COVID-19: SIFAX Group Identifies Recovery Strategies For Businesses

In order for businesses to survive the current economic crunch as a result of the COVID-19 pandemic, a comprehensive review of business processes and operations as well as willingness to adapt to new realities will be key.

According to Mr. Adekunle Oyinloye, Group Managing Director, SIFAX Group, while reviewing the impacts of the pandemic on businesses in Nigeria, highlighted the major hurdles they are currently facing, including 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.

In the midst of this harsh operating environment, Oyinloye urged them to build resilience and staying power as a strategy to survive.
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 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 fall outs.

SIFAX Group
54, Warehouse Road, Apapa, Lagos

Olumuyiwa Akande,
Group Head, Corporate Communications
SIFAX Group
+234 (0)703 231 4565, (0)81 8834 7076
olumuyiwaak@sifaxgroup.com
www.sifaxgroup.com

SIFAX Group is a multinational corporation with headquarters in Lagos, Nigeria. It has business interests in maritime, aviation, oil & gas, haulage & logistics, hospitality and financial services.

It was founded in 1988 as a clearing and forwarding company but has today growing into a global conglomerate.

Some of the subsidiaries under the group include: Ports & Cargo Handling Services Limited, Skyway Aviation Handling Company Limited, SIFAX Off Dock Nigeria Limited, SIFAX Logistics Limited, SIFAX Marine Company Limited, Ocean & Cargo Terminal Services Limited, Mac Folly Hospitality and Sky Capital and Financial Allied Limited.

SIFAX Group is owned by Barr. (Dr.) Taiwo Afolabi (MON). He is also the Consul General of Djibouti to Nigeria.

This release was published on openPR.