Nigeria: Expert Proffers Strategies for Post Pandemic Business Revival

As businesses in Nigeria and across the world continue to grapple with economic challenges and setbacks caused by the coronavirus pandemic, a public finance expert, Dr. Greg Ugochukwu Ezeilo, has proffered suggestions on how organisations can revitalize their operations and bounce back to profitability quickly.

Ezeilo, a consultant to the Public Accounts Committee of the House of Representatives and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN), spoke during a webinar organised recently by Team Bronze, a Think-Tank Group from Igbo-Ukwu, a historical town in Anambra State.

Some of the survival strategies as proffered by him, included digitisation of business operations, right-sizing of staff and outsourcing of certain functions.

Others included renegotiating wages of staff, adaptation to the dictates of the new normal and close collaboration with key stakeholders.

The webinar which had the topic “Business Recovery and Survival Strategies in Post Pandemic,” was the second in series organised by Team Bronze.

Ezeilo stated that the COVID-19 pandemic dealt a devastating blow on the world economy, with the global Gross Domestic Product (GDP) contracting by 7.7 percent, while Nigeria’s GDP shrunk by 5.3 percent.

He posited that COVID-19 pushed many Nigerians into abject poverty and misery, warning that the devastating effect on local and world economies might remain for a long while.

He regretted that key industries in Nigeria have remained shut since March 2020 when the pandemic broke out, resulting in the closure of several small businesses and loss of jobs for thousands of persons.