By Okwy Iroegbu-Chikezie
Since no one can predict when the COVID-19 pandemic crisis would end, companies must strategise, innovate and re imagine their businesses if they wish to remain going concerns and pursue growth objectives, Director, Dangote Sugar Refinery Plc., Ms Bennedikter China Molokwu, has advised business owners.
Molokwu, who is also the past president, Institute of Directors (IoD), said: “This is the time to reset, re-invent and re-invest.”
Presenting a paper entitled: “Resilience and recovery in the ‘new normal: Governance Approach to Corporate Survival” at the Nigeria Institute of Management’s Annual Distinguished Management Lecture series.
Molokwu said while the pandemic is an ill-wind that blows nobody any good, there are potential winners and losers.
She said, for instance, some industries witnessed uncommon growth during the pandemic such as those in healthcare, food, e-commerce, financial services, utilities, social media, telecoms, gaming and e-learning.
Molokwu said on the other hand, the major sectors especially adversely hit by the scourge at the severest point in the COVID-19 curve are regular skills that became obsolete in the twinkle of an eye.
She said: “Many industries and sectors of the economy can safely be classified into especially adversely affected, moderately negatively affected, and positively impacted.
“This is weighted by the degree of maturity of the business, its size or scale, relevance and level of preparedness for disaster or by its positioning for seizing opportunities. Added to this is dipping on valuations on major Stock Exchanges that dipped by an average of 23 per cent in the first quarter of this year after the initial shocks but are on the rebound though with volatility.”
The past IoD chief however said the journey to recovery required the leadership to be calm and build trust and collaboration among all stakeholders.
“Although the extreme impact of this highly improbable event on individuals, organisations, corporations, businesses and governments across the world is yet to be reduced to dependable figures, the losses have been estimated to be in trillions of dollars
“Boards and managements need to envision their companies squarely in the situation that remains negative across the globe,” she added.
She also advised organisations to accept the new normal through emerging technologies such as Chatbot deployment for crucial and enhanced customer/stakeholder information and experience; connected devices that enable both education and remote work.
Others are video conferencing for work and children’ education and Internet of Things (IoT) and Artificial Intelligence (AI).
Ms Molokwu, however, said intervention facilities by the Central Bank of Nigeria (CBN) worth N3.5 trillion that include an additional moratorium of one year, interest rate reduction from nine per cent to five per cent, creation of N50billion target credit facility for affected households and small and medium enterprises came handy.
