Nigerian Businesses Need To Position Themselves For Greater Challenges Ahead

Nigerian businesses
need to prepare and brace themselves for a highly challenging period ahead as
the coronavirus pandemic disrupts day-to-day life and commerce.

This follows the
Federal and State Governments’ recent announcements of a set of bold measures
to halt the spread of the coronavirus in Nigeria, including travel bans, school
closures and limits to the size of public gatherings.

“While these actions
are necessary and commendable, they are steering businesses into uncharted
territory,” says Dr. Demola Sogunle, Chief Executive, Stanbic IBTC Bank PLC. “The
operating environment, already difficult following years of lacklustre growth,
will become even more challenging in the weeks ahead.”

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As this health and
economic crisis unfold, large organisations will have to contend with the
challenge of managing complex operations across multiple entities and
geographies – each with its own set of measures in place to tackle the
pandemic.

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“There is now a
pressing need for effective risk mitigation and business continuity measures,
and these must include partner firms, suppliers and other stakeholders,” says
Dr. Sogunle.

In numerous
industries, supply chains and cash flows are being severely disrupted,
particularly for those businesses involved in cross-border trade. This makes
planning more crucial than ever.

With this in mind,
organisations should consider the early loading and planning of payments, as
well as intensive cash-flow management and liquidity planning. Those businesses
that have lending facilities in place …read more

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Source:: MediaCraft

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