NIM harps on innovation to enhance organisational growth, competitiveness

The Nigerian Institute of Management (NIM) has underscored the need for organisations to foster a culture of innovation and change management to enhance organisational growth and competitiveness.

Commemorating this year’s World Management Day Lecture, the institute pointed out that by fostering a culture of innovation, Nigerian businesses could unlock their full potential and thrive even in the global market.

Speaking on this year’s theme ‘Innovation and Change Management: Fostering the Culture of Innovation in a Rapidly Evolving Business Landscape’, former Managing Director of Guinness Nigeria Limited, Seni Adetu, said Nigeria has had its fair share in the global economic downturn vis-à-vis macroeconomic challenges, weak regulatory framework, talent recycling and the exit of multinationals in the last one year.

However, despite the challenges ahead, he said converting the challenges into opportunities would open the door for transformation.

To achieve this, he said businesses must continue to innovate to drive economic growth, enhance competitiveness, promote sustainability, and attract investments.

To create a sustainable innovation success, he said there must be deep consumer insights through collaboration and partnerships, data-driven decision-making, and cost optimizations, as well as talent and skill development.

To navigate innovation and change management challenges, Adetu, who is also the Group Chief Executive Officer of First Primus West Africa, said leaders must foster a culture of innovation, address resistance to change, measure and evaluate, as well as invest in continuous learning and adaptation.

According to him, innovation is the catalyst that thrusts businesses forward, and by cultivating a culture of innovation, professionals and organisations can navigate change with confidence, capitalise on new opportunities, and leave an indelible mark on the business landscape.

President and Chairman of Council, NIM, Dr Christiana Atako, said the Management Day had been an avenue to critically examine the challenges of management practice and proffer solutions in line with international best management practices to achieve management excellence.

This yearly event, she said, also provides the institute with the opportunity to address the issues of integrity, accountability, probity, honesty, efficiency, effectiveness, and dedication to duty, which are the most important factors for the growth and efficiency of the Nigerian economy.

Celebrated every November 19 as it coincided with the birthday of the father of modern management, Prof. Peter Drucker, the NIM boss believed that the move would give credibility to its request to the United Nations to declare November 19 as World/International Management Day.

She also called on the Federal Government to support the initiative of the institute by recognising and declaring November 19 as Management Day in Nigeria.

“We believe that apart from being seen to be supporting good initiatives of organisations like the Nigerian Institute of Management, the United Nations will be persuaded to also declare November 19 as International/World Management Day if the Federal Government kick-starts the Nigerian version immediately.

“Management is life, and the importance of entrenching the ethos of good management is crucial in our everyday lives, starting from the home front to the workplace and the larger society.”

We strongly believe that an issue as important as management, which is very critical to the survival of man and his everyday life, the workplace, the society, the economy, and the nation, deserves to have a day to celebrate it. We will, therefore, not relent in our effort to get World/International Management Day recognised and declared by both the Federal Government and the United Nations.

“We are convinced that setting aside a day for the celebration of the management profession in Nigeria and the world over is a right step in the right direction. This, in our view, is needed now more than ever before,” she said.