Amidst the current economic challenges in the country, an economic expert, Elijah Oyeyinka, has urged the federal government to invest heavily in robust IT infrastructure and business intelligence tools to boost the nation’s economy.
He noted that restructuring for efficiency involves implementing lean manufacturing principles to streamline operations and reduce costs, partnering with local suppliers to optimise supply chains and address logistical challenges, and upskilling the workforce to enhance versatility and adaptability.
Oyeyinka, speaking via a statement personally signed by himself and shared with journalists in Abuja on Tuesday, said innovating with local insights was crucial to the rebooting the economy.
He said embracing digital transformation was essential for reaching broader markets and improving customer experiences.
“Leveraging e-commerce platforms, utilizing digital marketing strategies to build brand loyalty, and implementing automation and AI to enhance efficiency and decision-making are all part of this strategy.
“Building financial resilience requires diversifying revenue streams to mitigate risks, practicing rigorous cost management to improve profitability, and securing various funding options for growth and expansion,” he stated.
Oyeyinka said navigating regulatory challenges involves staying informed and compliant with local regulations to avoid operational disruptions, engaging in advocacy and lobbying for favourable regulatory environments, and forming alliances to collectively address regulatory challenges.
According to him, this includes developing or adapting technologies tailored for African contexts, like solar-powered systems and mobile financial platforms.
“It would also involve creating flexible business models that cater to diverse economic and infrastructural conditions, and forming strategic partnerships with local governments, NGOs, and businesses to co-develop solutions.”
While calling for strengthened leadership and governance, Oyeyinka advocated for promoting visionary leadership that aligns with global trends and local realities.
He urged the government to establish transparent governance structures to build trust and accountability, and to engage employees at all levels to foster a culture of innovation and ownership.
“By adopting these strategies, African businesses can transform their operations, achieve sustainable growth, and contribute significantly to the continent’s economic development,” he stated.
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