks targeting small businesses
Legit.ng earlier reported that First Bank advised small and micro business holders to stop sourcing funds from loan sharks to avoid stress and financial instability.
Abiodun Famuyiwa, the group head of retail Business, community banking, and money transfer at First Bank, said this during its December FirstBank SMEConnect Webinar.
According to a Leadership report, the event was titled "Pioneering SME Success: Growth Profit and Sustainability Goals."
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Source: Legit.ng
