By Damilola Fatunmise
Nigeria, Africa’s largest economy by GDP, stands at the cusp of an economic transformation fueled by innovations in business analysis and product development. These tools, central to modern organizational growth, have the potential to address the country’s critical economic challenges, drive industrialization, and position Nigeria as a global business hub. In this spotlight, our Technology and Business Development correspondent explore the pivotal role of business analysis and product development in Nigeria’s development, drawing insights from Adeoluwa Oluwatosin Eweje, a seasoned business analyst and product owner whose expertise spans leading banks and corporations.
Business analysis and product development are vital to achieving efficiency, scaling innovation, and creating customer-centric solutions in various industries. They bridge the gap between complex business needs and technical solutions, enabling organizations to adapt to market demands, improve operational efficiency, and generate value. In Nigeria, where industries face challenges such as poor infrastructure, economic instability, and limited access to capital, these innovations offer pathways to sustainable growth.
The current status of business analysis and product development in Nigeria reflects a growing but underutilized potential. Large corporations, particularly in banking, telecommunications, and technology, have begun to integrate business analysis into their operations. However, small and medium enterprises (SMEs), which contribute about 48% of Nigeria’s GDP, have yet to fully embrace these methodologies. This gap presents a significant opportunity for growth and transformation.
Adeoluwa Oluwatosin Eweje, an expert with over a decade of experience in business transformation, emphasizes the untapped potential of business analysis in Nigeria. Eweje, who holds an MSc in Energy Studies from the University of Ibadan and certifications such as Certified Business Analyst Professional (CBAP) and Six Sigma Black Belt (CSSBB), has spearheaded transformative projects across sectors. His work includes leading data migration projects, integrating Salesforce CRM for enhanced customer relationship management, and optimizing product development cycles to deliver impactful solutions.
Eweje’s contributions to the Nigerian development narrative are profound. At the Royal Bank of Canada, he led requirement-gathering initiatives for mobile banking applications, automating critical processes such as bill payments and mobile cheque deposits. At the Canadian Western Bank, his leadership in data migration and integration improved operational efficiency and reduced errors by 30%. These accomplishments underscore the role of business analysis in delivering solutions that meet organizational goals while fostering innovation.
In Nigeria, the window of opportunity for business analysis and product development is vast. With a rapidly growing digital economy, projected to contribute over $88 billion to GDP by 2027, there is an increasing demand for skilled analysts to guide organizations through digital transformation. Emerging sectors such as fintech, e-commerce, and renewable energy require tailored solutions to navigate market complexities and regulatory landscapes.
However, challenges persist. Nigeria’s regulatory frameworks, while evolving, often lag behind technological advancements, creating a mismatch between innovation and policy. Agencies such as the National Information Technology Development Agency (NITDA) and the Nigerian Communications Commission (NCC) must establish clearer guidelines for data management, digital infrastructure, and intellectual property protection. Additionally, the lack of technical expertise and resistance to change within organizations remain barriers to adopting business analysis practices.
Eweje identifies the need for targeted interventions to address these challenges. He advocates for capacity-building initiatives to equip professionals with critical skills in business analysis and product development. “Upskilling programs, certifications, and partnerships with global institutions can bridge the talent gap and enable Nigerian businesses to compete on a global scale,” he explains. Eweje also emphasizes the importance of fostering collaboration between the public and private sectors to create a more enabling environment for innovation.
Policy recommendations to drive the adoption of business analysis and product development in Nigeria include establishing incentives for companies that integrate these practices into their operations. Tax breaks, grants, and subsidies for technology-driven organizations can accelerate digital transformation. Strengthening the role of regulatory agencies such as NITDA to oversee the implementation of best practices in business analysis is equally critical. Encouraging cross-sector collaboration and creating innovation hubs where analysts and developers can exchange ideas and solutions can further enhance industry growth.
Eweje highlights the role of data-driven decision-making as a cornerstone of Nigeria’s economic transformation. “Leveraging tools such as Salesforce CRM, Oracle BI, and advanced analytics platforms can optimize resource allocation, enhance customer engagement, and improve decision-making processes,” he notes. His vision for Nigeria is one where organizations prioritize innovation to solve real-world problems, create value, and contribute to national development.
The place of innovations such as business analysis and product development in Nigeria’s development cannot be overstated. By embracing these tools, Nigeria can unlock new economic opportunities, improve organizational efficiency, and enhance its global competitiveness. The insights and contributions of professionals like Adeoluwa Oluwatosin Eweje underscore the transformative power of innovation in driving sustainable growth and development in the country.