Elusakin Proffers Solutions to Economic Challenges in Logistics - THE BUSINESS PACKAGE

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Friday, January 31, 2025

Elusakin Proffers Solutions to Economic Challenges in Logistics



The Chief Executive Officer of Pomegranate Nigeria Limited, a leading logistics and supply chain management company based in Lagos, Nigeria, Mr. Wole Elusakin, has emphasized the need for the government to implement policies that support entrepreneurial growth and address the challenges facing the logistics industry.

Speaking with journalists in Abeokuta on the impact of economic challenges on the logistics sector, Elusakin noted that economic instability, including inflation, currency fluctuations, and recession, poses significant challenges to businesses in Nigeria.

"To navigate these challenges, businesses must diversify their revenue streams, maintain a lean cost structure, and prioritize investments in technology and process improvements," Elusakin said.

He emphasized the importance of strategic partnerships, digital transformation, and cost-effective solutions in mitigating the impact of economic downturns on businesses.

Elusakin advised businesses to prioritize accounts receivable and payable management, maintain a cash reserve, and explore alternative financing options to manage cash flow and maintain liquidity during periods of economic uncertainty.

The logistics expert also highlighted the critical role logistics companies play in supporting economic growth and development in Nigeria.

"Logistics companies contribute to job creation, infrastructure development, trade facilitation, and supply chain efficiency," he noted.

When asked about balancing cost-cutting measures with investments in growth initiatives during economic downturns, Elusakin emphasized the need for a balanced approach.

"Businesses must prioritize operational efficiency, digital transformation, and strategic partnerships while maintaining investments in growth initiatives to ensure sustainability and competitiveness."

Elusakin stated that policymakers and business leaders should work together to navigate the challenges of economic instability, particularly at a time when the Nigerian government is seeking ways to boost economic growth and support entrepreneurial development.

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