These issues took centre stage at the 2026 E-Commerce and Payments Forum organised by the Africa Retail Academy of Lagos Business School (LBS), where senior operators, regulators, innovators, and decision-makers gathered to discuss practical strategies for accelerating commercial growth across Africa.

Held under the theme “Minimising Friction, Maximising Commercial Impact,” the forum was convened by Olu Akanmu, CEO Board Advisor and Executive-in-Residence at Lagos Business School, and Elo Umeh, CEO of Terragon and Executive-in-Residence at LBS; and featured insightful contributions from leading industry experts, including Melvin Onochie, Vice President, Omni-Channel Sales and Commercial Planning at Konga Group; Damilare Ogunnaike, Vice President at Moniepoint Group, Kenny Isichie, Head of Business Operation at Bumpa; Professor Uchenna Uzo; Seun Alley; Charles Ejekam; and a few other senior managers.

Delivering the keynote address, Prince Nnamdi Ekeh, chief executive officer of Konga Group, challenged African businesses to rethink their approach to technology adoption, particularly in payments and cross-border commerce.

According to Prince, Nigeria has already made remarkable progress in digital payments and fintech innovation, earning global recognition as one of the world’s leading markets for cryptocurrency adoption.

However, he argued that widespread adoption by businesses in Nigeria remains significantly behind consumer usage.

“Nigeria has gone very far in online transactions and fintech innovation. The progress made by institutions such as NIBSS and the broader fintech ecosystem deserves commendation. However, there is still substantial work to be done if we are to unlock seamless international trade and scale commerce across Africa,” he noted.

One of the key themes of his presentation was the growing relevance of stablecoins in modern commerce.

While cryptocurrencies often generate mixed reactions due to concerns around volatility and regulation, Prince emphasized that stablecoins represent one of the most practical and valuable innovations emerging from the broader crypto ecosystem.

“People often become nervous when they hear the word crypto,” he said. “But every technology has two sides. Artificial Intelligence, for example, is creating enormous value, yet it can also be misused. The same principle applies to crypto. The focus should be on how we leverage the positive side of technology to create productivity, improve efficiency, and solve real business problems.”

Drawing from Konga’s experience, Prince explained how the company has successfully leveraged stablecoin infrastructure to improve business operations, access liquidity more efficiently, and overcome some of the payment challenges associated with cross-border transactions.

“Konga invested heavily in building its own infrastructure because we recognised a problem that needed solving. By tapping into available liquidity and embracing emerging technologies responsibly, we have been able to improve business processes and unlock new opportunities for growth,” he stated.

A recurring issue during the forum was trust. Participants examined how regulators, businesses, and technology providers can work together to increase confidence in digital assets and emerging payment technologies.

Addressing this concern, Prince acknowledged that trust remains a legitimate challenge but expressed optimism about ongoing regulatory developments.

“There are already guardrails being established. Both the Central Bank of Nigeria and the Securities and Exchange Commission are working collaboratively to create a more structured and transparent regulatory framework. That is an important step toward building confidence and encouraging responsible innovation,” he said.

He also highlighted the need for a broader mindset shift among businesses and consumers. Using a personal example, Prince recounted how he recently completed a transaction with a roadside vendor through a digital transfer, illustrating how rapidly consumer behaviour is evolving.

“The reality is that Nigerians are already embracing digital payments in everyday life. Businesses must evolve at the same pace. We need to move beyond old assumptions about cash and fully embrace the efficiencies that digital transactions offer,” he remarked.

On logistics and delivery, Onochie stressed that reducing friction across the entire customer journey, from payment to fulfilment and pricing, remains essential for sustainable growth in e-commerce.

He noted that businesses that successfully align convenience, speed, trust, and competitive pricing will be best positioned to thrive in an increasingly competitive marketplace.

The forum concluded with a consensus that Africa’s commerce future will be shaped not only by technology itself but by how effectively organisations deploy innovation to solve practical challenges.

For Prince the opportunity is clear. Africa already possesses the entrepreneurial talent, consumer demand, and technological foundation required for transformation.

The next step is creating the infrastructure, regulatory clarity, and business confidence needed to scale those advantages across borders.

As digital commerce continues to evolve, his message resonated strongly with attendees: the future belongs to organisations that embrace innovation responsibly, reduce friction relentlessly, and build systems that enable trade without boundaries.

Bismarck Rewane, the founder/CEO of the company made this known in a presentation at the Lagos Business School (LBS).

According to a report, it projected that inflation figure is expected to peak at 32.4 percent in March 2024, hitting a multi-decade high.

The renowned organization said, “Inflation in March is expected to surge to 32 per cent underpinned by food supply chain disruption and lingering impact of fuel subsidy reduction,”

It added that consumer price is further fueled by what it termed as “greedification”, “corporate greed and the naked exploitation of consumers by conscienceless marketers”.

Bismarck Rewane, noted that while inflation has begun to decelerate in other countries like South Africa, United Kingdom and India, Africa’s largest economy prices may increase by 0.7 percentage points from what it was in February.

According to the Statistics by National Bureau of Statistics, Consumer Price Index which accelerated to 31.7 percent in February, may continue its streak until a descent is seen later in the year.

“Inflation is set to peak in May/June and begin to decline after the wage review,” FDC noted.

The Lagos-based company noted that while the central bank has embarked on aggressive monetary policy targeted at taming the stubbornly high inflation, it might not be sufficient enough to bring the numbers down.

It said that countries like Kenya, Turkey and Egypt did more than deploying monetary tools, adding that they sourced for new money in terms of Eurobonds and bailout interventions from World Bank or International Monetary Fund.

FDC further stated that structural reforms and wage review were measures adopted by these countries in controlling its inflation figures.

On his part, Muhammad Sani Abdullahi, the deputy governor of the Economic Policy Directorate of the Central Bank of Nigeria (CBN), projects the nation’s CPI to soar to 32.63 per cent.

For Abdullahi, three major drivers that have kept inflation jumping are high energy costs, the impact of exchange rate fluctuations and persistent insecurity concerns in the country.

He said:

“Headline inflation is expected to rise to 32.63 per cent in March 2024, due to: high Energy Prices: Lingering impact of fuel subsidy removal, resulting in an increase in the cost of household utilities, transportation and production costs.

“Exchange Rate Passthrough: Depreciation of the naira resulting from the market-determined exchange rate policy, is likely to have a passthrough effect on domestic prices.

“Insecurity: Impact of insecurity on food production, the winding down of the harvest season, and high cost of farm input could negatively impact food prices.”

Meanwhile, the Olayemi Cardoso-led CBN has been ramping up efforts to bring the numbers down through a tighter monetary condition.

Notably, the CBN increased the country’s lending rate by a combined 600 basis points at 24.75 percent between its monetary policy committee meeting in February and March.

Cardoso’s leadership has equally put the nation’s currency, naira, on check now moderating around N1,200 per US dollar, a major rebound for a currency that was heading to N2,000/$ in less than two months.

“Our analysis indicates that inflation is likely to reach a peak in the Q2 before gradually receding, all things being equal,” analysts at Coronation, a leading Africa financial services company, said.

Managing Director Ayodeji Fashanu expressed delight in working with LBS, citing the partnership as a significant milestone.

“This collaboration enables us to provide tailored accommodation solutions for business professionals, emphasizing our commitment to enhancing the corporate travel experience.

“Our collaboration with Lagos Business School marks a significant milestone in our journey. This partnership enables us to provide tailored accommodation solutions for business professionals, emphasizing our commitment to enhancing the corporate travel experience.

“By integrating our services with the academic excellence of Lagos Business School, we create an ecosystem that fosters productivity and comfort.”

Mr Fashanu also added that his company which has maintained a high profile of reputable clients’ base over the years, is open to more collaborations with individuals or corporate organisations looking for work class comfort for its staff members.

Azaria Hotel & Apartments is one of Nigeria’s leading hospitality companies using cutting edge technology to revolutionize hotel management.

Under the visionary leadership of Ayodeji Fashanu and Adedolapo Fashanu, the company has leveraged innovative solutions to enhance guest experiences and streamline operations.

The company focuses on creating a seamless integration of technology and service, ensuring that every aspect of hotel management is optimized for success.

The three-day program held from March 16 to 18 and was themed ‘Enhancing Economic Competitiveness.’

It was designed to boost the effectiveness of public sector stakeholders through exposure to global best practices on institutional collaborations, PPP dynamics, sustainable competitive advantages, and cluster participation mechanisms for inclusive national growth. 

The well-attended course had senior government officials and public sector stakeholders in the built sector of the economy, special assistants to governors, permanent secretaries and directors at ministries and heads of MDAs relevant to the real estate sectors of both States as participants.

The course facilitators were faculty heads in Business, Strategy, and Economic Planning, including Dr. Nkemdilim Iheanachor, member of the Strategy Group at LBS; Dr. Dolapo Tukumi, Course Organizer; Dr. Frank Ojadi, Member, Faculty of Operations Management at LBS and Lead Facilitator & Manager at LBS, Oreva Atanya.

Others include John Uwajumogu, Partner at Ernst & Young Nigeria; George Agu, Founder/CEO, ActiveEdge Technologies Limited and Ife Adedoyin, Senior Executive, Deloitte.

Speaking on the training’s purpose, Femi Olubanwo, Chairman of Palton Morgan Holdings, noted that “although LBS usually has the course curriculum attended by corporate executives across sectors for capacity and economic development, we decided to sponsor this course to enrich those who regulate our sector with current knowledge of economic strategies and the power of synergies so that they also can have a contemporary understanding of where the people they regulate are coming from.”

On the choice of Lagos and Ogun, Olubanwo said both are contiguous but work in silos and that it would be beneficial bringing them together.

He said, “if this initiative goes as we hope, we will find Lagos and Ogun states working together on projects, planning, and development, which will benefit our society and sector. We are delighted to be at the vanguard of making that happen.”

Also commenting on the company’s facilitation of the training, Delphine Misan-Arenyeka, Non-Executive Director at Palton Morgan, said it was part of its social responsibility to the states it operates in.

“We are building the capacity of senior public servants. Hopefully, it will translate to their subordinates and ultimately result in greater success in policy and regulations.

“We looked at the business of Palton Morgan and the value chain and felt that we can bridge the gap between our stakeholders in the public sector and us. We wanted to stimulate a synergy such that they will understand our language when we go to them for approvals and permits that will enhance development in the sector,” Misan-Arenyeka explained.

The course beneficiaries, on their part, expressed gratitude for the opportunity provided by Palton Morgan to improve their knowledge and progress in their careers with dynamic and relatable industry resources and comparative trends from across the globe.

They all affirmed the importance of collaboration for both states to maximize their economic strengths whilst integrating their competitiveness. They encouraged Palton Morgan to engage in more partnerships to consolidate on growing the potential of the two states.

Some of the beneficiaries were the Permanent Secretary, Ministry of Physical and Urban Planning, Lagos State, Abiola Kosegbe, her counterpart at the Lagos State Ministry of Housing, Wasiu Akewusola, Director of ICT and Business Development, Ogun State Housing Corporation, Olufunmilayo Sorunke, and Director, Administration and Personnel, Ogun State Property and Investment Company, Taiwo Ogunyoowo.

Speaking, Kosegbe said, “The fact that you have been able to select people from the built environment to be here is saying that Palton Morgan is interested in developing the sector.”

Sorunke said, “I have learned to develop new business strategies and not business as usual.”

Commenting on the partnership with the public sector, Group Chief Operating Officer at Palton Morgan, Nidal Turjman, stressed that the real estate giant’s contributions to socio-economic development are extensive.

He said, “We have contributions covering the real estate value chain. It could be from property management, construction, logistics, investment advisory, sales and marketing, etc. These are the first course participants, and at Palton Morgan, we are looking to more contributions from stakeholders in this sector so that we can all contribute to growing the economy of Nigeria.” Palton Morgan Holdings is the parent company of PropertyMart Real Estate Investment Company, Grenadines Homes, The Oceanna, and Paltonloitte. The economic capacity development and competitive strategy course is one of its corporate responsibility initiatives and interventions to impact the sector and society.  

Dr Doyin Salami, up till now is the chairman of the Presidential Economic Advisory Council (PEAC).

A 1989 doctorate degree graduate in Economics of Queen Mary College, University of London, Doyin Salami, 59, is Managing Director and Head Markets Practice at KAINOS Edge Consulting Limited, and member of the Adjunct Faculty at the Lagos Business School (LBS), Pan-Atlantic University, where he recently attained the rank of Senior Fellow/Associate Professor.

A statement by Femi Adesina, special adviser to the President (Media and Publicity), today, Tuesday January 4, 2022, reads: “The Chief Economic Adviser to the President is expected to address all issues on the domestic economy and present views on them to the President; closely monitor national and international developments, trends and develop appropriate policy responses; develop and recommend to the President national economic policies to foster macro-economic stability, promote growth, create jobs, and eradicate poverty, among others”.

President Buhari has less than two years in office.