Abuja: President of FintechNGR, Dr. Stanley Jacob, has underscored the critical importance of digitisation for maintaining business relevance, urging Nigerian business leaders to prioritize digital transformation as a key agenda in the boardroom to build future-ready enterprises. Dr. Jacob, who also serves as the Group Chief Innovation and Technology Officer at Meristem, delivered his call to action at the inaugural Nigerian-British Chamber of Commerce (NBCC) Business Innovation Series held in Lagos.
According to News Agency of Nigeria, FintechNGR is a non-partisan organization based in Nigeria, dedicated to fostering an environment conducive to financial technology innovation. Dr. Jacob highlighted the widening gap between digitally native companies and traditional enterprises, emphasizing that this divide has evolved into a survival challenge rather than merely a technological concern.
He warned that organizations neglecting to integrate digital transformation into their core business strategies risk losing competitiveness in an increasingly technology-driven economy. “Digitisation is no longer optional; it is the minimum requirement for relevance. Businesses must move beyond viewing technology as an operational tool and instead make digital transformation a strategic boardroom agenda that drives innovation, resilience, and long-term growth,” Jacob stated.
Jacob pointed to the burgeoning digital relationship between Nigeria and the United Kingdom as a significant opportunity for businesses. He noted that UK-Nigeria bilateral trade now amounts to approximately £8.1 billion annually, with digital and technology services playing a crucial role in driving this growth. Nigerian fintech firms, such as LemFi, Moniepoint, and Kuda Bank, are expanding their operations in the UK, while British fintech company Wise has obtained its first Nigerian license.
Further investments, such as the UK Export Finance’s £746 million commitment to modernize Apapa and Tin Can ports and Airtel Africa’s $80 million Lagos data center, are bolstering Nigeria’s digital infrastructure. Dr. Jacob identified regulatory clarity, infrastructure investment, and talent development as pivotal pillars for sustaining the country’s digital ecosystem.
He emphasized the importance of regular reviews, adequate funding, and boardroom-driven digital strategies for business leaders. Jacob also urged organizations to evaluate their customer experience, data governance, and cybersecurity readiness while pursuing strategic partnerships to accelerate innovation. “Future-ready enterprises leverage data for decision-making, build digital platforms, prioritize cybersecurity as a board-level responsibility, and embrace strategic collaborations,” he added.
Jacob cautioned that a significant percentage of digital transformation initiatives fail because they are treated solely as information technology projects instead of comprehensive enterprise-wide business transformation programs. Digital skills shortages and weak governance structures are major obstacles to successful digital adoption, especially among African businesses.
Mr. Abimbola Olashore, President of the NBCC, represented by Vice-President Mr. Akin Osuntoki, concurred with Dr. Jacob’s sentiments, highlighting technology as a strategic driver of growth, competitiveness, and sustainability. Olashore emphasized that businesses across industries are rethinking their operations and value creation through digital transformation, innovation, and data-driven solutions.
Mr. Tajudeen Ahmed, Chairman of the NBCC Programmes Committee, stressed that digital transformation encompasses more than technology; it includes visionary leadership, innovation, and the willingness to rethink business models. Ahmed asserted that businesses embracing digital technologies such as artificial intelligence, automation, digital payments, and data analytics would be better equipped to scale operations, improve efficiency, and unlock new opportunities.
Mr. Awa Ekekwe, Chief Operating Officer of Risevest, noted that businesses can no longer afford to delay digital transformation. While technology enhances scalability, Ekekwe emphasized that people, sound processes, and effective governance are the foundation for sustainable enterprises. “The muscle of businesses in this time and age are still the people while your processes and governance structures are the foundation which you then leverage technology on,” he concluded.