Nigeria, one of Africa’s largest economies, is facing several economic challenges that threaten its growth prospects and stability. These include high inflation, foreign exchange rate volatility, low productivity, weak governance, and poor infrastructure.
Nigeria’s inflation rate rose to 33.95 percent in May 2024 to 33.69 percent in April 2024, according to the National Bureau of Statistics (NBS).
Read also: High stakes: Nigeria’s race against time to achieve 21.4 percent inflation rate
Speaking at the ongoing BusinessDay CEO Forum, Juliet Ehimuan, executive in Residence at the Lagos Business School, listed five adaptive strategies for businesses to scale through the country’s economic challenges.
Cost optimisation –
Ehimuan said businesses need to think about cost and adapt, looking at reducing waste and predictable redundancies.
Adaptability and agility –
She explained that it is important for the government and private businesses to respond quickly, citing the complexity of humans.
Digital transformation –
Ehimuan further stated that digital transformation helps a business move forward and follow trends.
Others include diversification, and people.
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