Lagos: The Lagos Business School (LBS) has unveiled a business magazine, Insight Edge, to support businesses navigating the challenges of a Volatile, Uncertain, Complex and Ambiguous (VUCA) world. The event is designed to keep the school’s alumni up to date with national and global business and management best practices.
According to News Agency of Nigeria, Ogbechie stated that the magazine, created by industry experts, business leaders, and the LBS faculty, aims to provide Nigerian businesses with practical tips to enhance their sustainability. He emphasized the importance for businesses to reinvent their models, manage costs, and focus on customer-related innovation. In the VUCA environment, while risks and problems exist, numerous opportunities also arise, and it is crucial for Nigerian businesses to innovate in order to grow and survive despite challenges like high unemployment, interest rates, and exchange rates.
Mr. Olaniyi Yusuf, Chairman of the Nigerian Economic Summit Group (NESG), highlighted four
key themes shaping Nigeria’s economic landscape in 2024. These include sectoral productivity problems, debt sustainability and fiscal challenges, inflation and cost of living crisis, and labor productivity issues. He projected that in 2025, private sector performance would suggest a slower economic growth recovery, with fuel prices keeping inflation high.
Yusuf noted that the private sector, responding to the new government’s policy stance, is expected to see economic growth rise slightly to 3.2 percent in 2025 from an estimated 2.9 percent in 2024. However, the Purchasing Managers Index (PMI) indicates weaker-than-expected growth in 2025 due to low levels in firms’ new orders, output, and inventory activities. The lag effect of the weak Naira and heightened inflationary pressure is predicted to continue dampening economic activities, though a slower-paced recovery is anticipated.
The NESG chairman also pointed out that external trade and current account surplus would expand due to a weaker currency and inc
reased oil production, boosting the country’s exports. Central Bank of Nigeria’s foreign intervention is expected to stabilize the local currency, positively impacting investments and resulting in higher Foreign Portfolio Investments in 2025.
Yusuf highlighted critical imperatives for Nigerian households in 2025, including cost of living pressures, income stability challenges, and rising costs in healthcare and education. He advised households to invest in skills development to enhance employability and income potential amid a growing digital economy. Furthermore, he urged the government to consolidate complementary policies, invest in infrastructure, support job creation, and maintain fiscal stability to foster inclusive growth.