How to Recover Faster from the Economic Impact of Covid-19😷

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Covid-19 has impacted regions around the world economically and in particular the blow on African nations has been simply devastating. Healthcare systems have also been put to the test. Prior to Covid-19 the rate of economic development on the African continent was steadily rising. In fact 6 of the top 10 fastest growing economies in the world were African. Covid-19 sent a shockwave through the systems and today, leaders on the continent are working hard to pick up the pieces while figuring out the best path forward for a sustained recovery.

Whether you are in Africa or anywhere else around the world here are 5 tips on how to recover faster from the economic effect of Covid.

  1. Do not dwell on what you lost but focus instead on what you have left: As we all attempt to move forward it is very important to shift as quickly as possible from focusing on what was lost to taking inventory of the resources still available to rebuild. When we focus too much on the past year it may become crippling for many. To achieve some form of progress a mindset shift is important so that we can then marshal support and energy needed towards building for the future.
  2. Embrace Technology: The rate of technology adoption has increased and so also a rapid rate of innovation to help humans adapt to the "new normal". Those who embrace technology and innovation would not only race into the future successful but also secure their place and relevancy. Those who are still stuck in the past and wondering if and how to develop or implement their digital strategy would be left behind. Prioritize leveraging technology to capture emerging trade and investment opportunities. Also consider having a "Digital first" mindset for any future projects and initiatives.
  3. Build Bigger & Better: If we rebuild exactly what we had before then we have learnt nothing from 2020. This very moment offers us all a clean slate. Technically you have nothing to loose so why not build bigger and better? This is the time to make bigger bets and make bolder moves in launching into the future. It is time to Build bigger, Build Better, Build Cheaper; The labor and resources you need to achieve your economic goals have now been released and more readily accessible. This is the window for African nations to push forward with their economic agendas as well.
  4. Create Maximum Value in the Marketplace: Great competition in the marketplace also means that consumers now have more choices and higher expectations. Businesses and regions who bring the most value have a better chance of securing the most trade and investment opportunities. Again this is not a time to play safe. Those who stay on the sidelines will loose ground. Create maximum value for those you are serving and go over and beyond for your customers because if you do not do it others will. There are many more vying for the attention of the same pool of customers, travelers (tourism), partners etc.
  5. Prioritize Export Development and Investment Promotion: It is time to assume that no one knows you or what you have to offer the world. Focus on reintroducing your region, business or brand in the marketplace. Your customers have changed over the past year and so have you.... African nations must prioritize growing Exports both within Africa under the African Continental Free Trade Agreement (AfCFTA) and beyond...

-- This week I join Africa's Presidential Leaders, Ministers and Business Executives at the high profile ASWAN Forum hosted by the Government of Egypt under the auspices of H.E. Abdelfattah el-Sisi, President of the Arab Republic of Egypt which kicked off today in hybrid format

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I look forward to speaking on "Harnessing Trade for a Peaceful and Prosperous Africa". Also on the panel which I'll be speaking on are:

  • Alan Wolff - Deputy Director-General World Trade Organization (WTO)
  • Ali Giddo Adam - Minister of Trade and Supply Republic of Sudan
  • H.E. Ambassador Albert M. Muchanga - Commissioner For Economic Development, Trade and Industry African Union Commission
  • Ahmed Abdel-Latif - Director-General Cairo International Center for Conflict Resolution, Peacekeeping and Peacebuilding (CCCPA)
  • Wamkele Mene - Secretary-General African Continental Free Trade Area (AfCFTA)

  • Find out more about the ASWAN Forum here - https://www.aswanforum.org/list-of-speakers

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    -- Tomorrow on my weekly #live show I will host the Deputy Director and Regional Coordinator - Nigeria Export Promotion Agency (NEPC). Join us at https://www.nazaru.tv

    --- Toyin Umesiri is the CEO of Nazaru LLC., the Founder of the Trade with Africa Business Summit and serves as Business Coach and Adviser to Retail & International Trade Stakeholders around the world. For business and support inquiry email: info@toyinumesiri.com


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