Businesses in Nigeria have been advised to focus on what they can control by embracing innovation, improving service, understanding customers’ needs, and building lasting relationships to adapt and scale in the current tough economy.

The Governor, Central Bank of Nigeria, Olayemi Cardoso, and Founder and Group Chief Executive Officer, Prima Garnet Africa, ’Lolu Akinwunmi, advised at the 8th A.M. Agoro Entrepreneurship Lecture Series (AMAELS), held at the Yoruba Tennis Club, Onikan, Lagos.

Speaking on the theme of the lecture, ‘Winning the Customer in a Tough Economy: How Nigerian Businesses Can Adapt and Grow,’ Cardoso, who was the special guest, said Nigeria’s path toward consolidating macroeconomic stability and sustaining growth places entrepreneurs at the centre of national progress. He said their role goes beyond creating businesses; they are catalysts for innovation, job creation and economic resilience. As the country seeks to unlock new opportunities, entrepreneurs are expected to drive transformation by building enterprises that are both competitive and trustworthy.”

Cardoso, represented by Director, Banking Supervision, CBN, Dr Olubukola Akinbiyi Akinwunmi, said competition today is not only about the quality of products or services but also about the trust businesses earn. He said customers are more likely to return to companies that consistently deliver value, honour their promises and show genuine respect for those they serve.

Emphasising financial discipline, Cardoso said enterprises that endure are not always those that grow fastest, but those that manage their resources wisely, plan for uncertainty and build long-term value rather than short-term gain.

He urged young entrepreneurs to develop a deeper understanding of the economy in which they operate, stressing that successful businesses must pay attention not only to their own operations but also to the broader economic environment.

He also charged them to earn trust before pursuing growth, saying growth builds on integrity, consistency and sound governance.

The CBN governor advised entrepreneurs to build on the long term, invest in people, embrace innovation, remain financially disciplined and never stop learning.

Cardoso said businesses that endure are those that adapt without compromising their values, stressing that Nigeria will be shaped by entrepreneurs who solve problems, create opportunities, generate employment and inspire confidence through the businesses they build.

The keynote speaker, Akinwunmi, delivered the keynote lecture, noting that while Nigeria’s economy remains resilient, businesses face rising operating costs, evolving consumer expectations and intense competition.

He observed that customers are now more intentional about spending, comparing prices, and seeking value, but stressed that “winning the customer is not about offering the lowest price; it is about delivering value and building trust”.

Chairman, Eleganza Group of Companies and chairman of the occasion, Chief Rasaki Akanni Okoya, represented by Mr. Raheem Okoya, echoed these sentiments. He said the legacy of Alhaji Agoro was built on discipline, focus, integrity, and service—values that continue to define successful enterprises today. He urged entrepreneurs to remain customer-focused, uphold ethical practices, and embrace continuous learning.

In her welcome address, Chairman, AMAELS Planning Committee, Dr. Adrienne Tokolo, said the annual lecture hold meaning for the family and to the wider community they seek to serve, noting that though Pa Abudu Mukandasi Agoro passed away over 70 years ago, his legacy still drive people together in service of enterprise, learning and support for others.

She said over the years, the event has grown from a commemorative lecture into a platform for reflection, learning and practical support for entrepreneurs.

Tikolo stated that the topic speaks directly to the times we are in, noting that many businesses are facing real pressure while many entrepreneurs are having to think harder, adapt faster and work more intentionally to retain the confidence of their customers.

At the event, the organisers, through the A.M. Agoro Entrepreneurs Support Initiative, gave grants to 10 beneficiaries to support their businesses