Nigerian Business Leaders Share Survival Tactics for Startups Battling Economic Challenges

At a time when economic uncertainty looms large over Nigeria’s startup ecosystem, several industry leaders have come forward with pragmatic strategies to help young businesses survive and thrive. During an Executive Mixer held at Flutterwave’s headquarters in Lagos, co-hosted by Spacefinish and Campus HQ, top voices from the tech and finance sectors gathered to share insights on how to navigate challenges such as currency instability, shifting regulations, and wary investors.

Oluwafunmilayo Olaniyi, Flutterwave’s Senior VP of Business Development, stressed the importance of maintaining close ties with regulators. She pointed out that policy fluctuations are common in Nigeria, and startups that proactively engage with government bodies will be better positioned to adapt and innovate without being blindsided by sudden rule changes. According to her, regulatory literacy is becoming a non-negotiable asset for tech entrepreneurs.

On the financial front, Dr. Austin Okpagu of VertoFX offered a sharp warning against currency complacency. With the naira’s volatility showing no signs of slowing down, he urged startups to diversify their treasury holdings across multiple currencies. He also pointed to the growing utility of fintech tools that simplify cross-border transactions and allow businesses to manage funds in over 50 currencies—all without the hassle of maintaining separate bank accounts.

Beyond surviving short-term disruptions, long-term success will hinge on strong governance, said Jude Chiemeka, CEO of the Nigerian Exchange Group. He underscored the importance of ESG compliance and encouraged more startups to consider listing on the stock exchange. Chiemeka explained that listed companies not only gain market visibility but also enforce the kind of governance frameworks that inspire confidence from institutional investors.

Oluchi Ajala, Managing Director of Spacefinish, wrapped up the event by reiterating its core purpose: empowering startups to build resilience in a volatile environment. With insights ranging from policy engagement and financial agility to governance and sustainability, the Executive Mixer served as a timely reminder that survival in today’s market demands not just passion, but precision and adaptability.

Source: Nairametrics