News
Economic Summit Makes Case for Innovation to Transform Nigeria
The WorldStage Economic Summit 2017 held at the Event Centre of the Nigerian Stock Exchange (NSE), Lagos on August 23, with the theme ‘Transforming Business and Economy Through Innovation’ has made a very strong case for innovation in the public and private sectors, noting that the first problem that the nation must solve before the economy can be transformed through innovation is leadership.
In the communiqué of the summit which was graced by top officials from the public and private sectors, it resolved that “Innovation is critical to business and economic advancement, it is not rocket science, it remains the key agent in transforming business and the economy of Nigeria.”
Other resolutions in the communiqué include that, “Innovation is about thinking out of the box and having the courage to implement new ideas; it requires commitment and zeal to do it.
“Failure is one of the driving forces of innovation, people should get used to progressive or positive failure for innovation to be accomplished.
“Development and application of innovation had helped to break the monopoly of some multi-national manufacturers who once dominated the Nigerian market.
“Nigeria needs knowledgeable leadership to solve its problems and can learn from the example of the United Arabs Emirate (UAE) which used to be mere transit point for travellers but has now become a hub of economic activities through innovation spurred by knowledge- driven leadership.
“Nigeria must emulate countries like Bahrain that provided infrastructure and facilities needed for economy to grow.
“Until leaders began to be responsible and do the right things, the country would continue to grope in the dark for redemption.
“It’s the duty of government to provide the space for business to thrive as innovation and creativity are vital skills required by entrepreneurs to transform their businesses.
“Entrepreneurs should consciously search for innovation as they analyse all the opportunities that present themselves before launching into them.
“Effective innovation must be ‘KISS’ compliant, which means (Keep It Short and Simple) and they must address 7Ps which are Product, Place, Promotion, Price, People, Process and Physical Evidence, but the 7Ps can only fly when innovation is applied to each of one of them.
“To build the Nigerian Brand requires conscious effort by the public sector and strong partnership with the Private sector.
“Innovation must be a tool to enhance processes and delivery and to fast track the process of Doing Business in the country.
“Except the status quo is broken in the Nigerian power sector, the economy will remain in comatose for a longer time to come.
“Nigerian power sector privatization was faulty and an uninterrupted power supply must not expect very soon, but the sector will only work when all Nigerians collaborate by killing corruption in the system.
“The woes bedevilling electricity production and supply in Nigeria include politicization, lack of policy continuity by successive administrations, biased reporting by the media and corrupt practices by the general public.
“Application of innovation had led to the discovery of a huge deception by the old order that declared a ridiculous figure of 6.75 million as number of electricity consumers in the Nigeria, as some two million more consumers had been added.
“Government must be consistent in its policies towards reviving the power sector as continuity in the implementation of government agenda is the only way out for Nigeria.
“With efforts by government to put Nigeria in its rightful position economically yet to yield the desired results after many years, all hands must be on deck for the nation to move forward.
“Government must formulate policies that will help the teeming number of young people in Nigeria unleash the potentials in them.
“The general public must be honest in all its dealing if the country is to move forward and the benefits of innovation not elude it.”
Entrepreneurs backed by the Tony Elumelu Foundation (TEF) have generated more than $4.2 billion in cumulative revenue since the organisation began its grant programme in 2015, according to Somachi Chris-Asoluka, chief executive officer of the foundation.
Chris-Asoluka, revealed this during a virtual media briefing, where she also stated that over $100 million has been distributed to nearly 24,000 young entrepreneurs across Africa.
She noted that the beneficiaries of the programme have gone on to create about 1.5 million jobs, both directly and indirectly, across various sectors of the continent’s economy.
The performance, she said, has strengthened the resolve of the foundation and its partners to scale up financial support for emerging businesses.
Chris-Asoluka emphasised that the foundation’s interventions are anchored on the conviction that entrepreneurship is central to reducing poverty and reshaping Africa’s economic future.
She explained that selected participants receive a $5,000 seed capital grant, in addition to structured business training and mentorship designed to help them either expand existing enterprises or establish new ones.
Highlighting operational challenges faced by entrepreneurs, she identified inadequate electricity supply as a major constraint.
According to her, many small businesses spend as much as 60 per cent of their earnings on alternative power solutions, including generators and inverters.
To mitigate this challenge, she disclosed that Tony Elumelu, TEF founder, alongside the foundation’s leadership, has been engaging governments across Africa on the urgent need to improve power infrastructure.
She further stated that investments by programme beneficiaries cut across critical sectors such as agriculture, artificial intelligence, manufacturing, and technology innovation.
Chris-Asoluka also announced that the foundation’s 2026 cohort of entrepreneurs will be formally unveiled by Elumelu in Abuja.
A new financial operations platform, Morney, has officially launched in Nigeria to help businesses face growing pressure to digitise their finance processes as the country’s shift towards electronic invoicing.
Developed by Morzoe Technologies Inc. and introduced locally through its partner, BuySimply Services Limited, the platform is designed to help organisations streamline and automate financial workflows.
Speaking at the launch, Head of Growth at BuySimply, ‘Mide Olubi, said many Nigerian organisations still depend on fragmented systems such as emails and spreadsheets to manage expenses, supplier invoices and payments.
According to him, this approach often results in inefficiencies, delayed processes, weak oversight and a higher risk of errors.
He noted that Nigeria’s increasing adoption of electronic invoicing and tax digitisation frameworks is accelerating the need for structured and transparent financial systems. Businesses, he said, must move away from manual processes and adopt platforms that provide clear visibility into financial operations.
Morney integrates payments, procurement, expenses and invoicing into a single system, enabling finance teams to automate approvals, monitor transactions in real time and maintain accurate records.
The platform also supports supplier onboarding and invoice processing, helping organisations better manage operational spending.
The company revealed that businesses across sectors such as FMCG, manufacturing, energy, banking and telecommunications are already adopting the solution to improve efficiency and strengthen financial control.
It added that the partnership with BuySimply reflects a broader trend of digital transformation, as organisations respond to evolving regulatory requirements and the demand for more efficient financial management systems.
Dr Krishnan Ranganath (Krish) to Lead UniCloud Africa in Continental Digital Infrastructure Push
UniCloud Africa Limited, the premier pan-African cloud platform dedicated to advancing the continent’s digital sovereignty, has announced the appointment of Dr. Krishnan Ranganath as its Chief Executive Officer.
Dr. Krish, a seasoned industry leader known for building and scaling digital infrastructure while maintaining rigorous operational excellence, steps into the role as UniCloud Africa accelerates its mission to redefine the continent’s digital landscape.
The appointment coincides with the groundbreaking launch and immediate availability of UniCloud Africa’s enterprise-grade Sovereign Cloud and Artificial Intelligence (AI) infrastructure across six key markets: Nigeria, Ghana, South Africa, Zambia, Senegal, and Mozambique, even as it plans to launch in Kenya, Tanzania, DRC, Uganda, Ethiopia and Côte d’Ivoire as part of further continental expansion.
Operating under the mission of “One Cloud, One Africa,” UniCloud Africa provides governments and enterprises with a world-class, fully compliant sovereign cloud alternative to high-latency offshore providers,ensuring a robust, scalable foundation tailored to Africa’s unique environmental and economic needs.
“UniCloud sits at the epicentre of Africa’s cloud evolution. We are committed to deploying 100% sovereign infrastructure across the continent. My focus is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure to accelerate the evolution of the African digital ecosystem,” said Dr. Krish, CEO of UniCloud Africa Limited.
He disclosed that his focus at UniCloud Africa is on driving high-growth partnerships and scaling the next generation of resilient, sustainable cloud infrastructure, and will deploy GPUs in certain economies based on market potential and need.
While admitting that the challenges from AI integration to the green energy transition are immense, Dr Krish believes that the opportunities are greater. “I am eager to collaborate with our partners and customers to redefine the digital frontier and accelerate the evolution of the African digital ecosystem,” he added.
Ladi Okuneye, Co-founder and outgoing CEO (who remains as a director on the board) remarked: “As we enter this new chapter of growth, I am confident that Dr Krish’s extensive experience in the African digital landscape will add immense value. His technical depth and regional insight make him the ideal leader to drive UniCloud Africa forward.”
Before he was appointed CEO of UniCloud Africa, Dr. Krish was, until last month, the Regional Executive – West Africa at the Africa Data Centres (ADC).
Tech Firms Sack over 45,000 so Far in 2026
CBN Wins Central Bank of the Year Title @13th Global Awards
Jury Finds Elon Musk Liable for Misleading Twitter Investors
FG Taps Quest Merchant Bank for Advisory on 90,000km Fibre Project
TEF-Backed Entrepreneurs Generate $4.2Bn, Create 1.5m Jobs across Africa
Kaspersky Discovers New Phishing Campaign Exploiting Google Tasks Notifications to Steal Corporate Credentials
esentry 2025 Report Shows Healthcare, Financial Services and Telecoms as Staging Grounds for Increased Cyberattacks in Africa
AfDB, UNDP Launch $10Bn AI Initiative for Africa
MultiChoice Suspends Yearly DStv Price Hike as Canal+ Pushes Growth
MTN Nigeria Posts Record N1.70 Trillion Pre‑Tax Profit, Declares N20 Dividend for 2025
News2 days agoAfrican Tech Start-ups to Receive $46m of Speedinvest Africa Fund
Telecom2 days agoCourt Bans Kenyan Telcos from Recycling SIM Cards
E-Financial2 days agoProvidus Bank Fully Meets CBN Capital Requirement, Sets Record Straight
Telecom2 days agoBinance Earn: Simple Way to Earn Rewards on Idle Crypto Holdings
E-Financial2 days agoUBA UK, BII Sign Letter of Intent to Slash Africa’s $80Bn Trade Finance Gap
News2 days agoUK, Nigeria Unveil Three-Year Plan to Combat Immigration Crime
General News2 days agoCourt Jails ‘Colonel’, ‘Major’ of Global Money-Laundering Ring
News2 days agoU.S. Charges Three in $2.5 Billion Plot to Smuggle Nvidia AI Chips to China