In a bid to navigate the economic landscape and cushion the effects of fuel subsidy removal on businesses and organizations, a congregation of business leaders from diverse sectors gathered in Lagos for a pivotal roundtable discussion. The “Economic Reform Agenda: Implication for Businesses and Strategic Response for Survival” event was orchestrated and hosted by the Business Club Ikeja (BCI) at Alausa, Ikeja. These industry leaders commended the Federal Government’s move and put forward temporary adjustments as a strategic response to the changes.
Dr. Rotimi Oladele, an esteemed scholar and the Executive Secretary at the Institute of Entrepreneurs (IoE), addressed the gathering. He implored Nigerians to engage in positive policy marketing actively, emphasizing that individual business strategies are pivotal in enhancing the nation’s economy. He underscored the importance of personal ownership, stating, “Until individuals see the Nigerian economy as their own, the country will not make significant progress.”
Oladele lauded the Federal Government’s decision to remove fuel subsidies, calling on citizens to support the government by analyzing its policies, making informed decisions, and effectively promoting these to the public. He highlighted the need for business leaders to monitor the government’s adherence to its promises, asserting that such vigilance could drive the nation towards development.
Furthermore, Oladele urged Nigerians to collaborate with the government to scrutinise its policies’ impact and explore ways to benefit from them. He also advised patience with the Bola Ahmed Tinubu-led administration in light of the subsidy removal, suggesting that the intentions behind the decision were in the best interest of the citizens.
At the roundtable, moderated by Prof. Anthony Kila, Director of the Commonwealth Institute of Advanced and Professional Studies (CIAPS), Dr. Adesola Falaiye, a corporate law expert, shared insights on “removal of subsidy and its impact on business.” Falaiye urged business owners to explore alternative energy solutions in their operations, thereby mitigating the impact of the subsidy removal. He recommended considering solar alternatives such as inverters where applicable.
Furthermore, Falaiye advocated logistics management as a cost-saving measure, suggesting that remote meetings via platforms like Zoom could replace many in-person meetings. He encouraged businesses to embrace comprehensive technology solutions and collaborate with others for bulk purchasing, ultimately leading to substantial savings.
Prof. Anthony Kila prompted Nkeiruka, a human resources expert and Director of Human Capital Management at PKF Professional Services, to discuss “Zero Cost Intervention.” She urged business owners to adopt an empathetic approach with their employees and maintain open communication, allowing workers to understand the business’s challenges. Nnamdi emphasized the importance of engaging employees and making them feel like an integral part of the business.
In a final address at the event, Dr. Dele Makanjuola, former Chairman of Vitafoam Plc, encouraged Nigerian business leaders to draw inspiration from their Asian and expatriate counterparts. He pointed out that these leaders continue to thrive despite the country’s challenging economic conditions.
As noted by Business Club Ikeja President Chief Tajudeen Akande, the economic roundtable serves as part of BCI’s efforts to foster collaboration among business leaders. This platform enables them to build relationships, share opportunities, and collectively address the issues that affect them all.
In conclusion, the gathering of industry leaders in Lagos demonstrated a commitment to understanding and adapting to the economic reforms initiated by the Federal Government. Their collective wisdom and insights underscore the importance of individual and collective efforts in navigating these changes and fostering economic growth.
