ROBUST RESPONSE TO TENTATIVE BUSINESS MODELS IN NIGERIA: ADDRESSING THE CHALLENGES OF DOMESTIC PRODUCTION AND DOMESTIC CONSUMPTION

Emma I. Okoye (eik.okoye@unizik.edu.ng) and Ugochukwu J. Nwoye (uj.nwoye@unizik.edu.ng)
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Emma I. Okoye: Unizik Business School, Postal: Nnamdi Azikiwe University, Awka, Nigeria.,, https://journal.citn.org/
Ugochukwu J. Nwoye: Department of Accountancy, Postal: Nnamdi Azikiwe University, Awka, Nigeria.,, https://journal.citn.org/

Journal of Taxation and Economic Development, 2021, vol. 20, issue 2, 77-93

Abstract: Despite the nation’s slow paced economic resuscitation successes being recorded in the post COVID- 19 pandemic lockdown phase, the untamed and deteriorating habit of Nigerian leadership to foreign loans and consequent mismanagement of scarce financial resources as fueled by corruption has no doubt become an inevitable threat to the nation’s economy, security and its nationhood existence. The after-effect is a poor revenue generation challenge that has continued to worsen since second quarter of 2015 as import which clearly indicates poor domestic production and domestic consumption skyrockets annually on the economic radar of Nigeria, leading to further strangulation of few existing domestic industrial operations in the country. The consequences have been a geometric rise in food insecurity, price hikes, and severe hunger among the polity. As a result, incidence of terrorism, banditry, the sit-at-home weekly event in the South East, and protest by separatists across the country has continued to witness persistent rise thereby posing severe threat to productive farming, economic and business activities across the six geopolitical zones of Nigeria. Deploying a descriptive approach, the study expressly evaluates sensitive challenges facing businesses in the uncertain and unhealthy business environment prevalent in the COVID-19 pandemic era in Nigeria, with extant emphasis laid literally on feasible robust responses that could be embraced by businesses in Nigeria in their bid to sustain their business continuity image and boost their competitive advantage in the unsafe and tight business environment in Nigeria. Conceptualized schematic business frameworks and widely recognized current statistics were effectively utilized and evaluated to maximally portray realistic opinions that readily serve as practical models for businesses to employ in their effort to survive in the country’s ever changing business environment. The study concludes by proposing possible actions (way forward) for policy development purposes towards salvaging the prevailing unfavourable situations engulfing Nigeria businesses and its business environment.

Keywords: business frameworks; corruption; domestic consumption; domestic production; financial resources mismanagement; foreign loans; poor revenue generation; uncertain business environment. (search for similar items in EconPapers)
Date: 2021
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