Thursday, July 29, 2021

    Expert urges organisations to embrace changes in global ecosystem

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    Lagos, July 14, 2021(NAN) Dr Ayo Teriba, Chief Executive Officer, Economic Associates, has urged organisations to embrace the fast-paced changes in the evolving global ecosystem to engender wealth creation.
    The renowned economist gave the advice at a Nigerian Institute of Management Chartered (NIM) event on Thursday in Lagos, themed: “Celebrating 60 Years of Management Excellence: Poised for More!”
    Teriba said that such step was necessary with the world transiting from being export-manufacturing-centric to a service-knowledge-centric ecosystem.
    He said that the evolving ecosystem of global wealth creation had led to the fragmentation of global trade and a new wave of global deal making.
    The economist said it had resulted in growing wave of innovations and the strategic importance of migration.
    According to him, the evolving ecosystem has seen growing trade in intangibles
    — ideas, knowledge, know-how, services and the global hunt for high self- worth and net-worth migrants.
    Teriba said fragmentation of global trade showed declining output and exports of manufacturing and industrial goods, increasing Trade in Value Added (TIVA) and Globalisation of Value Chains (GVCs).
    To this, he advocated the preservation of wealth in the face of fast-paced, pervasive, and disruptive technological advancements.
    He said there was also need for the optimisation of wealth portfolio as financial-globalisation outpaces and envelopes real globalisation.
    The economist urged the exploitation of technological innovations, human capital, and global liquidity to unlock the wealth of nations — corporate, fiscal, monetary, financial, physical, intangible — and unleash latent growth energies.
    “At the global crucible, the race for rapid technological innovations, global talent and global liquidity is redefining what is tradable and opening new types of gains from trade — TIVA and GVC.
    “The subnational impact points should be on how to exploit technological innovations, human capital and global liquidity to enhance the wealth of states, cities, and townships with possession-based, place-based, product-based, and people-based strategies.
    “Sectoral impact points should be on how to exploit rapidly expanding techno-economic possibilities frontiers by synchronising adoption of emergent technologies across techno-business, techno-social, and techno-political spheres.
    “Only countries with diaspora-friendly and/or investor-friendly policies are now attracting large enough capital inflows to underpin domestic liquidity, stability, inclusive and diversified growth, full employment, shared-prosperity, and national cohesion,” he said.
    Mrs Patience Anabor, President, NIM, in her remarks, said that the Institute, in the past 60 years, had done well in fulfilling its mandate by bequeathing an enduring professional management practice to the nation.
    Anabor said the institute had successfully delivered professional management, capacity building, consultancy, re-engineering and human capital development solutions to organisations.
    She said the institute had provided these to organisations in public and private sectors locally and internationally.
    Anabor said that the NIM had also provided workable roadmap to government in solving issues of governance through its numerous public advocacy programmes and activities.
    The NIM President said in its journey towards the next 60 years, the institute would deploy the best means of getting things done.
    She said it would work smart to achieve the right result for the benefit of all its stakeholders to perpetuate its tradition of mutually-beneficial relationship.
    “The Institute is 60 years and it is a very big deal, worth celebrating in more ways than one, and to this end, there has been a flurry of activities which have been taking place prior to today’s lecture.
    “These include the unveiling of the 60th anniversary logo and jingle, visit to an orphanage and an old people’s home, culminating in today’s anniversary lecture holding, to be rounded up with a luncheon on Saturday, July 17.
    “Since the core mandate of the institute is capacity building, especially in the areas of management and leadership development, the institute has been in the forefront of capacity building in the critical sectors of the nation’s economy.
    “With about 200,000 individual and 400 corporate membership strength across all professions made up of high net worth professionals and blue chip organisations, NIM has grown to become the foremost, largest and biggest multidisciplinary professional management institute in Africa.
    “We recognise the sacrifices of our founding fathers, both living and dead, who devoted their time, thinking, talent and treasure to establish and nurture the institute to the enviable height, image and recognition it is enjoying today,” she said.

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