Adefuye, Okei-Odumakin, others offers tips for Successful Entrepreneurship at Beady’s World Summit

Senator Anthony Adefuye has identified strategic pricing, integrity and sound business practices as essential ingredients for building successful and sustainable enterprises in Nigeria.

Senator Adefuye, Patron of Beady’s World Productions Business Summit Fair and Awards Association (BSFAA), stated this while delivering the keynote address at the seventh edition of the Business Summit Fair and Awards, organised by Beady’s World Productions in Lagos on Friday, October 16, 2026.

Among the dignitaries at the event were Mrs Joe Okei-Odumakin, a representative of Union Bank, Mr Adebayo, the bank’s Loan Coordinator, entrepreneurship expert Tola Oni, and Mrs Adedeji, who represented the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Professor Mojisola Christianah Adeyeye.

The summit, organised by Beatrice Nnanna, Chief Executive Officer of Beady’s World Productions, had the theme, “Innovate and Elevate: Powering Nigerian SMEs into the Digital Future.”

Senator commended Nnanna for her efforts to motivate Nigerian youths towards self-empowerment through the annual business summit, which brings entrepreneurs and other stakeholders together to explore opportunities for business growth and development.

He stressed that entrepreneurs must understand the fundamental principles of business and apply them consistently to achieve growth, maintain customer confidence and remain competitive in an increasingly challenging economic environment.

According to him, pricing is a critical factor in business success, as entrepreneurs must strike a balance between making reasonable profits and offering products and services that customers can afford.

He advised business owners to consider production costs, prevailing market conditions, customers’ purchasing power and competitors’ prices before determining the prices of their goods and services.

Adefuye noted that adopting appropriate pricing strategies would enable businesses to remain competitive while generating sufficient revenue to sustain their operations.

He also underscored the importance of integrity in business dealings, stressing that honesty, transparency and keeping promises were vital to building reputable enterprises.

According to him, business owners who demonstrate integrity are better positioned to earn customers’ trust, attract repeat patronage and establish lasting relationships with suppliers, investors and other stakeholders.

He warned that although dishonest practices might offer temporary gains, they could ultimately damage a business’s reputation and threaten its long-term survival.

The BSFAA patron further highlighted the need for entrepreneurs to understand their customers’ needs and maintain consistent standards in delivering products and services.

He explained that business success goes beyond making immediate profits, requiring a commitment to quality, responsible management and the creation of value for customers.

His remarks come as small and medium-sized enterprises (SMEs) contend with challenges such as rising operating costs, intense competition, limited access to finance and the growing need to embrace digital technologies.

The senator’s message aligned with the summit’s focus on innovation, enterprise development and the digital transformation of Nigerian businesses.

The annual event provides a platform for entrepreneurs and other stakeholders to exchange ideas, explore strategies for strengthening businesses, encourage innovation and identify opportunities for economic growth.

Participants were expected to draw practical lessons from the discussions to improve their business operations, expand their customer base and build enterprises capable of withstanding economic uncertainties.

Adefuye’s message reinforced the importance of combining sound pricing strategies with integrity and customer-focused practices to build sustainable businesses capable of growing and thriving in a competitive marketplace.

In her remarks, Okei-Odumakin, who attended as a special guest and was also one of the award recipients, called on Nigerians to speak out against the challenges threatening the survival of small and medium-sized enterprises (SMEs) in the country.

She stressed the need for collective action to address the challenges confronting the sector, declaring that “every onlooker is a coward or enabler.”

Speaking on behalf of Union Bank, Mr Adebayo, the bank’s Loan Coordinator, said the financial institution was ready to support members of Beady’s World Productions and Business Summit Fair and Awards Association (BSFAA) with loans ranging from ₦1 million to ₦20 million without collateral, subject to the bank’s applicable terms and conditions.

Also speaking, Mrs Adedeji, who represented NAFDAC’s Director-General, Professor Mojisola Christianah Adeyeye, highlighted the agency’s role in promoting the growth of SMEs in Nigeria.

She said NAFDAC had continued to intensify efforts to combat fake products and counterfeiting, noting that such interventions were essential to protecting consumers and creating a safer business environment for legitimate enterprises.

A major highlight of the event was the presentation of awards to distinguished personalities, including Comrade Chinedu Ukatu, President of the Igboamaka Progressive Association, among others.

The occasion also featured a special recognition of Senator Anthony Adefuye for his longstanding support for BSFAA. Mrs Ngozi Chukwu Esther, the convener’s elder sister, decorated the senator in recognition of his contributions to the association.