CEOs Luncheon Series 4: Business Resilience in Tough Economic Times

September 26, 2024
Damilola Soyomokun
Economy, Events

At the fourth CEO Luncheon Series organized by the Franco Nigeria Chamber of Commerce and Industry (FNCCI) in collaboration with KPMG, Tola Adeyemi, Senior Partner at KPMG, delivered a compelling message about the necessity for Chief Executive Officers (CEOs) to adopt strategic measures to ensure business resilience in Nigeria’s challenging economic environment.

Adeyemi underscored the crucial need for resilience and agility as companies navigate the volatile and unstable landscape of the Nigerian economy. He presented five essential building blocks for ensuring business survival:

Proactivity
Agility,
Innovative/Digital Transformation,
Access to Liquidity,
Strong Leadership:

By citing successful organizations like Dangote Cement and Flour Mills of Nigeria, Adeyemi illustrated how diversification, robust supply chain management, and the expansion of customer bases have been effective strategies for mitigating the adverse effects of economic challenges. These companies have demonstrated that resilience is not merely about survival but also about seizing opportunities for growth.

Despite economic hurdles, businesses are still making investments in Nigeria, driven by its long-term growth potential and market opportunities. This optimistic outlook is essential for fostering a culture of resilience. The ability to envision a brighter future encourages organizations to innovate and adapt.
Tola Adeyemi

The Consul-General of France, Laurent Favier, echoed Adeyemi’s sentiments, stressing the importance of adaptation and innovation. He emphasized the role of the Franco-Nigeria Chamber of Commerce and Industry in fostering meaningful dialogue and driving economic growth.

Additionally, Adeyemi encouraged embracing resilience, companies can create a support system that bolsters their collective capacity to withstand economic shocks.

The discussions at the CEO Luncheon Series also highlighted the imperative for Nigerian business leaders to cultivate resilience and adaptability in their organizations. As companies continue to face economic uncertainties, the emphasis on strategic foresight, innovation, and strong leadership will be key to navigating these challenges successfully. Successful navigation through these turbulent times requires not just survival strategies but a commitment to long-term vision and innovation. This perspective will be vital as Nigerian businesses look to thrive in an ever-evolving landscape.

As the country moves forward, embracing resilience will not only enhance the viability of individual companies but also contribute to the broader economic stability and growth of Nigeria.

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