- Urge deployment of digital tools for risks monitoring
As the COVID-19 pandemic continues to ravage economies globally and stall business growth in developing countries, stakeholders have called for the adoption of risk management strategies for businesses to thrive under the current VUCA market environment.
According to them, the West African market framework is currently going against a matrix of growth, fiscal strength and monetary room, noting that Nigeria’s current growth is averaging at 2.2 per cent, which is lower than previous annual cycles.
Speaking at the third virtual session of the Rand Merchant Bank (RMB) Nigeria’s Economic and Business Conference, the stakeholders noted that a VUCA market is one characterised by volatility, uncertainty, complexity, and ambiguity, adding that locally, concerns have remained around fiscal strength and monetary room.
Specifically, Global Markets Research Analyst, RMB Nigeria, Neville Mandimika, said while there were legitimate reservations about the price of oil rebounding to pre-COVID-19 levels as it seems to be trending upwards, the future comes with several risks to contend with.
He maintained that the impact of the United States elections and their relationship with China, a possible second wave of Coronavirus infections, as well as the Ghana and Ivory Coast elections would be part of the key determinants of business growth.
Speaking, the Chief Executive Officer and Managing Director, RMB Nigeria and West Africa, Michael Larbie, said Nigerian businesses could become resilient and sustainable by adopting strategies to adapt to and manage risks, noting that the session was positioned to help businesses respond proactively and thrive in a VUCA environment.