Business leaders have urged organisations in Nigeria to build their change management capabilities to navigate the country’s volatile economic landscape effectively.
This call was made during a breakfast roundtable hosted by StreSERT Integrated Limited in collaboration with Kotter Training recently in Lagos.
In a statement, the Managing Consultant of SIL, Roselyn Onalaja, highlighted that Nigeria’s economic challenges, including inflation, unemployment, currency devaluation, and fluctuating oil prices, have created unprecedented difficulties.
However, Onalaja noted that these challenges also present opportunities for businesses to thrive.
“There is a pressing need for policies that stabilise the economy and support long-term development,” she said, adding that organisations must embrace adaptability and innovation to remain competitive and resilient and have a strong change-leadership culture to survive.
The event, themed ‘From Crisis to Opportunity: Building Change Leadership Capability to Thrive Through Times of Volatility and Uncertainty,’ also featured insights from the Executive Director of Kotter Inc., Rachel Rosenfeldt.
Rosenfeldt underscored the importance of adaptive cultures, stating that businesses with such frameworks outperform rigid ones significantly.
“Adaptability is a powerful capability for businesses, especially during times of uncertainty and change,” Rosenfeldt said. She explained that thriving organisations must prioritize their customers, employees, and overall trust-building within their operations.
A highlight of the breakfast roundtable was a panel session moderated by the Chief Operating Officer of SIL, Patrick Awodu, where industry leaders shared actionable strategies to help businesses unlock opportunities during crises.
The Deputy Head of Operations at Stanbic IBTC Bank, Funke Amobi, noted crises often present opportunities for organisations to excel as she stressed the importance of strategic planning, operational adaptability, and robust human capital management.
“Organisations must conduct scenario analysis and ensure their strategies are strong enough to withstand external shocks,” Amobi said.
She also called for investment in employee training to equip staff with skills aligned to current and future demands.
Similarly, the Head of Talent at Wema Bank, Dr Jumoke Aleoke-Malachi, emphasised the role of leadership in driving innovation, remarking “You either innovate or die,” as she urged leaders to foster inclusivity and engagement to unlock creative solutions.
The Chief Talent Officer at TY Talent Partners, Yemi Faseun, added that organisational change efforts must prioritise people, stating “Technology is critical, but its success hinges on how well it integrates with the human side of operations.
