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By Rukayat Moisemhe
The Lagos Business School (LBS) has unveiled a business magazine, Insight Edge, to support businesses navigating the challenges of a Volatile, Uncertain, Complex and Ambiguous (VUCA) world.
The News Agency of Nigeria (NAN) reports that the event is designed to keep the school’s alumni up to date with national and global business and management best practices.
Ogbechie said that the magazine, put together by industry experts, business leaders and the LBS faculty, was created to help businesses in Nigeria with practical tips to enhance their sustainability.
He said that businesses must learn to reinvent their models, manage costs and focus on customer related innovation.
“In the VUCA environment, while we are talking about risks and problems, there are also numerous opportunities and it is important to know how to take advantage of these opportunities.
“This is why Nigerian businesses must innovate to grow or die.
“It is a given that unemployment is high, interest rate is high, exchange rate is high and the burden of crippling national debts, but Nigerian businesses can still thrive,” he said.
Mr Olaniyi Yusuf, Chairman, Nigerian Economic Summit Group (NESG), said four key themes shaped Nigeria’s economic landscape in 2024, highlighting both challenges and potential areas for reform and growth.
According to him, they include sectoral productivity problems, debt sustainability and fiscal challenges, inflation and cost of living crisis and labour productivity issues.
He, however, projected that in 2025, private sector performance suggested slower economic growth recovery and that fuel prices would keep inflation high in 2025.
Yusuf said private sector, responding to the new government’s policy stance, with projected economic growth was expected to rise slightly to 3.2 per cent in 2025 from an estimated 2.9 per cent in 2024.
He said that the Purchasing Managers Index (PMI), a reliable growth predictor, suggests a weaker-than-expected growth in 2025, driven by low levels in firms’ new orders, output, and inventory activities.
“The lag effect of the weak Naira and heightened inflationary pressure will continue to dampen economic activities.
“However, the economy is expected to recover but at a slower pace in 2025.
“External trade and current account surplus would expand as combination of a weaker currency and an increase in the country’s oil production would increase the country’s exports.
“The Central Bank of Nigeria (CBN) foreign intervention will stabilise the local currency and will positively impact investments thus, resulting in higher Foreign Portfolio Investments in 2025,” he said.
The NESG chair listed critical imperatives of households in Nigeria for 2025 to include cost of living pressures, income stability challenges, rising cost in healthcare, education among others.
He said that with a growing digital economy, households were to invest in skills development to enhance employability and income-earning potential while individuals recalibrate their expenses, especially foreign exposures.
Yusuf urged government to consolidate and align complementary policies (Monetary, Investments, Social Investments) and provide a friendly environment to maintain social cohesion and foster inclusive growth.
He also called for more investment in infrastructure, support for job creation, fiscal prudence and debt management, reduced cost of governance to maintain fiscal stability and free up resources for development.(NAN)(www.nannews.ng)
Edited bt Olawunmi Ashafa
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