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Chinwe Egwim: The Quintessential Economist

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Chinwe Egwim; Economist, Author and Advocate (Source: Lilian Madu)

Chinwe Egwim is currently the Senior Economist at a leading financial institution in Africa with over 500 published economic notes primarily geared towards macroeconomics. An award-winning economist, a highly sought after thought leader and an Executive Council member of Women in Management, Business and Public Service (WIMBIZ). She consistently applies rigorous analysis to ensure Africa’s economic landscape is better understood. In this interview with Alaba Ayinuola, Chinwe talks about her career-path, challenges, the causes close to her heart and Africa’s economy. Excerpt.

 

Alaba: Could you briefly tell me about your background and career-path?

Chinwe: I always find this question interesting because I’d like to think of myself as dynamic and so a succinct description may be difficult to achieve but I will try my best. I am an unapologetic goal-getter, consistently seeking ways to push boundaries and a firm believer of living a purpose-driven life. I also happen to be an Economist with specialization in Macro and Development Economics. I currently work at FBNQuest Merchant Bank (a subsidiary of FBN Holdings) as the Senior Economist.

My role as an economist is refreshing as it gives me an opportunity to critically analyse macroeconomic trends (growth, inflation, reserves, policy rate, oil prices, national account, and trade activities amongst others) for business, policy and investment decision purposes. I currently have well over 500 economic notes under my belt, multiple economic research reports and I have led the analysis of several Purchasing Managers’ Index (PMI) reports among others. Aside from contributing to the advancement of my firm, I offer recommendations to public office holders as well as investment and economic strategy advice to business owners.

Outside my position as the Senior Economist at FBNQuest, I have engaged in high-level projects which align properly with my career trajectory. On the back of my extensive knowledge on market insights and ability to actively engage multilaterals, government and sub-nationals,  I was appointed as a National Consultant by the United Nations Economic Commission for Africa; where I led the services trade project partly driven by the United Nations Conference on Trade and Development. Furthermore, my contributions have also supported notable committees’ setup by development agencies like the World Bank.

I kicked-off my career as an economist in the fiscal analysis division of the research department at the Central Bank of Nigeria (Abuja HQRS). However, I have spent the larger part of my career as a professional economist in the private sector.

Alaba: Why Economics and what sparked the interest?

Chinwe: To be honest, before securing my second degree in Economics I was not completely sure on how I would like to apply myself as an economist. The spark came during my first professional stint as an economist. I must also highlight that proper and well-appreciated guidance from my father contributed to this spark. I also gained mentorship very early and this assisted with my increased interest in economics. It also unlocked the different ways I could excel in my career as an economist.

Additionally, through volunteering activities, I discovered my flare for social impact and the interlinkages it has with macro, financial and development economics. Furthermore, my passion for economics was strengthened when I realised, I could use it as a tool to shape conversations that assist decision-makers and stimulate actionable steps for relevant impact.

 

Alaba: How has your purpose, mission and values shaped your journey thus far?

I personally believe that life is not just about you as a person, fulfillment for me comes from helping the next person or largely contributing to initiatives that positively impact others; this forms a significant portion of my value-system and is at the center of most of my decisions. I am deliberate with using my role as an economist to add value to my organisation which by extension, is contributing to development via the financial services industry. I am also intentional about working beyond my desk. Therefore, you are very likely to see me offering my expertise to specific impact-driven projects within and outside my current industry.

 

Alaba: What have you sacrificed for your professional journey? Any regrets?

Chinwe: Interesting question. I will say a lot of play or travel and leisure activities and this is not just due to limited time on the back of increased focus on work but mainly due to channeling financial resources towards tools and resources needed to equip and strengthen me as I climb my career ladder. The opportunity cost has been well worth it and so, no regrets. I also believe that life is in seasons. There are times when laser focus on building and climbing is required and other times when fun, play and ample relaxation can be done with no guilt.

 

Alaba: As a female executive, kindly share some of your biggest challenges, biases and learning curves?

Chinwe: Well, this is no longer a current issue for me. However, earlier in my career, being the only female or in some cases, one of the very few females in an industry meeting or engagement was somewhat challenging as asserting my voice and making relevant contributions in a relatively loud room was a struggle. I quickly nipped this challenge in the bud. The antidote – ample and very extensive preparation before every external meeting or engagement and understanding that you tastefully seize as many opportunities to contribute/ speak as opposed to waiting for a microphone toss which rarely happens.

As for biases, I will share that the narrative of being ambitious is not a feminine trait stuck with me to an extent, but I am glad that I didn’t let it linger and I was able to get past it early in my career. There is also the narrative of successful career women being aggressive as opposed to assertive. It is good to see that these biases are gradually being phased out.

 

Alaba: How can women leverage on sponsorship and mentorship to achieve the success they want in their business and career, especially in male-dominated industry?

Chinwe: I have personally gained a lot from being a mentee to strong leaders within and outside my industry such as sharpening my technical skills. I have also been given opportunities to add value to high level projects, exposed to opportunities that have had a direct impact on my career progression, built very strong networks and strengthened my CV. But let me just say this, understand that the onus is on you as a mentee to make this relationship effective. You must be able to communicate value to your prospective mentor and have a sense of direction. Also, you must understand that time is a luxury for many and so every mentor-mentee meetup should be utilised properly.

I have a few mentees that were paired with me through mentorship camps or programs. A few examples are WIMBIZ Mentorship program and the Leading Ladies Africa mentorship camp. When you are paired with a mentor, dynamics are a bit different. My advice is to find ways to build organic relationships with your mentor while you both progress during the mentorship scheme. It should be a symbiotic relationship.

It is also worth considering peer mentorship. This allows you learn from your peers. Nobody knows it all and so we should all be willing to adopt this style of mentoring as well. Through peer mentorship, I gain fresh perspectives that enable me to do better at work and I also usually get first-hand knowledge on industry related matters which is good for me, especially for my role as a senior economist in the banking and finance industry.

 

Alaba: As a senior economist with a leading financial institution in Africa. What is your take on the impact of the global pandemic (COVID-19) in Africa?

Chinwe: So far, Africa has been spared the worst of the coronavirus pandemic in terms of cases and deaths, but its economy has not been so lucky, especially the poorer, smaller countries dependent on a single resource or sector. The COVID-19 crisis has exacerbated existing macroeconomic weaknesses – reflected in high ‘twin deficits, rising public debt and soaring inflation in the majority of sub-Saharan African countries. Private capital flows, including foreign direct investment (FDI) and portfolio investment flows, were at historical lows and remittance inflows to Sub-Saharan Africa are expected to shrink.

Of course, in Africa it is a case of different countries, different impact. So, what do I mean by this?

  • For diversified economies – such as Ivory Coast, Senegal and Ghana in West Africa and then Kenya, Uganda and Tanzania in East Africa, activity has slowed significantly but they are still managing to grow according to the IMF.
  • Meanwhile, oil exporters such as Algeria, Angola and Nigeria suffered significantly from the plunge in crude oil prices, especially in the earlier months of the crisis. For oil exporting countries in Africa their collective GDP expanded by 1.5% in 2019. However, this is expected to decline by over -4%, due to contractions in Angola and Nigeria.
  • Now as for tourism-dependent countries such as Morocco, Tunisia and the Seychelles, they have experienced sharp contractions as downturns in international tourism severely impacted the services sector.

Again, the picture is mixed when it comes to how different countries manage debt and raise fresh funds. On one hand, there is Zambia, which is heavily dependent on mining and became the first country to default on its debt last year, while Ivory Coast later easily raised funds on the market through a Eurobond issuance in November 2020; it was about  the equivalent of USD1.19bn and it was five times oversubscribed. Since then, the financial markets have found their appetite for risk again, and especially for African debt, but investors remain cautious. Another important source of funds for African countries is remittances from their foreign workers and inevitably this has also suffered due to the pandemic.

Now let me shed some light on banks – African central banks were resilient in 2020 compared with central banks across countries in other continents. Central banks, in a coordinated effort with fiscal authorities have used expansionary monetary policy in the form of increased money supply through traditional, open-market operations as well as quantitative easing. Some central banks have used their monetary flexibility to promptly lower interest rates by c.300 basis points (bps), as we saw at the Central Bank of Egypt, while others have adopted a more gradual approach, like the South African Reserve Bank’s trimming of 275 bps between March to May of last year. All central banks have been attempting to calibrate their actions with government fiscal support measures while preserving their inflation targets. Another tool that central banks are deploying is macro-financial assistance, which comprises medium/long-term loans or grants to businesses or households given the pre-existing difficulties for many with accessing loans from banks.

 

Alaba: Do you think Africa can fully recover from the economic consequence of the pandemic? If yes, How?

Chinwe: Africa is expected to rebound in 2021 with growth varying across countries. Many African countries have seized the opportunity within the crisis to move faster on necessary reforms and investments that will be crucial for long-term development. However, concerns of a second wave are fueling further uncertainty. In such context, the road to recovery will be long and will require policies and investments that focus on connecting people to job opportunities, which can help end extreme poverty, particularly post COVID-19. In a time of lockdowns and social distancing, investing in the digital economy and infrastructure will also be crucial to mitigate the impact of the COVID-19 pandemic and foster a sustained recovery.

 

Alaba: What causes are closest to your heart?

Chinwe: Economic and Financial literacy, inclusion, gender equality and youth Empowerment.

 

Alaba: How do you unplug and manage your work-life balance?

Chinwe: Binge on feel-good tv series. As often as possible, I try to get uninterrupted 8 hours of sleep. I try to take walks as often as possible and vacations are also a must -have.

 

Alaba: If you were a brand, you would be like? Why?

Chinwe: I consider myself as a brand. However, I will take a stab at answering this question. So, Nike is my answer. Nike embodies overcoming of one’s limitations, the pursuit of a mission or calling. This brand is about realizing one’s full potential, taking down barriers, being brave, bold, hardworking and resiliently moving forward, hence the “Just Do It”. It evokes fundamental values needed to thrive. Therefore, it strongly resonates with me and my personal brand.

 

Alaba: Your top picks to read, watch and listen?

Chinwe: To read

  • Understanding Economic “Jargon” by Chinwe Egwim – I authored this book to help its readers stay economically alert and serve as a guide with regards to navigating the macroeconomic landscape. Especially, for those that are keen on staying ahead.
  • The “Girl” of Entrepreneurs by Ibukun Awosika – This book is incredibly amazing. It has been my travel companion for years. The book documents the experiences of African businesswomen in terms of their background, their start-up stage, their growth pattern, their challenges, the impact of choices of spouse on their business as well as their work-life balance.
  • A-Z of Personal Finance by Nimi Akinkugbe – An awesome book that helps you stay woke with your personal finance. The book provides you with important practical information and useful tips on matters concerning you and your money. Every emerging leader should have this book in their book collection.
  • Strategize to Win: The New Way to Start Out, Step Up, Or Start authored by Carla Harris – This book has served as a blueprint for me with regards to navigating my career path. It offers new ways to conceptualize career strategies and gives proven tools for successful change.

To watch

  • The Last Dance. A documentary that chronicles the rise of Michael Jordan. There are so many career and life lessons to learn from this documentary. A few of them are: you have to start somewhere; to win, you must hold yourself accountable; a great team can make all the difference; play to your strengths; sometimes, you have to take a break and recharge and you need to find your motivation.

To listen

  • Life in BLOOM with Tosin Durotoye Podcast
  • The WIMBIZ Choose to Challenge Podcast
  • The Smart Money Tribe by Arese Ugwu Podcast
  • The Women Who Transcend Podcast
  • Porsha4Real with Porsha Williams Podcast

 

B I O G R A P H Y 

Chinwe Egwim is currently the Senior Economist at a leading financial institution in Africa with over 500 published economic notes primarily geared towards macroeconomics. She consistently applies rigorous analysis to ensure Africa’s economic landscape is better understood.

Chinwe is an advocate for women empowerment and a firm believer of equipping disadvantaged women with tools to enable them to thrive. In 2020, Chinwe was appointed as an Executive Council Member of Women in Management, Business and Public Service (WIMBIZ). She has received multiple recognition and awards for her work as an Economist. Some of which include:the Most Influential People of African Descent (MIPAD), 100 most inspiring Nigerian women by Leading Ladies Africa, the Corporate Nigeria PowerList under 40 and also a leading woman in banking by the Association of Professional Women Bankers. Chinwe was nominated by Future Awards Africa and won the HER Network Career Woman of the Year in 2018.

Chinwe authored a book titled, Understanding Economic “Jargon”. The book uses a simple approach to breakdown how economic indicators and the investment climate react to economic shocks and upswings. It has ranked as a bestseller on Amazon.

 

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Middle East Crisis Brings African Leadership Into The Spotlight

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Middle East in Crisis & Conflict: A Primer, Author Taufiq Rahim (Image: Supplied).

As the world grapples with the ongoing crisis in the Middle East, it has opened the door for African leadership on a global stage. The new best-selling book released this month, Middle East in Crisis & Conflict: A Primer, by leading geopolitical strategist Taufiq Rahim, serves as a critical tool for experts and leaders alike, and covers the wide-ranging geopolitical, economic, and social ramifications of this enduring conflict.

For leaders with global aspirations, understanding the dynamics of the Middle East conflict is paramount. It’s not just about the immediate consequences; it’s about comprehending how this crisis reshapes alliances, trade routes, and cooperation among nations. Africa, in particular, stands at a crossroads, as the continent’s leaders must navigate the shifting landscape of international relations.

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The Middle East intersects with Africa’s economic future, especially as the Global South consolidates into a formidable bloc. While the immediate focus is on the localized violence in Gaza, there are broader consequences already unfolding. The shifting alliances due to the conflict that is already emerging, will reorient around how African countries will engage the Gulf, the Middle East and even the broader Global South. 

In comparing the ripple effects of the Middle East conflict to the Russia-Ukraine war unveils subtle yet impactful consequences. While the latter disrupted grain imports and energy markets, the former exerts its influence in even sharper ways. Particular attention is paid to the rise of extremist activities across Africa. Yet it is the clear gap of leadership in the West amidst this crisis that is strengthening the growing consolidation of BRICS nations, as well as the need for investment and trade routes that connect the Middle East and Africa directly. Political solidarity is giving way to economic solidarity. 

In response to these challenges, African leaders must seize the opportunities presented by the vacuum left by Western powers. By providing leadership and resources in humanitarian efforts, Africa can assert its continental power projection. Moreover, this moment offers a unique chance for African businesses to expand into regions traditionally dominated by Western brands.

Taufiq Rahim has a personal background from East Africa, which has enriched his perspective on these issues. His professional journey, spanning investment, technology, and global development, provides valuable insights into the economic impact of Middle East conflicts on Africa, and the broader implications in a shifting world order.. By drawing on his experiences, Rahim illuminates the path forward for African leaders amidst current global events.

In conclusion, the Middle East conflict’s repercussions are already reverberating across continents. Africa must rise to the occasion, leveraging its strengths to navigate these turbulent times and forge a brighter future for all.

 

About the Book

Since the devastating attacks by Hamas on October 7, 2023, and the subsequent bombardment by Israel of Gaza, there has been an escalating crisis in the Middle East. With an overflow of news, images, and social media, it is hard to make sense of it all. Middle East in Crisis and Conflict: A Primer distills the information, insights, and implications you need to navigate ongoing developments.

Rahim comprehensively but concisely threads together the current moment and the wider context. Drawing on a background working across many of the countries affected and in different spheres–humanitarian, political, and business–he highlights the main facts, stakeholders, and historical moments in one highly readable volume. The Primer is certain to be a leading starting point for experts and observers alike for the events of October 7 and the Palestinian-Israeli conflict overall.

About the Author

Taufiq Rahim is a Strategist, investor, and writer  who focuses on the intersection of global geopolitics and transformative technology in a changing world. He first began work in the Middle East in the rural communities of Syria in 2003 and is currently building platforms within the 2040 World nexus. Taufiq Rahim’s deep ties to East Africa and his extensive professional background make him a trusted voice on issues of global significance. Through his work, he continues to advocate for meaningful solutions to complex challenges facing our world today.

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The UK Foreign, Commonwealth & Development Office (FCDO) partners Nigerian Agencies To Address Nigeria’s Flood Risk Communication

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The UK Foreign, Commonwealth & Development Office (FCDO) , UK, MET Office, and various Nigerian disaster agencies marks a significant step towards addressing the pressing issue of improving the effectiveness of flood risk communication in Nigeria.

During the high-level meeting held in Abuja today, all disaster management agencies’ Directors and Director General were presented with research findings and recommendations from a 6-month intensive fieldwork project that involved engaging with the most vulnerable communities across the country.

Mr. Donovan Timothy, the Project lead from the UK Meteorological Office (Met Office), expressed optimism about the results of engaging with vulnerable communities. He stressed the importance of proactive disaster communication management strategies and urged stakeholders to work collaboratively to boost resilience and preparedness for potential disasters.

“We are confident that the partners involved in this project will effectively articulate and implement the recommendations provided. We aimed to streamline the process, tailor the recommendations to each agency’s capabilities, and ensure they can be seamlessly implemented across all communication channels outlined in the report. By making the guidelines agency-specific and easy to follow, we believe they will facilitate an efficient and successful execution of the proposed strategies.”

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“It is imperative to enhance the communication strategy in Nigeria to protect the vulnerable population from the destructive effects of frequent flooding, which result in significant loss of lives, damage to properties, and mass displacement of people. Addressing the communication gaps is crucial to ensure timely and effective dissemination of information, warnings, and instructions to those at risk. By improving communication channels and strategies, we can increase preparedness, response, and resilience efforts, ultimately minimizing the impact of disasters on our communities. “He added

According to the Director General of the Nigeria Hydrological Services Agency, Engr. Clement Nze, “Flooding is a serious threat to our nation, causing widespread devastation and loss of life.  Effective flood risk communication is critical to mobilizing communities to take action and build resilience. We are grateful for FCDO’s support in helping implement key recommendations from a recent report.”

The Steering Committee consisting of representatives of all disaster management agencies, Met Office, and the communication consulting firm, McEnies Global Communication jointly identified opportunities that need to strengthen inter-agency coordination, utilize innovative communication channels, deploy targeted messaging for at-risk groups, and improve monitoring and evaluation of communication efforts.

 With these recommendations, FCDO opines that The National Space Research and Development Agency (NASRDA), Nigerian Meteorological Agency (NiMet), Nigeria Hydrological Services Agency (NIHSA), National Water Resources Institute (NIWR), National Emergency Management Agency (NEMA), National Orientation Agency (NOA)and other stakeholders will work together to implement selected recommendations from the report.

Also present at the meeting was Dr. Matthew Adepoju, the Director of the Strategic Space Application Department of The National Space Research Development Agency, (NASRDA) representing the Director General, Dr. Halilu Shaba Ahmad, emphasized the importance of incorporating diverse media platforms in the implementation processes for enhanced efficiency.

Dr. Adepoju highlighted that involving The Broadcasting Organizations of Nigeria (BON) would be beneficial in broadcasting these commendable initiatives effectively. He urged for prompt inclusion of BON in the endeavor to ensure the attainment of significant success and wider recognition. The collaborative effort with media outlets such as BON, as suggested by Dr. Adepoju, aims to maximize the impact and reach of the agency’s endeavors.

The UK FCDO remains steadfast in its dedication to assisting Nigeria in enhancing resilience against climate change and natural calamities. By prioritizing improved flood risk communication, lives can be saved through the empowerment of local communities with essential information necessary for adequate preparation and response during flood incidents.

This collaborative effort not only underscores the importance of proactive measures but also demonstrates a shared commitment to ensuring the safety and well-being of all individuals affected by such disasters. It is through these strategic interventions that the UK FCDO and Nigeria can work together to mitigate the impact of environmental challenges and foster sustainable development for future generations.” 

The collaboration is part of the UK government’s wider support for disaster risk reduction in Nigeria, which includes projects focused on flood modeling and forecasting, data collection networks, and disaster risk management planning.  By improving inter-agency coordination and adopting best practices in risk communication, this initiative aims to build a more robust and integrated flood early warning system for Nigeria.

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Navigating The Evolution: The Future of Retail and E-commerce in Nigeria

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By: F. O Elegba 

Tracing the evolution of e-commerce in Nigeria is a compelling journey that mirrors the nation’s technological evolution. Rewind to the early 2000s when the internet began to weave its way into the fabric of everyday life, Nigerians still had a lackadaisical approach to shopping online, then. e-commerce pioneers emerged, navigating uncharted digital territories.

In those nascent years, online transactions faced skepticism due to concerns about cybersecurity and a lack of trust in digital payments. Yet, trailblazers persisted. Platforms like Konga and Jumia took the bold step of creating online marketplaces offering a variety of products to a population hungry for convenience. The mid-2010s marked a turning point as internet accessibility expanded. With the proliferation of smartphones, more Nigerians could connect to the digital realm and this shift in connectivity was a game-changer, providing the momentum needed for e-commerce to gain widespread acceptance. 

Simultaneously, innovative payment solutions emerged, addressing the trust deficit. The adoption of cash-on-delivery options bridged the gap between traditional and online shopping, gradually building confidence among consumers to make the leap into the digital marketplace. As the last decade unfolded, a surge in local startups disrupted the e-commerce landscape. Entrepreneurs harnessed the power of social media, creating platforms tailored to the Nigerian market. 

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This localization trend not only diversified product offerings but also embraced the cultural nuances that define Nigeria’s diverse consumer base. The COVID-19 pandemic, though challenging, accelerated the ecommerce boom. Lockdowns and safety concerns fueled a surge in online shopping, pushing both business and consumers to embrace digital transactions more than ever before. 

As Nigeria embraces the digital era, the landscape of retail and e-commerce is undergoing a transformative shift. With a burgeoning population and increasing internet penetration, the future promises a dynamic blend of traditional retail and tech-driven shopping experiences. Having traversed the diverse landscapes of both local and Western retail experiences, I foresee an intriguing future for Nigeria’s retail and e-commerce sectors- a future where the convergence of tradition and technology paints a vibrant picture. In Nigeria, where community bonds are strong, brick-and-mortar stores remain integral. 

However, the digital wave is unmistakable. With a deep understanding of the local market and Western retail dynamics, I believe that e-commerce will be a catalyst for change, providing unparalleled convenience to a tech-savvy and young population. The future isn’t about the demise of brick-and mortar stores, rather it’s a harmonious convergence of physical and digital realms. Retailers are likely to embrace innovative technologies, such as augmented reality and AI-driven personalization, to enhance in-store experiences and stay competitive. The Key lies in adapting global best practices to the unique nuances of Nigeria. 

As digital payment solutions gain traction, we’re witnessing a shift towards cashless transactions, marking a pivotal moment for the e-commerce landscape. This digital evolution is not about replacing traditional markets but rather enhancing and expanding their reach. I see the potential for innovative technologies to redefine the in-store experience in Nigeria. Augmented reality and AI driven personalization can be seamlessly integrated to cater to diverse consumer preferences and elevate the overall shopping experience.

Yet, success in this evolving landscape hinges on more than just technological advancements, it requires a deep understanding of local intricacies and commitment to building trust. Cybersecurity measures must be robust to reassure consumers, while business practices should be transparent to foster confidence in online transactions. In this narrative of change, the fusion of local insights with global perspectives becomes paramount. As someone with dual experiences, I advocate for an inclusive approach that embraces the tapestry of Nigeria’s cultural diversity while leveraging the efficiency and innovation from Western practices. 

In the coming years e-commerce is poised to play a pivotal role in reshaping consumer behavior, the convenience of online shopping, coupled with evolving payment solutions, will drive a surge in digital transactions and as logistics infrastructure improves, the scope for nationwide delivery networks will further boost the e-commerce ecosystem. In conclusion, the future of retail and e-commerce in Nigeria is a harmonious blend of tradition, technology, local wisdom and global innovation. 

A tale of synergy- striking the right balance between traditional and digital strategies, coupled with customer-centric solutions by bridging worlds and adapting strategies with cultural sensitivity. Nigeria can unlock its true potential of retail landscape in the exciting chapters that lie ahead, and as stakeholders we must embrace innovation, adaptability, and inclusivity to thrive in the exciting time ahead.

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