Entrepreneurs urged to embrace change and proactively adapt to navigate the evolving Nigerian business landscape, says Rainoil’s Group Managing Director
In a recent statement, Dr. Gabriel Ogbechie, the Group Managing Director of Rainoil Ltd, highlighted the importance of adopting strategies to position businesses for growth amidst changing global dynamics. Speaking at the Global Leadership Summit in Lagos, Ogbechie emphasized the need for ambitious goal-setting, effective strategy execution, and vigilant monitoring of key performance indicators.
Ogbechie further emphasized that industry leaders and entrepreneurs must analyze their business strategies, set ambitious targets, and ensure efficient execution to thrive in the current economic climate. He cited Rainoil’s investments in strategic assets such as ultramodern multi-product tank farms, an LPG Terminal, a fleet of trucks, and a wide retail network as examples of their proactive approach.
Additionally, Ogbechie advised business leaders to prepare for disruption, citing examples of how industrial gas, liquefied petroleum gas, and electric vehicles have disrupted various markets. He highlighted the growing mobility of customers and emphasized the importance of understanding changing demands and preferences, as well as implementing competitive compensation and non-monetary rewards to attract top talent.
Ogbechie concluded by stressing the need for continuous review and reassessment of tactics to effectively manage potential threats to the business model.