Oyegwa shares strategies on how digital businesses can survive Nigeria’s economic challenges

Founder of Webcore Nigeria, Eloho Oyegwa, has highlighted how digital businesses can keep their head above water in an increasingly challenging business environment like Nigeria.

The Manufacturing Association of Nigeria (MAN) said that 335 companies became distressed, while 767 shut down in 2023. More than ever before, businesses are shrinking in the country, but not opportunities, a fact Oyegwa stressed digital businesses can exploit, through innovation and awareness of the environment they operate in.

Oyegwa said adaptability, retaining client’s confidence and partnerships, as some of the strategies digital businesses can adopt this period.

“Surviving the challenges of the Nigerian business environment for digital businesses demands a strategic approach that prioritizes flexibility and innovation. Cultivating adaptability is key; the market landscape can change rapidly, and digital businesses need to pivot swiftly in response to emerging trends and customer demands,” he said in an interview with The Guardian. “

He added: Second, investing in cybersecurity measures is non-negotiable. Protecting sensitive customer data and business information is crucial for building trust and credibility.”

“Fostering strong partnerships with reliable local payment gateways and delivery services is essential. Seamless payment options and reliable logistics ensure a positive customer experience. Fourthly, staying abreast of regulatory requirements and compliance standards is vital. Adhering to local laws builds credibility and minimizes legal risks. Lastly, nurturing a customer-centric approach is paramount. Understanding the unique needs of Nigerian consumers and providing exceptional customer service can create brand loyalty and sustain the business amid challenges.”

The Webcore Nigeria owner laid out his vision for the company, which was founded in 2016 but officially registered two years later. According to him, his plans are deeply rooted in keeping abreast of digital options to help businesses grow and productive, as well as to continue to maintain its status as a leader within the space.

“In envisioning the future of Webcore Nigeria, my aspirations are firmly rooted in strategic expansion and continuous innovation. The digital landscape is constantly evolving, and I am committed to staying ahead of the curve to meet the ever-changing needs of our clients,” he said.

“One of our primary goals is to broaden our product offerings, introducing cutting-edge digital solutions that align with emerging trends and technological advancements. This expansion will not only cater to a wider clientele but also solidify our position as a leader in the digital technology sector,” the Webcore Nigeria CEO stated.