Strategic outsourcing and corporate performance of quoted insurance firms in Nigeria

Purpose: This study is aimed at determining the effect of strategic outsourcing and corporate performance of quoted insurance firms in Nigeria Research methodology: The study adopted a survey research design because it is suitable and ideal for assessing how effective outsourcing strategy affects the corporate performance of insurance firms in Nigeria. With a population of 720 staff from three quoted insurance firms in Nigeria, using Yamane's formula, a sample of 260 respondents was selected. Multiple regression was used to test the hypotheses that were developed at a significance level of 0.05 percent. Results: The study unveiled that outsourcing has evolved into a helpful strategy and weapon for corporate organizations, particularly for Nigerian insurance companies that are constantly looking to improve their corporate performance in the financial sector. Limitations: This study is limited to quoted insurance firms in Nigeria as of December 2021; hence, the result may not be universal to other excluded categories.  It is expected that further studies should cover all the insurance firms in Nigeria with variables like comprehensive and ICT outsourcing strategies on the operational efficiency and profitability of insurance firms in Nigeria. Contributions: To leverage the services of other organizations and professionals outside of their core competencies for operational effectiveness and efficiency, corporate organizations in Nigeria, especially those in the financial sector, should incorporate strategic outsourcing into their corporate culture

The Nexus between Family Enterprises and the Sustainable Growth of Small and Medium-Sized Businesses in Nigeria: A Critical Review

The interplay between Family Enterprises (FEs) and Small and Medium-Sized Businesses (SMBs) in Nigeria holds crucial implications for sustainable growth in the evolving global business landscape. This in-depth analysis explored the intricate interplay between these two separate yet interlinked entities. Family-led enterprises and small and medium-sized businesses (SMBs) stand as pivotal catalysts for economic progress, fostering innovation, and fueling the growth of employment opportunities. While family-owned SMBs contribute significantly to Nigeria's economy, their unique dynamics, including succession planning challenges, familial conflicts, and attachment to tradition, can hinder sustained growth. Effective succession planning requires clear guidelines, open communication, and structured processes to navigate conflicts and ensure seamless transitions. Balancing familial ties with professional management necessitates well-defined governance structures to enhance decision-making and transparency. Access to finance remains a key obstacle for SMBs in Nigeria due to limited credit options, high interest rates, and collateral requirements. Moreover, resistance to innovation within family-owned SMBs can hinder adaptation to changing market dynamics. Intensifying competition in Nigeria's SMB sector from domestic and international players underscores the need for family-owned businesses to embrace innovation and recalibrate strategies. To thrive in this competitive landscape, family enterprises must strike a balance between tradition and adaptability while leveraging their strengths and adopting best practices. Recommendations included developing clear succession plans, establishing transparent governance structures, collaborating with financial institutions, promoting innovation, and seeking strategic partnerships to navigate the evolving business environment. Understanding and addressing the nuanced relationship between family enterprises and SMBs are pivotal for fostering sustainable growth and economic development