Post-COVID-19: Don proffers strategies for business revival —
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Post-COVID-19: Don proffers strategies for business revival

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As businesses in Nigeria and across the world continue to grapple with economic challenges and setbacks occasioned by the coronavirus pandemic, a public finance expert, Dr. Greg Ugochukwu Ezeilo has proffered suggestions on how organisations can revitalise 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, ICAN, spoke in 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 include digitization of business operations, right-sizing of staff and outsourcing of certain functions, 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,’ is the second in series organised by Team Bronze, a group that is driven by the overarching goal of championing the wholesome development of their community and the Nigerian state in general.

 

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 per cent, while Nigeria’s GDP shrunk by 5.3 per cent. He posited that COVID-19 had pushed many Nigerians into abject poverty and misery, warning that the devastating effect on local and world economies might remain for a long time.

 

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

 

Dwelling on business revival, Ezeilo advised promoters of organisations to consider profitable new ventures, mentioning some of them to include the agricultural value chain, transportation, food stuff and groceries, bakery and confectionary as well as commodity brokerage.

 

He disclosed that the federal government had floated the Survival Fund, a funding scheme that will support Micro, Small and Medium Enterprises, MSMEs, to overcome the challenges of COVID-19.

 

He advised business owners to examine the criteria for accessing the fund and take advantage of the opportunity.

 

He listed a few other sources of low cost funding for MSMEs to include Renmoney, Green Stallion, NIRSAL MFB and Anchor Borrowers Programme.

 

Speaking further, Ezeilo identified innovation and technology as a smart technique for reviving businesses, stressing the need to move from brick and mortar business to online business.

 

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