Former Shell boss sees opportunities in recession

• IOD inducts new members

Rather than lamenting, Nigerians have been urged to take advantage of the latent opportunities in the current economic recession facing the country.

Speaking recently in Lagos, at the induction of Institute of Directors (IOD), the former Country Chairman, Shell Companies in Nigeria, Mutiu Sunmonu, argued that people needed to think outside the box to identify these hidden prospects.

He noted that trend called for economic diversification particular agriculture rather than depending only on petroleum.

He said further: “It is time for small to medium enterprises (SMEs) to utilise this period well by being more productive than ever, as the economy is now in a downturn.”

He added that Nigeria was plunged into due to lack of planning for the future, saying: “If only we had planned ahead of time, a country like Nigeria that is gifted in many resources should not be where we are now.”

Sunmonu however pleaded with Nigerians to exercise more patience and remember that tough times don’t last forever, “but we need to work hard because hard work remains forever. The economic downturn will soon be over; it just requires patience and hard work and seeing opportunities beyond oil and gas sectors alone.”

Also speaking at the ceremony, the IoD President, Samuel Akeju, urged the inductees “to be well behaved in their professional dealings.”
Akeju advised the inductees to be guided by the ethics of the profession as part of measures to be successful and overcome the challenges associated with business operations, corporate institutions, social and economic environment.

He said: “As members of this prestigious professional body, my counsel to you is to leverage on the best practice for effective deployment of your competencies and your knowledge of the business you are in. You are also to raise the quality of your contributions to organisational performance and corporate success, thereby earning the respect you and our profession deserves from the business.”

He advised that they should always promote excellence in the acquisition and application of knowledge when dealing in their specialised fields to effectively contribute to sustainable national development. He also urged them to be ready to imbibe continuous self-development through studies, experience sharing and thoughtful application of best practices in their organisations.