Catch – Up: Business Nigeria Live Interview with Ozofu Ogiemudia
As businesses continue to adjust to the new normal occasioned by the Covid-19 pandemic, they must be aware of sustainable strategies to overcome the effects of the crisis.
In an interview with TVC News, Ozofu Ogiemudia, the Vice-Chairperson, Committee on Mergers, Acquisitions and Corporate Restructuring of the Nigerian Bar Association’s Section on Business Law, addressed the effects of the pandemic on businesses and what strategies to adopt.
‘I think the analysis of the impact of Covid starts with the fact that it affects human communication, even within biological families. You can’t see every member of your family; when you see, you can’t touch, you can’t shake hands, things that were part of daily life and this translates to business because with people being locked down and at home, there’s a decrease in demand for goods and services, so businesses are struggling. But in the midst of the struggle, I remember watching some weeks ago when Nike talked about how their sales were up despite the pandemic and were continuing to experience boost in sales online and that just shows that companies that will weather this storm and come out on the other side of the pandemic successfully are those that are able to adapt and leverage on digital technology and are able to still supply goods and services virtually.’
She explained that only companies who are able to adopt strategies that can leverage on the digital economy would be able to weather the storm. Many law firms and businesses have moved their businesses online so that they can still attend to customers and new clients who may require their services. This would enable them to conduct operations with the same levels of effectiveness as though they were physical or working from offices. They must adopt creative strategies to help them stay in touch and still deliver services.
The pandemic has affected every sector in the country in varying extents as some have been hit harder. Sectors which have survived are those that ‘seem to be more prepared than others.’ Businesses should undertake reforms by ‘investing in whatever you might need to stay connected.’
As businesses continue to adopt new strategies, the NBA-SBL is not different, as it is set to host a business conference this year. Unlike previous conferences, this year’s edition would be virtual after deliberations were made on whether to cancel the conference or to embrace the change instead of postponing it.
The conference would also examine public and private sector partnership in Nigeria as it is crucial for both sectors to collaborate so that the country can develop. The Public sector has the force of the law, while the private sector has human capital, financial capital and the drive to bring about change. The conference also seeks to examine the impact of the pandemic on the enforcement of trade agreements, like the AfCFTA.
Conclusively, the pandemic offers an opportunity to evolve as professionals and as a body. Businesses must adopt strategies that would evolve with the new normal or risk being left behind.
If you missed the live interview, you can catch up and watch here – https://youtu.be/3bEBbLE478c
To register for the NBASBL Conference coming up click here – http://www.nbasblconference.org/
