Jobberman, recruitment and talent management company, and other economic experts have proffered actionable solutions aimed at navigating the country’s economic challenges.
They gave the advice at the Jobberman’s business breakfast for C-Suite Executives with the theme: “Navigating Economic Uncertainties: Solutions for Sustainable Growth,” on Thursday in Lagos.
Mr. Ore Boboye, the Managing Director, Jobberman Nigeria, noted that 2024 had its chapters in history books as a period of economic uncertainties.
Boboye urged government on reforms, tools and policies aimed at simplifying and easing the country’s business environment for more productivity which would impact job creation.
“I am aware that government has a lot of ongoing reforms and policies and one thing that comes with change is the teething and adjustment period which is what businesses are facing. I am optimistic that when this period is over, businesses would be better for it.
“What I can advise is for government to enforce the implementation of its policies and create awareness on what it is doing for the country to bridge the knowledge gaps of efforts between government and the people,” he said.
Samantha Ifezulike, Head, People and Culture, Jobberman Nigeria, emphasised the need for organisations to have sound knowledge to know what to invest in to drive growth.
Ifezulike said the organisations’ human resources department must be continually innovative, abreast of the needs of employees to drive talent retention and profitability.
“It is important to provide some level of stability via medical benefits, after work activities and external learning to drive the future of the business,” she said.
Mr. Adewale-Smatt Oyerinde, the Director-General, Nigeria Employers’ Consultative Association (NECA), said various labour policies had been introduced over the years to tackle employment challenges.
Oyerinde represented by Mrs Adenike Ajala, Director, Social, Economic and Labour Affairs, NECA, noted that economic downturns, rising labour disputes, and developing business models continued to shape the sector in spite of these reforms.
He advocated balanced policies that support both economic growth and workers’ welfare.
“Nigeria’s employment policies and reforms represent a critical effort to balance economic growth with worker protection.
“While these reforms aim to create a fairer and more structured labour market, their success will largely depend on effective implementation, enforcement, and collaboration between the government, employers, and labour unions.
“Businesses, therefore, must adapt strategically to these changes, while policymakers must ensure flexibility to encourage investment and job creation,” he said.
Mrs. Lynda Saint-Nwafor, the Chief Enterprise Business Officer, MTN Nigeria, noted that organisations were continuously witnessing more complexities.
According to her, these complexities are driven by key factors of global competition, economic shift, technological disruptions and evolving consumer preferences.
She stressed that organisations must weave their dynamics around these factors while prioritising sustainable growth.
Saint-Nwafor said MTN would continue to deploy customer-centricity strategy.
“We are at a time when it is no longer option and instead it is everything and we do everything we can to understand their pay point and price point.
“Also, organisations that want develop strategic growth opportunities must leverage new and emerging technologies to be able to serve customers up to date. You must also identify like-minded organisations that further market dominance and create new capabilities for growth,” she said.
Mr Oluyemi Oloyede, the Managing Director, UAC Foods, urged organisations to develop business models that proactively anticipate inflation, devaluation and any other economic challenges to remain profitable.
He noted that the business environment would forever be challenging and urged businesses to always gauge the stage consumers were at to drive balance and remain profitable.
Ms Funke Oladoke, Tax Partner, Deloitte Nigeria, called on businesses to be fully abreast of all Finance Acts, tax reforms and policies in general or specific to their sectors.
Oladoke said organisations must project scenario plans on the implications and financial projections of these Acts and reforms on their businesses.
Prince Adedapo Adelegan, the Group Managing Director, Celtron Group, urged organisations to create business curves that supported growth, preempted disruptions and change in policies.
He also advised organisations to find a balance that allowed staff feel like part owners of businesses, while driving the buy Nigeria concepts globally.
NAN report
