Expert Advises Companies Amid Increasing Insecurity

Kayode Tokede

Following the latest security alert issued by the UK government in Abuja, the Chief Commercial Officer, ITEX, Mr. Adekunle Adebiyi has addressed the impact of insecurity on sales and distribution of goods and services in Nigeria, and provided advisory on sustaining profit amidst the concerns.

In October, the UK, US, and other foreign governments had issued travel advisories warning their citizens about travel to avoid traveling to Nigeria, particularly Abuja.

Adebiyi, a former MTN sales executive in a chat with THISDAY commented on the impact these security concerns pose to businesses in Nigeria and bemoaned the volatile nature of running a business in the Nigerian clime. 

Speaking on the many woes business owners and organisations have to endure, he said, “Running a business in Nigeria is a daunting endeavour that requires a level of adroitness and business acumen to make a success of it. 

“Although most businesses have their peculiar challenges, an unfavourable business environment characterised by bureaucratic processes, the poor state of infrastructure, and an ever-increasing rate of insecurity will stifle businesses of any scale.”

He lamented the state of insecurity in Nigeria, the sixth most terrorized country in the world, and pointed out that these security alerts by foreign governments negatively impact and threaten foreign trade.

In 2020, the Beekeeping Extension Society relocated its honey production from Kaduna to Kano and Guinness Nigeria’s sales fell from N142.97 billion in 2018 to N131.49 billion in 2019.

Babatunde Savage, who was then the managing director of Guinness Nigeria, attributed the high cost of doing business in Nigeria and the difficulty in accessing raw materials to a number of factors, including insecurity, a lack of infrastructure, and a poor road and transport network. Adebiyi said, “Where there is insecurity, stock availability is impacted.