Engagement process will bring out answers for the business community, says CityBank Nigeria’s Cardoso

The 2021 Lagos State Economic Summit, also known as EHINGBETI, recently took place, providing a platform for the exchange of crucial ideas that will positively impact the business society in Nigeria. Yemi Cardoso, Chairman of CityBank Nigeria, participated in the summit and shared his insights with CNBC Africa's Esther Awoniyi. Cardoso emphasized the significance of forums like EHINGBETI during challenging times, noting the value of addressing pressing issues affecting the business community and fostering dialogue between various sectors. He stressed the need for engagement and collaboration to find tailored solutions for the diverse challenges brought about by the pandemic. Cardoso highlighted the importance of recognizing that there is no one-size-fits-all solution due to the varying impacts of the pandemic on different sectors and regions. Instead, he emphasized the need for a continuous engagement process to address the specific needs of businesses in Nigeria. Key Points: 1. Addressing Infrastructure Development: Cardoso discussed the importance of incentivizing the private sector, both locally and internationally, to commit to infrastructure development in Lagos. He emphasized the role of public-private partnerships and highlighted the necessity of ensuring accountability, transparency, and good governance to build confidence among potential investors. 2. Embracing the Digital Future: The Chairman of CityBank Nigeria highlighted the growing interest in digital economy opportunities among private sector investors in Nigeria. He pointed out the country's large youthful population as a key driver for digital innovation and expressed confidence in the sector's potential for attracting investments from both local and international sources. 3. Creating an Enabling Environment: Cardoso underscored the importance of creating an enabling environment for businesses to thrive, highlighting factors such as ease of doing business, security, and market demand. He emphasized that addressing these intangible elements is essential to attracting private sector engagement and investment, particularly in a dynamic and competitive market like Lagos. In response to questions about incentivizing private sector investment in infrastructure, Cardoso stressed the need for enhanced accountability, transparency, and ease of doing business laws to attract local and international investors. He emphasized that the economic potential of Lagos as a regional hub is undeniable, but ensuring a conducive environment for businesses is critical for sustained growth. When discussing the adaptation of the private sector to the digital future, Cardoso expressed optimism about the sector's growth potential in Nigeria, citing the country's demographic advantage and the global nature of digital investments. As the Lagos State government continues to explore ways to stimulate economic growth, forums like EHINGBETI serve as vital platforms for dialogue and collaboration among stakeholders. The insights shared by Yemi Cardoso shed light on the importance of fostering engagement and creating a supportive ecosystem for businesses to thrive in a post-pandemic world.