Business executives have been learning how to navigate from what experts called red ocean to blue ocean environments. The aim is said to be to achieve safety, survival, growth, and sustainability.
The strategy was unveiled at the second edition of the ‘Garden City Business Breakfast’ series by Baba Yusuf, a strategist and policy advisor, who is the Group CEO, Global Investment and Trade Company (GITC). He was the first substantive MD/CEO of the first Airport Free Trade Zone in Nigeria (the Nigeria Aviation Handling Company (NAHCO) Free Trade Zone (NFZ) in Lagos.
He has also been effective in developing and deepening business, professional, and political relationships with stakeholders across diverse economic sectors, political environments, and high-level functionaries in the public and private sectors in Nigeria, and countries across Africa, the gulf countries of the Middle East, and other parts of the world.
Yusuf was assisted by panelists made up of professors from some universities including Tubo Okumoko of the Niger Delta University in Wilberforce Island in Bayelsa State, Debii Nwiado of the Rivers State University of Education, and Waribugo Sylva from the University of Port Harcourt.
Miebi Ugwuzor, another associate professor from the Niger Delta University in Bayelsa State, brought in perspectives on how Nigerians can shift their focus away from corruption. She also showed how odd it could be if the government says the budget is working but the people say they are dying of hunger.
Red ocean, blue ocean analogy:
Yusuf, the strategist and management expert, as guest speaker on the theme: ‘Harnessing Quick Wins and Opportunities for Businesses and Non-Profit Organizations’, showed the quick wins in the budget for businesses. He pointed to collaboration as driver of most businesses including the Nigerian aviation industry where he said funds were urgently needed.
Explaining ways to get quick wins, he mentioned outsourcing and shared facilities with other strategies. He used the Nigerian aviation industry as illustration and said collaboration and recapitalization were needed. He said it would force things to work and talked about tail force versus horse power concept, saying the industry needs horse power force to surge and rise.
He harped on the weaknesses of the 2025 budget and said the greatest challenge is de-alignment between monetary and fiscal policies, the nexus being fiscal discipline. He said: “Your income must not be swallowed by expenditure.”
He said cost cutting is not same thing as cost efficiency and cost containment. He said sometimes, Nigerian budgets record over 300 leakages. He said innovation is key, giving example of how a driver with the CEO of one of the early telecom companies suggested the innovation (umbrella recharge card sales) that brought a big revolution in the industry and wiped off large crowds at places waiting to buy cards.
Explaining the red ocean-blue ocean analogy, Yusuf told BusinessDay in an interview that he was trying to help the participants understand the difference between ‘blue ocean’ strategy and red ocean (or the conventional) strategy. “The conventional strategy (red ocean) for the sake of analogy, refers to the competitive strategy or eating from the same pie. So, I gave the analogy of people fighting themselves in the high sea just to survive. It is to create the imagery of sea pirates preparing for battle at sea to grab what they could.
“So, any time there was battle at the sea, the water turns red. That signifies fierce competition, toxic competition, people trying to scoop from the same plate, people trying to protect their plate and others trying to snatch it from them. That is an analogy of competition from a business or an economy perspective.
“Now, where blue ocean strategy comes in is about seeing competition differently, it’s about value innovation, value recreation, disruptive entrepreneurship, creating something new; products and services. This way, you change the game, and you now move away from that competition where everybody is trying to grab from each other to a safe distance where the water is still blue; meaning a new value somewhere where there is less competition.”
He reemphasized the challenges of the 2025 federal budget which he said is not insulated from the global economic realities. “Out of what I shared with them, is how they can continue to exist despite the challenges, then grow, then be sustainable. To that extent, I talked about the tools to latch on to the opportunities that have presented themselves in the situation such as government policies and the things that have opened up around them. Also, within the organisations, to also to do some things that would help them stay afloat nationally and internationally. We talked about cost containment as against cost cutting. For those finance people, we don’t cut cost but contain.
“I also talked about creating new businesses, new products and services. This is another way of remaining ahead or above waters or even growing because you cannot continue to stay stagnant.
I mentioned the need for businesses to key their financial plans to the overarching budget of the country, otherwise, the policies of the country can affect your company’s plans because budget is a critical instrument of certainty, but some organisations look at it differently. Some think budget is just another annual number gamut isolated from actuality and certainty. You must have a budget that keys into one to three years (medium term plan) of the government, then you continue to grow. You can always review your budget based on socio economic scenarios and realities.”
Yusuf commended the Garden City Premier Business School for initiating the business breakfast series saying that is what business schools should be doing, not just about classroom teaching. “Now, they are talking about adding value to business community and the economy. I look forward to more session coordinated by the Garden City Premier Business School. I expect other business schools and institutions to also borrow from this initiative. It will bring people to the consciousness of the mechanics and dynamics of the economy and business environment. It will help them to grow and to practicalise what they have learnt in the classrooms, for those that are in school. For those conducting businesses, take what I call the nuggets of life and survival.”
The panelists brought their perspectives into how businesses can gain from the budget. Okumoko of NDU commended the guest speaker, but urged businesses to look at the areas of major allocations such as agriculture. He however pointed at some provisions such as debt servicing saying this could swallow the revenue. He also decried much corruption in the system fueling inflation. “Major problems of the economy must be solved. Agric sector must be boosted. We must look at economic tribulation. How do we find the strength to move.”
On hanging fruits, he pointed to agriculture that would supply raw materials to the economy and food processing such as sugar cane juice. He feared that insecurity and policy inconsistency were chasing away foreign investments.
Nwiado, associate professor at IAUE, also commended Yusuf but said most of the budget fundamentals were usually even faulty and become overtaken soon after. He lamented against massive corruption but pointed the German model of ensuring that funds from banks meant for SMEs were supervised by the lending banks’ CEOs. “But in Nigeria, a bank official sent to supervise an SME would rather make things very difficult for the borrower and may collaborate to stifle the loan to failure. Except a new mindset is developed, loans will never rescue Nigerian SMEs.”
He saw good opportunities from the Donald Trump policies and urged Nigerian CEOs to look in the areas such as drugs manufacturing and health sector, military supplies, etc, to make new revenues.
Adding his voice, Sylva of Uniport commended the business breakfast initiative in the Garden City but draw attention to the allocations which shows where action would be from the budget such as contracting (procurement). “There is need for corporate governance to succeed but corruption stifles budget objectives. There is need to recognize opportunities in the budget: Security sector, health, agric, human capital development. The CEOs must understand these sectors and interpret them; vehicles for movement of troops, uniforms, ICT, consumables, ballistics, plate carriers, barracks construction. Infrastructural projects such as rural roads, solar streetlights, health clinics, drainage clearing, etc.”
The business breakfast series is an initiative of the Garden City Premier Business School (GCPBS) founded by Silva Opuala-Charles, a professor of economics, ex-banker, finance expert, and former commissioner of finance in Bayelsa State.
The event and magazine launch were chaired by a renowned monarch, David Serena-Dokubo Spiff, a lawyer and the Amadabo of Ada-Ama of Twon-Brass.
In his opening remarks, Opuala-Charles, said the breakfast meeting serves as a platform to engage industry leaders in meaningful dialogue on policy issues that impact businesses in our current economic climate.
He said Nigeria’s economic journey stands today at a critical juncture and that the 2025 budget presents a significant opportunity to evaluate the existing challenges while also uncovering quick wins that can advance both the businesses of CEOs and non-profit organizations. “It is imperative that we come together as a collective of thinkers, innovators, and leaders to share insights and establish strategies for success.”
He explained that the agenda for the day’s event encompassed two main components: “First, our discussions centered on business and economic interests, and second, the launch of a new publication from the Garden City Premier Business School, The Transformation Digest.
“I am particularly enthusiastic about this launch. The Transformation Digest is designed to be a valuable resource, offering insights into the evolving business environment, innovative practices, and success stories that can guide our efforts. We believe that this magazine will foster a culture of collaboration and continuous learning among all stakeholders.
“Garden City Premier Business School, as Champions of Innovation Excellence, are not just teaching innovation but are practitioners with pedigree and duly walk their talk. As we teach students entrepreneurship with the accompanying capstone project, the school itself is commercializing its capstone projects.”
He said the event presented significant opportunities for networking, collaboration, and partnership—elements that he said were essential for thriving in today’s business landscape.
