Economic experts have urged corporate Nigeria to adopt deliberate corporate governance and sustainability strategies to drive long-term business growth and and assure transgenerational longevity.
They made the call on Tuesday at the PEARL Awards Nigeria 30th Anniversary Corporate Summit with the theme: ‘Built to Last: A Roadmap for Corporate Nigeria’.
Dr. Biodun Adedipe, Chief Consultant at B. A. Adedipe Associates Ltd., who delivered the keynote address, said Nigerian firms must build resilience and evolve into sustainable, multi-generational entities with global economic impact. He noted that organisations lasting beyond 100 years, whether by design or chance, generally earn the respect of stakeholders, analysts, and the wider public.
Adedipe cited that in 2020, the average lifespan of a company on the S&P 500 Index was slightly over 21 years, down from 32 years in 1965. This, he said, reflects a long-term trend of declining corporate longevity, which is expected to worsen further across the 2020s. He added that only a few Nigerian companies have survived for 100 years or more.
He blamed this on poor business planning, weak capital structures, financial mismanagement, inconsistent policies, and ineffective corporate governance. Adedipe stressed that Nigerian companies can endure if they make informed choices and implement them effectively. He highlighted Japan as a global example, with 14 firms over 1,000 years old and 33,000 above 100 years still operating or migrated abroad. He outlined seven pillars in the “built to last” sustainability framework, including visionary leadership, good governance, and access to long-term capital. Others are operational resilience, digital innovation, succession planning, human capital development, and alignment with Environmental, Social and Governance (ESG) principles. He maintained that by following these principles, many Nigerian companies can be built to last for decades or even centuries.
The Special Guest of Honour, Hon. James Faleke, Chairman, Finance Committee, House of Representatives, said Nigeria’s economic future also hinges on corporate strength and resilience. Represented by Ben Faleke, Managing Director of Takol Ltd., he stressed the importance of governance, innovation, and long-term strategies in institutions. He said lasting businesses go beyond founders, short-term profits, or market cycles, marking true success in today’s competitive world.
The lawmaker assured that the National Assembly is committed to fostering a stable, predictable, and enabling fiscal environment for businesses. He noted the House is driving reforms for fiscal transparency, simplified tax systems, and incentives supporting long-term investment.
Faleke said they are working to improve the ease of doing business and enhance corporate governance through updated regulatory frameworks. He stressed that thriving companies require strong legislative, judicial, and regulatory institutions that are themselves built to last.
The lawmaker commended PEARL Awards Nigeria for its three-decade dedication to corporate transparency and recognising performance in the capital market. He said the public presentation of PEARL’s publication, “Winning Strategies of Nigeria’s Corporate Giants,” would benefit entrepreneurs, policymakers, and researchers. Mr. Tayo Orekoya, President of PEARL Awards, said the event aims to objectively recognise excellence in Nigeria’s capital market through data-driven assessments.
He emphasised that integrity, fairness, and objectivity have remained the PEARL Awards’ foundation, guided by a board of highly credible professionals. Orekoya explained that the awards have evolved beyond three original categories, adding initiatives to further support Nigeria’s capital market. He said, “Only by God’s grace, with bold vision, tenacity, and resilience, have we endured economic challenges to reach this milestone.” He described the summit as a gathering of top business leaders exploring strategies for corporate longevity in Nigeria.
Orekoya reaffirmed PEARL Awards’ commitment to expanding its influence across Africa, saying the vision remains strong and will be fulfilled.
Other dignitaries at the events are notable corporate executives and the top echelon of the Nigerian Capital market.