Accenture launches Nigeria Innovation Index to highlight best practices

Having launched the first edition of its Nigeria Innovation Index in Lagos, senior executives at Accenture are calling for a focus on innovation across Nigeria’s business environment, which is absolutely crucial to remain internationally competitive and bring about an overall increase in productivity. 

Economies across Africa are beginning to occupy an increasingly prominent space on the international market, and Nigeria is one of the countries driving this development as the largest economy on the continent. Nevertheless, the country still faces considerable and multifaceted barriers to realising its economic potential.

According to global management consultancy Accenture, Innovation is the answer to solving most of these challenges. The firm has organised a Nigeria Innovation Index, which analyses the best innovative practices across Nigeria’s economy, particularly in the banking and Fintech sectors.

As per the firm, the implementation of certain effective practices has boosted the returns on investment in innovation by several times. While the average return on a 35% investment in innovation is just over 40%, some firms have managed to achieve 61% returns on a 22% investment, primarily through innovative investments.

“Ideas are the new currency, but having good ideas is not good enough. Organisations, which retain and grow market share are those that generates better ideas and implement them at a faster pace,” said Accenture Nigeria MD Niyi Yusuf, speaking at the launch of the index. 

Managing Director for Financial Services at Accenture Nigeria Toluleke Adenmosun added, “Innovation leaders prioritise projects, foster a strong collaboration culture central to their innovation strategy, use digital as a business enabler and revenue generator, and leverage the power of ecosystems to gather intelligence.”

The index comes on the back of Accenture’s establishment of an Africa Observatory in South Africa, with the primary objective of promoting innovative capabilities across the continent. The firm has been advocating innovation as the answer to most economic problems that plague the continent.

“It is only those that seamlessly integrate innovation into everything they do that will achieve sustainable growth and retain competitive advantage,” said Yusuf.