BUSINESSES and brands, hoping to return to ‘winning ways’ soon, after the devastating effects of the COVID 19 pandemic, may need to wait a little bit longer, as a recently-released CEO Report, from Philips Consulting Limited PCL, has predicted that it would take another 12 months, August 2021, for the nation’s business environment to fully activate and operate optimally.
PCL recently engaged 100 Nigerian business leaders on the current economic landscape and presented the insights in its “CEO Report”, which revealed that 57 per cent of the CEOs expect that the earliest possible time for the business environment in Nigeria to normalize would be August 2021.
The report also indicated that CEOs are increasingly taking responsibility for their companies, and are not necessarily looking up to the state for solutions to the problems occasioned by the pandemic. For a greater awareness on political leadership in the country, the survey also showed that, as against the 79 per cent CEOs who voted in the 2019 general elections, only 67 per cent CEOs have reported that the pandemic would make them more interested in the outcome of the 2023 election.
According to the company’s Chief Executive Officer, Rob Taiwo, results from the survey revealed the urgent need for the Nigerian government and business leaders to pay close attention to the post-COVID19 policies and strategies of the United Kingdom, China, and the United States of America; since that would have the most profound impact on the nation’s business environment.
“At PCL, we are committed to working with our clients and partners to build and develop people’s capabilities, technology systems and processes, effective and robust strategies, and business continuity plans,” he stated.
On fiscal adjustments, the PCL boss added that only 22 per cent of CEOs had laid off staff, as most of them devised proactive ways to keep their workforce engaged and economically productive.
However, due to reduced cash flow, 46 per cent of companies had to roll out pay cuts for their workers, he stated. Another highlight of the Report is that about 83 per cent and 55 per cent of CEOs adopt a Work From Home Strategy and Standby Model Strategy, respectively, and are beginning to question the need for large office spaces. Only 46 per cent of CEOs are considering retaining their current offices, while others will seek smaller, cheaper and shared offices, or adopt an entirely virtual working model.
The Report, however, indicated the IT sector as the greatest beneficiary of the pandemic, since it experienced a surge in the wake of the pandemic as a result of the shift to remote working.
Central Bank of Nigeria (CBN) has pegged naira exchange rate at 386 units to the United States dollar as it plans to resume weekly forex sales to Bureau de Change operators from August 31. In a circular signed by O.S. Nnaji, director of trade and exchange department, the apex bank said its decision to resume FX sales to BDCs is to enhance accessibility to forex “particularly to travellers” since the resumption date for international.
Kano State governor, Abdullahi Umar Ganduje, has said he would not hesitate to sign the death warrant passed on Kano-based singer, Yahya Aminu Sharif if he fails to appeal the judgment. This was just as governor Ganduje said the state government has accepted the judgement passed on Sharif and is ready to abide by it. However, the Nigerian constitution gives the right of appeal to Shariff.
Kano State governor, Abdullahi Umar Ganduje, has said he would not hesitate to sign the death warrant passed on Kano-based singer, Yahya Aminu Sharif if he fails to appeal the judgment. This was just as governor Ganduje said the state government has accepted the judgement passed on Sharif and is ready to abide by it. However, the Nigerian constitution gives the right of appeal to Shariff.
Dr. Akinwumi Adesina was on Thursday unanimously endorsed by all the 81-member countries of African Development Bank (AfDB) for another term of five years as the 55th annual meetings of the bank ended in Cote d’Ivoire. A globally renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the Bank and accelerate.
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