The Managing Partner of Verraki, a business and technology solutions firm, Niyi Yusuf, has said only resilient businesses will have the ability to quickly adapt to disruptions in a way to minimise losses and to maximise gains while sustaining their operations and safeguarding their staff, assets and overall brands.
Yusuf said the COVID-19 pandemic had highlighted the fragility of many jobs and markets across the globe, adding that within a very short time, the context in which businesses operated had changed drastically.
He said the damage to economies in several countries was clear as many businesses that were booming just a few weeks ago now faced incredibly challenging times ahead with the impact on jobs, poverty levels and basic food security likely to be catastrophic.
Yusuf further said: “For Nigeria, it’s a perfect storm in the sense that we had a fragile economy with low capital reserves and then came the crash in the price of crude oil, and now the pandemic, and so our challenge is to ensure that the COVID-19 health crisis does not become both a social and security crises, though it is likely it will become an economic and humanitarian crises.
“Let us take measures to make sure it doesn’t become a financial crisis when there are bad debts and banks go under. We also must make sure it doesn’t become a social crisis where people cannot eat or fend for themselves, given the over 76 million Nigerians who are daily earners.”