Businesses opt for resilience to face economic headwinds

Business a.m.

Business leaders from various sectors met in Lagos recently to discuss the economic reform agenda of the Nigerian government and explore potential strategies to mitigate the effects of fuel subsidy removal on businesses and organizations.

The event, titled “Economic Reform Agenda: Implications for Businesses and Strategic Responses for Survival”, was organised by the Business Club Ikeja (BCI) and hosted at Alausa, Ikeja.

Rotimi Oladele, executive secretary of the Institute of Entrepreneurs,in his opening address, called on Nigerians to support the government’s economic reform agenda by marketing its policies in a positive light. He also stressed the importance of businesses developing individual strategies to navigate the current economic challenges.

According to Oladele, the institute will continue to monitor the government’s progress and ensure accountability, with the ultimate goal of promoting economic development in Nigeria.

The seasoned scholar tasked Nigerians on the role to ensure that they partner with the government to analyze the policies and how they are affected, as well as how they can benefit from the government’s policies.

Oladele also urged Nigerians to be patient with the Bola Ahmed Tinubu-led administration on the removal of fuel subsidy, saying that it was well intended for the citizens.

Adesola  Falaiye, an expert in corporate law, spoke about the effects of the fuel subsidy removal on businesses, with a focus on the legal implications and the need for creative solutions. She offered specific suggestions such as the use of alternative energy sources and virtual collaboration tools. The panel discussion was moderated by Professor Anthony Kila, who also introduced the topic and facilitated questions from the audience

Speaking on the subject “Removal Of Subsidy and its impact on Business”, Falaiye suggested that businesses adopt cost-saving measures to mitigate the impact of fuel subsidy removal. He recommended the use of solar alternatives such as inverters, and emphasized the importance of efficient logistics management and virtual collaboration. Overall, he urged businesses to be creative and resourceful in adapting to the current economic environment.

Nkeiruka Nnamdi,director, Human Capital Management, PKF Professional Services, who spoke on the topic “Zero Cost Intervention”, advised business owners to be empathic and open with their employees, and engage them in the business, so that they feel like they are a part of it. Additionally, she emphasized the importance of being transparent about the challenges facing the business, so that employees can understand the context and work together to find solutions

Nnamdi called for the need to engage the workers, as well as make them feel that they are part of the business.

Dele Makanjuola, who also spoke at the event, urged Nigerian business leaders to learn from the examples of Asian and expatriate leaders who are still making profits despite the economic challenges in the country.

Tajudeen Akande,BCI President, in his closing remark, explained that the economic roundtable is part of the organization’s efforts to help business leaders connect, collaborate, and find solutions to shared challenges.

Akande emphasised further that BCI aims to support business growth and development in Nigeria through networking, information sharing, and training.