Journal • CITN Journal

Editorial Board

Editor-in-Chief

Professor Rafiu Oyesola Salawu

Department of Management & Accounting, Faculty of Administration, Obafemi Awolowo University, Ile-Ife

Managing Editor

Professor Godwin Emmanuel Oyedokun

Department of Management & Accounting, Lead City University, Ibadan, Nigeria

Editorial Board Secretary

Mary-Fidelis Chidoziem Abiahu

Director, Research and Professional Standard, Chartered Institute of Taxation of Nigeria

Editorial Board Members

Professor Chinedum Nathaniel Nwezeaku

Federal University of Technology, Owerri

Professor John Adeoti

Nigeria Institute of Social and Economic Research (NISER), Ibadan

Professor Uche Jack-Osimiri

Faculty of Law, River State University, Port Harcourt

Professor Aruwa Suleiman Akwu-Odo Salihu

Nasarawa State University, Keffi Nasarawa State Nigeria

Dr. Eiya Ofiafoh Ofiafoh (Associate Professor)

Department of Accounting, University of Benin, Benin City, Nigeria

Dr. Stephen Chukwuemeka Mark Abani

MCSA Worldwide Projects Limited, Abuja, Nigeria

Dr. Kenny Adedapo Soyemi

Department of Accounting, Olabisi Onabanjo University, Ago Iwoye, Ogun State, Nigeria

Professor Joseph Uchenna Uwaleke

Department of Banking & Finance, Nasarawa State University, Keffi Nasarawa State, Nigeria

Barrister Chukwuemeka Eze

Faculty of Law, Nasarawa State University, Keffi Nasarawa State, Nigeria

Mr. Simon Nwanmaghyi Kato

Federal Inland Revenue Service, Chairman’s Office, Abuja, Nigeria

ROBUST RESPONSE TO TENTATIVE BUSINESS MODELS IN NIGERIA: ADDRESSING THE CHALLENGES OF DOMESTIC PRODUCTION AND DOMESTIC CONSUMPTION

Description

ROBUST RESPONSE TO TENTATIVE BUSINESS MODELS IN NIGERIA: ADDRESSING THE CHALLENGES OF DOMESTIC PRODUCTION AND DOMESTIC CONSUMPTION

Authors

Emma I. OKOYE and Ugochukwu J. NWOYE

Abstract

Despite the nation’s slow paced economic resuscitation successes being recorded in the post COVID- 19 pandemic lockdown phase, the untamed and deteriorating habit of Nigerian leadership to foreign loans and consequent mismanagement of scarce financial resources as fueled by corruption has no doubt become an inevitable threat to the nation’s economy, security and its nationhood existence. The after-effect is a poor revenue generation challenge that has continued to worsen since second quarter of 2015 as import which clearly indicates poor domestic production and domestic consumption skyrockets annually on the economic radar of Nigeria, leading to further strangulation of few existing domestic industrial operations in the country. The consequences have been a geometric rise in food insecurity, price hikes, and severe hunger among the polity. As a result, incidence of terrorism, banditry, the sit-at-home weekly event in the South East, and protest by separatists across the country has continued to witness persistent rise thereby posing severe threat to productive farming, economic and business activities across the six geopolitical zones of Nigeria. Deploying a descriptive approach, the study expressly evaluates sensitive challenges facing businesses in the uncertain and unhealthy business environment prevalent in the COVID-19 pandemic era in Nigeria, with extant emphasis laid literally on feasible robust responses that could be embraced by businesses in Nigeria in their bid to sustain their business continuity image and boost their competitive advantage in the unsafe and tight business environment in Nigeria. Conceptualized schematic business frameworks and widely recognized current statistics were effectively utilized and evaluated to maximally portray realistic opinions that readily serve as practical models for businesses to employ in their effort to survive in the country’s ever changing business environment. The study concludes by proposing possible actions (way forward) for policy development purposes towards salvaging the prevailing unfavourable situations engulfing Nigeria businesses and its business environment.

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