L-R: Ayodeji Akanmu, Research Associate, First Bank of Nigeria; Abednego Ugwueke, Head, Digital Channels, First Bank of Nigeria; Bismarck Rewane, Managing Director, Financial Derivatives; Prof. Yinka David-West, Dean, Lagos Business School(LBS); Karl Toriola, Chief Executive Officer, MTN Nigeria and Vice President, Francophone Africa, MTN Group; Callistus Obetta, Group Executive, Technology and Digital Innovation, First Bank of Nigeria; Simisola Salami, Head, Communications and Shareholder Engagement, First Holdings Co.; Osita Onyema, Strategy Associate, Industry and Competitor Intelligence, First Bank of Nigeria; Omotayo Isabemoi, Unit Head, Product Design and Conceptualisation, First Bank of Nigeria and Prof. Olawale Ajayi, Head, LBS, Breakfast Club during the Lagos Business School Breakfast Session, held at Oriental Hotels, Lekki on Wednesday, September 3, 2025.
At the Lagos Business School (LBS) Breakfast Club monthly meeting held on September 2, 2025, at the Oriental Hotel in Lagos, Nigeria, MTN Nigeria’s Chief Executive Officer, Karl Toriola, underscored the importance of robust collaboration between the public and private sectors in unlocking the full potential of the nation’s digital economy.
Speaking to a gathering of CEOs, C-suite executives, and policy leaders, Toriola emphasised that Nigeria’s economic transformation cannot be achieved through isolated efforts. “The digital economy is not a distant promise; it is already here,” he said. “But for it to become the true growth engine of our nation, we need enabling policies, long-term investments, and above all, strong partnerships between government and the private sector.”
Toriola’s remarks followed an economic outlook delivered by Mr. Bismarck Rewane, Managing Director of Financial Derivatives Company Ltd, who painted a sobering picture of Nigeria’s reliance on bailouts to prop up critical sectors. Rewane noted that while bailouts often prevent collapse, they do little to drive lasting productivity. “International bailouts are rarely a sustainable policy. They socialise risk while leaving structural inefficiencies untouched,” he explained.
Linking Rewane’s analysis to his own vision, Toriola argued that the antidote to bailout-dependency lies in innovation and collaboration. He highlighted the role of digitalisation in creating new growth pathways, from financial inclusion to e-commerce, education, and healthcare. “The digital economy has the potential to create millions of jobs and expand access to services for people who have historically been excluded,” he said. “But this cannot happen if we operate in silos. Government must provide the policy foundation, while the private sector brings the innovation and capital.”
The MTN boss stressed that Nigeria stands at a pivotal moment. With a young, tech-savvy population, the country has a natural advantage in the digital space, but realising this potential requires deliberate action. “This is about more than connectivity. It is about empowering small businesses to sell across borders, enabling farmers to access markets with a smartphone, ensuring students in remote villages can learn online, and giving innovators the platforms to build solutions that transform industries,” he said.
Toriola also noted that the digital economy could accelerate Nigeria’s push for inclusive growth, especially in rural and underserved communities. “When we talk about collaboration, it is not just between government and corporations. It is also about partnering with startups, with universities, with communities. The ecosystem must work together if we are to unlock the full promise of digital,” he added.
Throughout his presentation, he emphasised the urgency of acting now. “We often talk about the digital economy as the future, but the reality is that the future is already here. Other countries are moving fast, and Nigeria cannot afford to lag behind. If we get it right, digital can be the single biggest driver of growth for this country in the next decade,” he said.
The September edition of the LBS Breakfast Club, themed “Bailout or Lifestyle”, provided a platform for critical reflection on the state of the economy. While Rewane’s analysis highlighted Nigeria’s fiscal pressures and dependence on short-term relief measures, Toriola’s speech presented a roadmap for how digital transformation, underpinned by collaboration, could shift the nation onto a more sustainable growth path.
“The challenge before us is clear,” Toriola concluded. “Do we continue to rely on bailouts and quick fixes, or do we commit to building a digital economy that creates real, lasting prosperity? Collaboration is the bridge between where we are today and where we need to be.”