OPINION: How Nigerian businesses can compete globally after COVID-19 by Dr Leesi Gborogbosi
Editor's note: Dr Leesi Gborogbosi, a former governorship candidate in Rivers state who runs a management consulting firm, writes on how Nigerian businesses can compete globally after COVID-19 pandemic currently ravaging the world.
Read below:
The coronavirus pandemic is disrupting the concept of globalization.
Are we now at the end of globalisation?
Or will we be witnessing a re-emergence of stronger global relationships? I doubt.
Global Disruption – Doubtful If globalisation is still relevant
Why my doubts?
It seems we will begin to see a strong focus on the local markets. A shift from global markets.
Source: Facebook
Nationalism
The first actions of many national governments taken so far focused on protecting their citizens and closing their borders. Very little considerations were given to globalisation. Non-citizens were turned back irrespective of their conditions.
There are millions of refugees (country-less people) scattered across the regions of the world. Nobody is talking about them. No coronavirus tests being conducted for the refugees. Maybe because we all regard them as quarantined already.
Health and Wellbeing
We are now witnessing country-based efforts in the pursuit of research and development of vaccines for coronavirus. Each country is funding her own research – very little global funding or global connectivity. Interestingly also, we now have chloroquine and hydroxychloroquine under clinical trials to fight the coronavirus pandemic.
But what is happening is that some countries are already placing chloroquine and hydroxychloroquine under export controls. This is worrisome: - a game of nationalism vs globalisation?
Supply chain
Most companies that depended on global supply chains are heavily impacted by the disruption of the supply chain by the coronavirus.
A lot of cargo ships are lying in the international waters and not able to offload their cargo because they are not allowed entries into their countries of destination.
PAY ATTENTION: Get the Latest Nigerian News Anywhere 24/7. Spend less on the Internet!
Expatriation and External Consultants
Companies that depended heavily on foreign manpower and multinational consultants are the most disrupted in the present circumstance. Movement of manpower across the border is now eroded. Even then, virtual working across the regions have limitation. Because even in our globalisation, distance still matters.
People are now working from home. Will they really want to readjust back to normal physical office life?
Strategy For The Future
As a business leader, you must prepare for a future business discontinuity. Because this will surely again happen in the future as it has a historical perspective. The world of business is fluid and driven by uncertainty.
After the wave of COVID-19, businesses will try to re-enter the market but there will be general aggressive competitiveness in market re-entry.
Companies that will quickly bounce back are those that depend more on local supply chains and home-based expertise. So what should companies do now to prepare for future national and/or global crisis?
• Encourage local suppliers to develop their capabilities and the availabilities of their supplies. You can adapt the program of Contract Optimisation Review (COR) whereby companies work with their suppliers/contractors to remove waste from the supply chain and create mutual value.
• Invest in the development of local manpower to give their company flexibility during the period of crisis. Also, consider business and finance transformation with strong corporate governance.
• Prepare for the after coronavirus business competitiveness. This is the time to conduct strategy reviews (corporate, business and functional strategies) to ensure your organisation is agile can respond to upsurge in the market. Early movers will have an advantage because the current crisis is not just a threat but also a basket of opportunities.
• Your company may need to start relying more on local consultants who have hands-on knowledge of the local operating environment. I will suggest your company collaborates more with local consultants to develop innovative and sustainable local solutions. This is evidently what is taking place all over the world now.
• Your company may need to start relying more on local consultants who have hands-on knowledge of the local operating environment. I will suggest your company collaborates more with local consultants to develop innovative and sustainable local solutions. This is evidently what is taking place all over the world now.
Food For Thought
COVID-19 should have been a great opportunity for Nigeria and African in contributing to the global quest for health solutions.
We should have been leaders in developing solutions to COVID-19. Why?
We are told that generally, the COVID-19 behaves like the common acute malaria.
Nigeria and Africa is the centre of malaria in the world and we have been using our local herbs to treat malaria.
So why are we not researching into the local malaria herbs as a possible solution to COVID-19?
Your own opinion articles are welcome at info@corp.legit.ng— drop an email telling us what you want to write about and why. More details in Legit.ng’s step-by-step guide for guest contributors.
Contact us if you have any feedback, suggestions, complaints or compliments. We are also available on Twitter.
Stay with Legit and keep track of the latest news in Nigeria!
Market Survey: The market is dry, everyone is broke - Market women | Legit TV
Source: Legit.ng
