Dr Alim Abubakre, the Nigerian-born founder of UK-based leadership development organisation TEXEM, has urged chief executive officers (CEOs) in the country to embrace better governance to win in 2024.
In his New Year advisory titled “Winning in 2024: A Year of Recovery”, Abubakre said his advisory is with a sense of responsibility considering the existential challenges facing leaders in Nigeria and beyond.
He said the challenges include slow growth, failing business models, cyber threats and high inflation.
While presenting “some actionable solutions for success in 2024,” Abubakre said that in the crucible of economic challenges, Nigerian CEOs stand at the helm, poised for transformative leadership.
He said his prescriptions are through leveraging insights gleaned from diverse contexts and thousands of interactions with decision-makers globally as the founder of TEXEM, UK.
“Embrace resilience, chart strategic courses, and foster innovation to navigate the complex landscape.
“In 2024, let governance be your compass, steering toward ethical excellence.
“Forge strategic alliances, empower teams, and lead with an unwavering vision to endure and thrive in adversity,” Abubakre told Nigerian executives.
He called on them to pioneer change, where leadership, strategy, innovation, and governance converge for a prosperous year ahead.
According to Abubakre, navigating challenging economic times demands resilient leadership.
He called on Nigerian leaders to embrace innovation, saying Opportunity Identification, Problem-Solving Capability, Market Relevance and Strategic Evolution are many benefits of innovation in these uncertain times.
“Nigerian leaders could learn from developing countries like India, where technology leaders have transformed the landscape despite challenges.
“Also, Singapore has successfully implemented a Blue Ocean-like strategy by transforming itself into a global hub for finance, trade, and technology.
“The government focused on creating an attractive business environment, investing in education, and fostering innovation.
“This strategy positioned Singapore as a unique and thriving economic centre in Southeast Asia, attracting multinational corporations and promoting economic growth,” Abubakre said.
He urged Nigerian government leaders to learn from Mexico’s diversified economy to mitigate risks and navigate uncertain economic climates.
“Nigeria can take cues from Rwanda’s commitment to digital transformation, leveraging technology for economic resilience,” he said.
Abubakre advised the Nigerian government to adopt an intrapreneurial mindset and embrace more public-private partnerships at scale to unlock inclusive, sustainable development.
He said this is possible through better infrastructure development, risk management and resource mobilisation.
Abubakre said Nigeria could glean pragmatic insights from how leaders in Kenya foster public-private partnerships for mutual growth.
Speaking on Social Accountability, he said this could help build public trust and legitimacy, foster national cohesion and drive inclusive growth.
“Nigerian leaders can glean many lessons from the success of socially responsible companies globally, positively impacting society and their bottom line.
“Nigeria needs to take a cue from the leader of Singapore, prioritising education as an investment in long-term economic resilience.
“Lee Kuan Yew (Singapore) is a good case in point. As Singapore’s founding father, Lee Kuan Yew recognised the importance of education in the nation’s development,” Abubakre said.
He said Lee Kuan Yew jnvested heavily in building a robust educational system, fostering a meritocratic society.
Abubakre added that Singapore’s education policies contributed significantly to its economic success, making it a global hub for innovation and talent.
“My humble submission is that if leaders like Lee Kuan Yew and Jeff Bezos can do it, so can Nigerian leaders.
“2024 and beyond is the time to make deliberate choices, take strategic actions, and position themselves optimally to win in 2024, a year of recovery and immense promise,” he said.
Dr Alim Abubakre is the founder of TEXEM, UK (www.texem.co.uk) and a Senior Lecturer at Sheffield Business School.
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