• Friday, June 21, 2024
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Deloitte partners LBS on how companies can navigate headwinds


As Nigeria’s economy inches towards an imminent recession, macro-economic shocks have rocked the business landscape in Africa’s largest economy, causing disruptions in the way they operate.

It is to this end that Deloitte and the Lagos Business School (LBS) are partnering to converge business executives annually at a round-table to share insights that can smooth the paths of their businesses amid tough economic headwinds.

Amid the economic turbulence, small businesses with more flexibility are increasingly taking the wind out of the sails of large businesses, contending for their market share and eating into their profit margins.

“Each time we talk to our clients, we understand that a lot of them are struggling with the new innovations that are disrupting traditional business models in Nigeria,” said Marie-Therese Phido, West Africa clients and industries leader at Deloitte.

The objective for sharing the insights “Is to work together with key industry leaders to articulate the implications of leading trends in the economic landscape as well as with captains of industry and leading organisation,” said Anthony Olukoju, West Africa’s chief operating officer and risk advisory leader, Deloitte.

“This discourse will take place annually and the topics of discussion will be jointly selected by both organisations,” Olukoju said.

This year’s theme, “Disruptions and innovations in Business”, is barely a few months away Olukoju added.
C suite executives from all sectors of the economy such as consumer business, retail, manufacturing, oil and gas, power, banking, insurance, technology, media, telecommunications are the targeted audience.

Enase Okonedo, the Dean of LBS says the annual dialogue “will have a transformational effect on the economy at large.”
“The idea is to bring business leaders and executives together to brainstorm on innovative ideas that will propel the private sector, so that the economy may grow aptly,” Okonedo said at a press conference in Lagos.

Speakers at the conference unanimously touted the dearth of managerial competence and talent as the biggest challenge in the business landscape in Nigeria.
Deloitte and LBS will be working together, leveraging on their strengths to make up for each other’s shortfalls.

“Working with Deloitte, we hope to draw strength from their experience and presence in Nigeria in order to guide the themes to be discussed and to get their workers to facilitate the discourse,” the LBS Dean said.
While noting the alignment in purpose of both companies, Olukoju said “We will continue to partner with the best in business and academia. This is why we strategically chose LBS to be a part of this.”

Deloitte Nigeria is a member firm of Deloitte Touche Tohmatsu Limited and also a part of the Deloitte Africa Practice which has a presence in 34 African countries and service 51 out of the 54 countries in Africa.

With 24 partners and more than 500 professional staff in Lagos, Abuja, and Port Harcourt, Deloitte is one of the biggest providers of services in Nigeria.
Deloitte Nigeria currently provides audit, tax, consulting, corporate finance, accounting and business process solutions and risk advisory services to public and private clients spanning multiple industries.

The LBS began in 1991 as a small institution called the Centre for Professional Communications (CPC), offering management courses relevant to the Nigerian business environment.
By 2007, LBS had consolidated its status as Nigeria’s premier business school by ranking for the first time among the top 50 business schools in the world, in the area of open enrolment programmes, by the Financial Times of London.

LBS is still the only Nigerian business school to be included in this prestigious world ranking.