From Cyriacus Nnaji, Lagos
LASUMBA Heritage made up of a group of Lagos State University Masters of Business Administration alumni who have come together with the vision to establish and sustain for members of common background, highly vibrant association that will provide a network of intellectual contacts and social relationships, on Wednesday, September 7, 2022, held its annual forum.
The event which was held at the OPTS Hall, Lagos Chamber of Commerce and Industry (LCCI) Alausa, Ikeja, Lagos, has the theme, “Impact of Restructuring in a Distressed Economy.”
The 12th National President of LASUMBA, Adekunle Jaiyesimi, while welcoming members and guests to the auspicious event stated that the forum remains the flagship of all LASUMBA events. According to him, “The business forum offers us the opportunity to have a conversation bordering on economic and business issues in our country. One of the biggest challenges facing policy makers in the country is how to recapitalize and reinvigorate the economies following the covid-19 pandemic which affected businesses globally.” He said as a result of global economic challenges, policy-makers are expected to find solutions around it, hence the theme of the forum. He added that the theme of the forum was selected out of the need and agitation of many Nigerians for revamping and restructuring in all strata of the economy for a better Nigeria. How then do we restructure the nation with a battered economy? He said answers will be provided by the speakers especially the chief speaker.
He said as the most popular alumni he urged his fellow highly esteemed lasumbites that much is expected of them to harness the various opportunities which abound in organization for their betterment and that of their alma mater, the Lagos State University.
The Chief Host and Vice Chancellor, Lagos State University, Prof. Ibilola Ibiyemi Olatunji-Bello who was represented by the Dean of Faculty of Management Sciences, Prof. Raheem Olasupo Akewushola, said in discussing the theme of the Forum, efforts should be channeled towards discussing how to restructure the minds of the Nigerian people, issue of devolution of powers and revitalization of the Nigerian economy.
Chief Speaker, Dr. Ayo Teriba, Chief Executive Officer, Economic Associates, said it was time for agenda setting for those jostling for positions in the 2023 General Elections. He stated that it is the duty of Nigerians to choose those who can deliver on the economic aspirations of the country, adding that there are four things which form the general expectations of the people. He said the people expect that the economy should be adequately liquid, adding that the government should have adequate foreign reserves to be able to meet external financial obligations to investors, and should have adequate domestic credit. Teriba went ahead to state that as it is now Nigeria is struggling with liquidity contrary to items which were announced in the budget. He said when a country’s economy is illiquid, the exchange rate becomes the casualty.
Apart from liquidity, Teriba said other expectations from the incoming government is stability in exchange rate, food prices, energy prices, they also expect growth of income and economic inclusion. He decried a situation where the population outgrows the GDP on yearly basis. He also said the people want harmony, which means that the people want to be happy contrary to present situation where insecurity has taken over the country both in the cities and transit routes, bandits and non-state actors having a field day.
Teriba said people would not be happy when there is no employment, facilities, lecturers are on strike and children are at home. He said it is no longer a matter of being rich because a few that have are no longer safe. He maintained that the incoming government must tell Nigerians how they are going to take care of the insecurity that is ravaging the entire country. These are pertinent questions, he said.
Speaking on physical and economic policy direction, he urged Nigerians to demand from the candidates for elections how they are going to ensure global alignment of the nation, their sectorial policies, reduction on economic uncertainties, and how to enhance economic policy institutions.
Teriba concluded that for him the Nigerian economy is not distressed but will bounce back if the right choices are made. He said these right choices are around us, only that the leadership has failed to make those right choices.
Special Guest of Honour, Dr Muda Yusuf, the Chief Executive Officer, Centre for the Promotion of Private Enterprise, while speaking admitted that inflation in Nigeria is far more that official figures. He decried High Exchange rate, high cost of diesel, increased financing of debt by the central bank, and business sustainability issues which according to him are still risky in the country.
He called for Reduction in cost of governance, improvement in tax, improvement in business environment, tackling oil theft, reformation of budgetary and foreign exchange policy.
He called for the adoption of a flexible exchange rate, which to him is different from devaluation, and said it will minimize discrimination and thereby encourage investment, liquidity and minimize round tripping. He said the present exchange rate regime destroys business relationships internationally.
He nevertheless concurred that Nigerian economy has the capacity to withstand the present challenges if Nigeria can make the right choices.
He said security challenges in Nigeria require innovation and intelligence gathering, adding that the country cannot win the war on terrorism without leveraging on intelligence.
Speaking on Restructuring of business and business management, he spoke on what he called VUCA which means Volatility, Uncertainty, Complexity and Ambiguity.
He argued that as a business organization, you must embrace the culture of change, don’t be rigid, embrace quality business intelligence, listen to your customers, anticipate business threat, communicate clearly, embrace team spirit, show leadership, and develop collaborative spirit, among others.
