Family businesses play a significant role in Nigeria's economy, accounting for over 70% of small and medium-sized enterprises and contributing nearly 50% to the country's Gross Domestic Product. A 2024 report by PwC Nigeria highlights the importance of these businesses. With this in mind, the 2026 Family Business Summit is set to take place from October 15 to 17, focusing on crucial issues affecting family-owned businesses.
The summit, themed 'Beyond the Founder: Scaling Family Businesses Across Generations', aims to address challenges family businesses face in sustaining operations beyond their founders. Discussions will center on succession, governance, leadership, capital, and innovation. Organized by My Family My Business in partnership with PwC Nigeria and BusinessDay, the event will feature a conference program, a Family Business Deal Room, and a NextGen Bootcamp.
According to Oghenevwoke Ighure, Convener and Founder of My Family My Business, the summit will facilitate essential conversations around succession, governance, leadership, capital, and innovation. The goal is to encourage family businesses to proactively address these issues before they become challenges. Ighure emphasizes the importance of building businesses that can carry a family's legacy forward.
A distinguished lineup of speakers will participate in the summit, including Bolaji Balogun, CEO of Chapel Hill Denham; Sam Abu, Country Senior Partner at PwC Nigeria; Tara Fela-Durotoye, Founder of House of Tara; and Esiri Agbeyi, Partner and Africa Family Business Leader at PwC Nigeria. Their insights are expected to provide valuable guidance for family businesses seeking to ensure continuity and growth.
The summit's focus on succession and governance reflects the critical challenges many family businesses face. As these businesses strive to transition to the next generation, they must navigate complex issues related to leadership, capital, and innovation. By addressing these challenges, family businesses can ensure their long-term sustainability and continued contribution to Nigeria's economy.
The event's organizers aim to create a platform where families can engage in meaningful discussions about legacy and the steps required to build enduring businesses. By sharing experiences and expertise, attendees will gain a deeper understanding of the strategies necessary for success. The summit is poised to become a pivotal event for family businesses in Nigeria.
As the summit approaches, family businesses are preparing to engage with the critical issues that will determine their future success. With the right strategies and support, these businesses can continue to drive economic growth and create lasting legacies for generations to come.
Key points
- Family businesses account for over 70% of small and medium-sized enterprises in Nigeria.
- The 2026 Family Business Summit will focus on succession, governance, leadership, capital, and innovation.
- The summit aims to support the continuity and development of family-owned businesses in Nigeria.
