Adaobi Rhema Oguejiofor
The Group Managing Director (GMD) of Rainoil Limited, Dr. Gabriel Ogbechie, has said that entrepreneurs must adopt and embrace certain changes in order to stay ahead of the business game, as well as successfully navigate the macro-economic forces that are influencing the Nigerian business environment.
Ogbechie stated this while speaking on th “Strategies to Position your Business for Economic Growth in a Changing World,” at the Global Leadership Summit (GLS), which recently took place in Lagos.
He also emphasized the importance of ambitious goal-setting, effective strategy execution, and vigilant monitoring of key performance indicators, explaining that to flourish in the current economic climate, industry leaders and entrepreneurs must analyze their business strategies, set ambitious targets, and ensure good execution.
In his own words, “this was the driving force behind Rainoil’s investment in strategic assets, such as the ultramodern multi-product tank farms located in three places, with a total capacity of 150 million liters, the 8000 metric tonne (MT) Liquefied Petroleum Gas (LPG) Terminal in Ijegun-Egba, Lagos, a fleet of over 330 trucks, and a spread of approximately 180 retail petrol stations across the country.”
According to him, business leaders should brace themselves for disruption because as industrial gas disrupted the low-pour fuel oil market and LPG disrupted the dual-purpose kerosene market, electric vehicles are now disrupting the internal combustion engine market.
The Rainoil Boss also pointed out the growing mobility of customers and the need for enterprises to find, satisfy, and retain them. He encouraged business owners to remain in touch with the target market, understand the changing demands and preferences, as well as execute methods to give competitive compensation and non-monetary rewards to recruit the best individuals in a competitive market.