Special Adviser to the President on Presidential Enabling Business Environment Council (PEBEC) and Investment, Dr Jumoke Oduwole has revealed that there are approximately 23.8 million family businesses, responsible for millions of jobs, dispersed throughout the country and collectively they contribute around $200 billion annually into the nation’s economy.
She made this revelation at the 2023 Family Business Summit, a collaborative event organized by BusinessDay, My Family My Business, and PwC Nigeria.
Oduwole noted that the figures reflect the glaring significance and the impact that family businesses have on Nigeria’s economy and the need to ensure the sustainability of multigenerational businesses.
She reinstated government’s resolve using the instrumentality of the Presidential Enabling Business Environment Council to make Nigeria a progressively easier place for businesses to be established and to grow, with a focus on the micro, small and medium enterprises sector.
“We must ensure the sustainability of these multi-generational enterprises collectively. With this sustainability, we aspire for more Nikes and BMWs to emerge from our shores, scaling across Africa and on a global stage. That is the vision and a collective effort we must all pursue”, Oduwole said while speaking to the event’s theme, Built to Last: Building A Multigenerational Business in the Age of Volatility.
Leading technology-driven business bank in Nigeria, Moniepoint MFB, was honored with the prestigious Rising Star Family Business Award in recognition of the giant strides made by the firm over the years and their contribution to the Nigerian economy as part of activities at the Family Business Summit.
Receiving the award at the Summit, General Counsel at Moniepoint MFB, Okechukwu Eke emphasized the huge significance of ensuring that family businesses thrive while stating Moniepoint MFB’s renewed commitment to driving long-term success and the survival of these economic enablers via innovative solutions.
“Moniepoint MFB remains committed to its strong ethos of powering the dreams of family businesses even as it continues on its journey of innovating to create more opportunities, financial happiness and deepening financial inclusion. We are delighted to be recognized for our positive contributions to the economy and we look forward to partnering with all stakeholders especially government at all levels to bring renewed hope to all Nigerians,” said Eke.
Other stakeholders at the event include keynote speaker Martin Roll, a global family business and family office expert, Sam Abu, country senior partner at PwC Nigeria, Oyeyemi Oke, managing director 1st Fiduciary Limited, Toyin Sanni, CEO of Emerging Africa, Cosmas Maduka Junior (Coscharis Group), Ope Agbato, Executive Director, Technical and Animal Husbandry Operations, Animal Care, and Oludayo Obasanjo, Executive Director of marketing and development at Obasanjo Farms Nigeria Limited.