Tayo Osiyemi, CEO of SKLD Integrated Services Limited, has emphasized that credibility, not capital, is the foundation of sustainable business growth in Nigeria. Speaking on the challenges facing Nigerian businesses, Osiyemi highlighted the need to prioritize local production and talent development to navigate inflation, currency depreciation, and a widening skills gap.
Osiyemi noted that his company raised N7 billion in a week, demonstrating that trust and credibility can attract significant investment even in a challenging economic environment. He argued that businesses must focus on building long-term value through local sourcing and training local talent, rather than relying on imported goods and foreign expertise.
The CEO's comments come amid Nigeria's ongoing economic struggles, including high inflation and a depreciating naira. According to the National Bureau of Statistics, Nigeria's inflation rate stood at 22.41% in May 2026, while the naira has lost significant value against the dollar in recent years. Osiyemi's call for local production aligns with government efforts to boost domestic manufacturing and reduce import dependency.
Osiyemi also stressed the importance of talent development, noting that the skills gap in Nigeria's workforce is a major barrier to growth. He urged businesses to invest in training programs and partnerships with educational institutions to build a pipeline of skilled workers. This approach, he said, would not only benefit individual companies but also contribute to the broader economy.
