Nigerian Institute of Management Day: Deficit spending is what kills businesses- Karmah

By Joel Grandball & Omamuzo Efidhere,


Resource person at the Nigerian Institute of Management day lecture, Emmanuel Karmah has stated that deficit spending is what kills most businesses in Nigeria, charging them not spend more than what they make.


“It is all about embracing and applying modern technology and be customer friendly and know the nature of the type of business they would want to engaged themselves with if they want to thrive and be successful.


Speaking on the occasion to mark ‘Annual Management Day Lecture’ by the Nigerian Institute Management, NIM, Ughelli chapter, with the theme: Managing Business into Future, Karmah held that most business owners of today are struggling because they are still adapting to the old strategies leaving behind the modern technology that is being applied to manage businesses.


He said, “Today we live in a time of rapid change where products and services often become obsoletes overnight because processes and business models are reinvented by disruptive technologies and business owners are to move from one of the supporting roles that create efficiency that will increase effectiveness”.


According to Karmah, Business owners who seek out new opportunities and deliver them can help to redefine their own business into what it needs to be for the future and the ability to work with people and technology will increase the influence of business because staffs are now sitting in the center of innovation to incorporate more artificial intelligence in the work place with owners who are emotionally intelligent”.


On his part, chairman of Nigerian Institute of Management, NIM, Ughelli chapter, Delta branch, Mr. Anthony Mokwenye said, “Celebrating the World Management Day by NIM on November 19 every year is for the purpose of promoting the ideas and standard of management practice because there is no organization without management.


“Management is universal and found in every field of endeavor because man by nature is a manager. This year’s theme is basically to look at the idea of succession of businesses because most businesses in Nigeria today are victims’ situations where you see a business doing well, and when owner is gone, it crumble. We are here to let business and intending owners to know that, they must plan about how their various businesses will succeed after they have gone.


“They should think about how their businesses will thrive in the future even while are gone because it their legacies”.  Nigerian Institute of Management is a non- profit institution that defines required skills as standard of professional managers that was founded in 1961 in Lagos with so many chapters and branches. And the Ughelli chapter, Delta branch meets every third Saturday of the month at Kowa clinic conference room”. He said.

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