Expert urges businesses to strengthen resilience amid global uncertainties

Lagos, Oct. 2026 (TBL  Africa) Mr Oluwole Adelokun, Partner, Strategy and Customer Solutions, KPMG West Africa, has urged Nigerian businesses to strengthen resilience amid economic reforms and global uncertainties.

Adelokun ​‌‌⁠⁠‌⁠‍⁠⁠‍‌‍​⁠‌‍⁠‍‌​gave the advice at the Nigerian-British Chamber of Commerce (NBCC) Members’ Evening on Thursday in Lagos.

The event had the theme: “Leading Through Change: Building Resilient Businesses in Nigeria’s Evolving Economy.”

He said Nigeria’s evolving economic landscape had created a two-speed economy, with improving macroeconomic stability coexisting with persistent pressures on businesses and households.

According to him, economic recovery does not automatically translate into stronger profit margins, improved cash flow or increased purchasing power.

He said businesses must, therefore, reassess their strategies and prepare for changing economic conditions.

Adelokun said the foundations that supported global stability in the past were under pressure, as emerging forces continued to reshape growth and prosperity, particularly across Africa.

He identified declining trust, rising nationalism, geopolitical tensions, commodity price volatility, trade fragmentation, inflation and increased spending on artificial intelligence as factors reshaping the global business environment.

He said these pressures, alongside Nigeria’s ongoing reforms, required business leaders to reconsider their operating models, supply chains, financing arrangements and investment priorities.

Adelokun noted that the country’s 2027 election cycle would mark another turning point for policy direction and business operations.

He urged businesses to prepare for different possible outcomes rather than rely on a single forecast.

He identified four capabilities critical to business resilience: anticipating risks, absorbing shocks, adapting to changing conditions and accelerating efforts to seize emerging opportunities.

He explained that anticipating involved identifying emerging risks and preparing for possible scenarios before disruptions occurred.

Absorbing shocks, he said, required protecting critical operations, liquidity and core business activities through financial buffers and contingency plans.

He said adapting involved reallocating resources, capabilities and priorities as market conditions changed, while accelerating meant moving faster than competitors to seize emerging opportunities.

To strengthen resilience, Adelokun urged businesses to diversify supply chains and financing sources, maintain sound capital structures and build operational flexibility into their business models.

He also emphasised the importance of earning customer trust through consistent service, relevance and stronger direct relationships.

He advised businesses against relying solely on established market positions or institutional advantages to retain customers.

On technology, Adelokun urged businesses to prioritise AI applications that addressed specific operational challenges and delivered measurable commercial value.

He said technology investments should be matched with workforce readiness, reskilling, leadership development and employee empowerment.

According to him, these measures would help organisations adapt to new technologies and evolving business models.

The KPMG partner also called for policies to reduce the cost of doing business, improve regulatory consistency, strengthen infrastructure and deepen investor confidence.

He urged the NBCC to play a stronger role in translating the economic partnership between Nigeria and the United Kingdom into tangible commercial opportunities.

He identified manufacturing, agriculture, financial services, technology, healthcare, education and professional services as sectors with opportunities for stronger bilateral business engagement.

“The Chamber should facilitate joint ventures, investment partnerships, market access and business-to-business transactions that would produce measurable outcomes for members,” he said.

Adelokun also called for greater knowledge transfer, technology adoption, productivity improvement and export readiness, particularly among small and medium-sized enterprises.

Earlier, the President of NBCC, Mr Abimbola Olashore, welcomed the newly inducted members and urged them to contribute actively to the Chamber’s vision.

Olashore said the Chamber provided a platform for businesses to build relationships, exchange ideas and find solutions to shared commercial challenges.

He appreciated existing members for their continued commitment, saying their contributions had supported the Chamber’s achievements and remained important to its future progress.

Olashore encouraged members to maximise networking opportunities, noting that relationships developed through such interactions could lead to valuable partnerships and business opportunities.

He commended the new inductees and urged them to contribute their perspectives and expertise to advancing the Chamber’s objectives.