Global Tensions Highlight Managers’ Role in Anticipating Economic Shocks

The Nigerian Institute of Management (Chartered) has called for intensified planning and professional management practice to help organisations anticipate and navigate economic shocks.

The institute reiterated this at a press briefing ahead of its 65th anniversary and the unveiling of the anniversary logo, noting the call was necessary amid tensions disrupting global economies.

President and Chairman of the Council of the institute, Abimbola Ayuba, stated that an increasingly interconnected global economy means businesses and institutions can no longer operate in isolation from international developments.

He cited current volatility in the economy, characterised by rising fuel prices and increasing operational costs for businesses, noting, for example, that tensions around the Strait of Hormuz have created ripple effects across global supply chains.

He explained further that restrictions affecting the strategic maritime corridor have forced vessels to take longer alternative routes through the Indian Ocean and around South Africa before heading towards Europe, significantly extending shipping timelines.

“What used to take about 10 to 15 days may now take as much as 28 days. The extended journey inevitably drives up transportation costs and the overall cost of doing business globally.”

He noted that such developments highlight why managers must constantly monitor global trends and build systems that allow organisations to anticipate disruptions and adjust strategies quickly.

“To prepare our members for this reality, the institute focuses on making them forward-looking, monitoring global events, analysing possible scenarios and equipping them to take informed decisions,” he said.

Ayuba noted that the institute has spent decades building professional management capacity in Nigeria, providing advisory services, training programmes and research that help organisations understand the implications of global economic shifts and develop risk-mitigation strategies.

“Beyond capacity building, we have remained actively engaged in national policy advocacy, contributing professional perspectives to debates on governance, taxation and institutional reforms aimed at strengthening economic management,” he noted.

He said as part of the 65th anniversary themed “NIM @ 65: Celebrating National Impact of Management Excellence in Nigeria,” the institute will host an anniversary colloquium in August 2026 focusing on strengthening institutional governance in an evolving economy, alongside a groundbreaking ceremony for its proposed Management House in Alausa, Ikeja.

“This celebration also offers us an opportunity to reflect on our impact in developing professional managers who continue to shape leadership and strengthen organisational performance across Nigeria’s public and private sectors,” he said.