Oyinloye urges MSMEs to build resilience to impact of COVID-19 on businesses

The Group Managing Director, SIFAX Group, Mr Adekunle Oyinloye has urged Micro, Small and Medium Enterprises (MSMEs) to build resilience and carry out a comprehensive review of their processes and operations as well as a willingness to adapt to new realities caused by the COVID-19 pandemic.

Oyinloye, who stated this while reviewing the impact of the pandemic on businesses in Nigeria, highlighted the major hurdles they are currently facing to include supply chain disruptions, inflation, hike in prices of goods and services, weakened consumer purchasing power, contracting economy and business collapse, especially among SMEs and high-risk corporations.

He said: “It is not an all-gloom situation as many businesses will rise from the ashes of this pandemic to recover well and post impressive returns. There are opportunities even in bad situations. Businesses just need to position themselves correctly for these opportunities.

“Ideas, processes and mindset that were useful pre-COVID-19 might become obsolete for businesses as we are gradually transiting to a new era and a new dawn.

“Some of the factors that I recommend at a time like this are critical thinking, new business processes and templates, improved technology adoption, identifying and embracing new business opportunities and the ability to adapt and respond to a changing business dynamics.

Oyinloye further lauded the combined efforts of governments, both at the national and sub-national levels, corporates, development partners, health workers on the frontlines and other stakeholders, in tackling the pandemic, adding that such collaborative efforts would certainly help in containing the spread of the virus and better management of the fallouts.