By Akinnodi Francis, Ondo

Economic experts have called for massive investment in renewable energy, efficient supply chains, and Artificial Intelligence (AI) to boost businesses and stimulate Nigeria’s economy.

They told The Hope about the economic opportunities in renewable energy.

A business analyst, Oluwadara Adeosun, stated that Nigeria is blessed with vast resources that should be exploited for economic prosperity and to enhance the quality of life.

He added that significant investment in renewable energy would be a game-changer for the country’s business environment.

The analyst advocated for collaboration between the public and private sectors in the development of renewable energy, stating that this would have a positive impact on all sectors of the economy, including health and education.

An economist, Sanya Ogunsakin, described the supply chain as the lifeblood of any business, whether for individuals or government.

According to him, the supply chain is crucial for business success and long-term sustainability. He stressed the need to ensure the effective and efficient flow of primary and secondary products for economic recovery.

He explained that businesses rely on supply chains due to the high incidence of lost sales caused by sub-optimal production and inventory planning, challenging macroeconomic conditions, and inefficient maritime and inland transport distribution, among other factors.

Ogunsakin emphasised that supply chain management is essential for cost reduction, improved efficiency, practical risk mitigation, and customer satisfaction.

“Supply chain management must be resilient to withstand disruptions and absorb shocks.

“Supply chain processes must be optimised to ensure consistency, efficiency, quality, and scalability.

“If the supply chain is not well-structured, strong, and dynamic, it will negatively affect businesses.”

He identified challenges in the supply chain, including power shortages, infrastructure issues, inefficient distribution processes, harsh macroeconomic conditions, foreign exchange issues, high outbound transport costs, and diesel shortages, among others.

Also, Microsoft expert Adenegan Kehinde, who spoke on AI, said the innovation is transforming businesses and unlocking economic growth for nations.

He noted that any organisation could harness and adopt AI to drive efficiency and effectiveness, saying, “AI is already driving the global economic space. A nation that adopts it will lead.”

According to him, Nigeria has a golden opportunity to leverage AI in key economic sectors, including agriculture, finance, education, medical diagnostics and prescriptions, and manufacturing, to compete on the global stage.

“Youths should embrace learning not just as consumers but as innovators to drive economic prosperity, create new jobs, and secure Nigeria’s future.”

They urged the Nigerian leadership to invest in renewable energy, particularly solar power, to fuel businesses.