Access Bank Distributors Forum: Experts chart course for retail success amid economic challenges
The 2024 edition of the Access Bank Distributors Forum in Lagos brought together stakeholders and business owners to gain valuable insights and practical advice for navigating the current economic landscape.
Held on Wednesday with the theme “Retail Distribution Business in Africa: Exploring Cost-Effective Opportunities,” the event provided a platform for engaging with experts and established distributors in the retail industry.
In her opening remarks, Iyabo Soji Okosanya, Executive Director of the Corporate and Investment Banking Division at Access Bank, highlighted the bank’s commitment to supporting the SME sector.
She emphasized the importance of the retail distribution business in Africa and the opportunities it presents amidst a rapidly growing population and increasing urbanization.
Okosanya stressed Access Bank’s dedication to the long-term success of its partners, underlining the spirit of collaboration and partnership.
Hon. Folashade Ambrose-Medebem, Lagos State’s Commissioner for Commerce, Cooperatives, Trade, and Investments, delivered an address on the transformative power of modern business models.
She noted that Africa stands at a crossroads with immense potential for growth in the retail distribution sector, driven by tech-savvy entrepreneurs and the rise of e-commerce.
Ambrose-Medebem highlighted Lagos’ achievements under Governor Babajide Sanwo-Olu, including investments in digital infrastructure and improved transportation networks, which have bolstered the state’s economic activities and positioned it as a leader in tech-driven commerce.
The keynote speaker, Mr. Oritsejimi Ogbobine, a consultant with Agusto&Co. Limited, addressed the challenging macroeconomic environment and its impact on the retail sector.
His presentation focused on the macroeconomic background, the retail and distribution space, emerging opportunities, and essential takeaways. Ogbobine highlighted the importance of actionable strategies to thrive despite economic challenges, emphasizing adaptability and strategic planning.
Using a simple analogy, Ogbobine explained the concept of a deficit situation, highlighting Nigeria’s historical borrowing and its effects on inflation and economic stability. He identified inflation, interest rates, and exchange rates as critical economic indicators affecting businesses.
Emphasizing the need for a holistic approach to managing these challenges, he stressed the importance of addressing underlying issues, such as declining crude oil production, to stabilize the economy.
The guest speaker also discussed the practical implications of economic trends on businesses, particularly in the retail and distribution sector. He pointed out that high food prices and increased real estate costs are major challenges, reducing disposable income and impacting business performance.
He further advised businesses to be proactive in managing these challenges, including considering insurance options and being strategic about real estate decisions.
The event concluded with contributions from other notable stakeholders, including Mr. Adewale Opaleye, Founder and CEO of Alerzo; Mr. Boniface Obieze, CEO of Ringo Telecommunications Limited; and Mrs. Chima Chimere, Managing Director of Technology Distributors Limited.
The Access Bank Distributors Forum continues to be a crucial capacity-building initiative, providing businesses with the knowledge and tools needed to overcome market challenges and achieve long-term success.
