LAGOS BUSINESS LEADERS, EXPERTS CHART PATH TO ECONOMIC REFORMS
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Business executives from a range of industries gathered in Lagos to discuss the government’s vision for economic reform and to devise a plan of action to mitigate the impact of the elimination of gasoline subsidies on companies and other institutions.
At a roundtable arranged and organised by the Business Club Ikeja (BCI) at Alausa, Ikeja, with the theme “Economic Reform Agenda: Implication for Businesses and Strategic Response for Survival,” business executives applauded the Federal Government’s action and recommended short-term modifications.
During his speech at the event, seasoned scholar and Institute of Entrepreneurs Executive Secretary Dr. Rotimi Oladele asked Nigerians to support the government in beneficial policy marketing.
Oladele said that to make the economy better, Nigerians need to make individual business strategies to tackle the situation, adding: “Until individuals see the Nigerian economy as their own, the country will not go anywhere.”
The Institute of Entrepreneurs executive secretary, who commended the Federal Government over the fuel subsidy removal, urged the citizens to “support the government by analysing their policies, taking out positive decisions and steps, as well as market them to the rest.”
Saying that the business leaders will monitor to ensure that the government is following what it promised the citizens, Oladele noted: “With that, we can be focused towards development.”
He assigned Nigerians the duty of making sure they collaborate with the government to assess the policies and how they impact them, as well as how they might help them.
Oladele, who said that the fuel subsidy was well intended for the people, asked Nigerians to exercise patience with the Bola Ahmed Tinubu-led administration as it removes the subsidy.
Professional Anthony Kila, director of the Commonwealth Institute of Advanced and Professional Studies (CIAPS), chaired the discussion where corporate legal specialist Dr. Adesola Falaiye talked about “Removal of Subsidy and its Impact on Business.”
Falaiye urged businesspeople to embrace energy-saving strategies when conducting business in order to address the elimination of subsidies.
The accredited mediator and managing director and chief executive officer of Afkar Printing and Publishing Company, urged business owners to improvise in all they do so as not to feel the subsidy removal impact, adding: “If your operation allows solar alternatives like inverter, you can adopt it.”
Falaiye advised Nigerians to try as much as possible to manage their logistics in order to save money and time, adding: “Most meetings can be done through zoom. Embrace use of all-encompassing technology and collaborate with others to make bulk purchases in order to save money.”
Nkeiruka Nnamdi, a human resources expert and director, Human Capital Management, PKF Professional Services, was urged by Prof Anthony Kila to speak on “Zero Cost Intervention,” urged business owners to be “empathic with their workers, be open to them, let them have a feel of what the business is going through.”
She emphasised the significance of involving the staff and giving them a sense of ownership over the company.
Dr. Dele Makanjuola, the former Chairman of Vitafoam Plc, also spoke at the event and challenged Nigerian business leaders to learn from and imitate Asian and other expatriate executives who are still profitable despite the challenging economic conditions in their nation.
Business Club Ikeja President Chief Tajudeen Akande says the economic roundtable is a part of BCI’s efforts to bring business leaders together, build relationships, exchange possibilities, and find answers to problems that touch everyone.
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