Deloitte chief urges Nigerians to embrace institutional growth
The Chief Executive Officer of Deloitte West Africa, Mr. Fatai Folarin, has called on the Nigerians to adopt a more deliberate, disciplined, and purposeful approach to building institutions and economic
The Chief Executive Officer of Deloitte West Africa, Mr. Fatai Folarin, has called on the Nigerians to adopt a more deliberate, disciplined, and purposeful approach to building institutions and economic prosperity, saying sustainable success comes from collective productivity and long-term vision.
He made the call during the 22nd Annual Public Lecture and Luncheon of the University of Ife Muslim Graduates Association (UNIFEMGA), Lagos State chapter, at Sheraton Hotel, Ikeja.
The event, under the chairmanship of Mr Niyi Yusuf, Chairman of the Nigerian Economic Summit Group, was themed “Prosperity with Purpose: How MSMEs Can Thrive Under the New Tax Law.”
Advertisement
300x250
Read Also: Oil marketers, airlines, regulators to resolve Jet A1 price crisis in 72 hours
Folarin said prosperity should be measured not by individual accumulation but by the ability to build strong institutions that outlive their founders, stressing that many communities, including the Muslim Ummah, still under-utilise their collective economic strength.
“For me, prosperity is to see institutions grow and to leave them bigger than what they are,” he said.
He expressed concern that the Muslim community in Nigeria has not fully embraced intentional economic collaboration and institution-building, urging stakeholders to move from fragmentation to coordinated growth and enterprise expansion.
According to him, small and medium-scale enterprises (MSMEs) are critical to Nigeria’s economy, contributing about 48 percent of Gross Domestic Product (GDP) and employing around 84 percent of the workforce, yet many remain constrained by limited vision and scale.
He urged entrepreneurs to stop viewing MSMEs as a permanent status, describing small business as a starting point that should evolve into larger, scalable enterprises.
