Senior Partner, KPMG, Tola Adeyemi, has urged Chief Executive Officers (CEOs) to take strategic steps towards upscaling their businesses during Nigeria’s volatile business environment.
Adeyemi, who said the challenges bedeviling businesses in Nigeria are not going to go away in one to two years, tasked CEOs to take resilient steps in forging ahead of their businesses.
He stated this yesterday in Lagos at CEO luncheon series four, titled: ‘Business Resilience: Navigating and thriving in tough economic situations’ organised by the Franco Nigeria Chamber of Commerce and Industry (FNCCI) in partnership with KPMG.
According to him, there are five essential building blocks in Nigeria for businesses to survive.
He said businesses must learn to be proactive, and agile, and embrace innovative/digital transformation while ensuring access to liquidity and strong leadership.
He said from these building blocks, the strategies flow to deal with the tough economic times in the country.
He cited two case studies of businesses that were reformed during this trying time in the country.
According to him, Dangote Cement and Flour Mills of Nigeria showcased diversification, combining energy prices, managing the supply chain and expanding the customer base were part of the strategies adopted by the companies to upscale during the trying times in Nigeria.
Adeyemi said there is no quick fix to the challenges in Nigeria urging the CEOs to be forward-thinking and move with agility in all spheres.
He said notwithstanding the environment, businesses are already investing in the country because of the vision and prospects within Nigeria.
Earlier in his remarks, the Consul-General of France, Laurent Favier, said the presence of the CEOs at the event is important to showcasing the understanding of the business landscape in Nigeria.
Favier stressed the need for CEOs to adapt and innovate at this crucial time of business in the country. He said as business leaders they need to embrace resilience in this challenging time.
He urged the chamber to stand as a catalyst for meaningful dialogue and discussion being put together to drive economic growth and sustainable development.
