OPERATIONS MANAGEMENT AND ITS CRUCIAL ROLE TO STABILIZE THE NIGERIAN ECONOMY
Abstract
This study examines how operations management (OM) is important to Nigeria’s economic development. OM allows the capacity of technology to minimize resources, optimize processes, and enhance development, which, in turn, increases productivity, competitiveness, and sustainability of the economy in several sectors. Effective OM overcomes such barriers as inadequate infrastructure, a lack of market maturity, and excessive costs using corrective resource management methods and the use of lean production techniques. The streamlined theme in resilient supply chains, among others, involves effective inventory management, logistics optimization, and strong supplier relationships. TotalQualityManagement (TQM) and Theory of Constraints (TOC) are meant to provide customers with high-quality production and find out the structure that slows down production. Investment in infrastructure developments and maintenance plays a key role in the overall health of OM. Through the introduction of a circular economy model, OM accomplishes a reduction in waste disposal, optimum utilization of available resources, and further technological developments. Much of this is due to its role in chatting up jobs as well as add-ons that are employed to beef up industries through skills development and effective operations. Itis an economic growth catalyst to the extent that it sparks business growth and enhances economic output. Strategic achievement involves national economic objectives, environmental studies, and business operations to achieve the stability of the country's economy. As a cornerstone of a healthy Nigerian economy, OM provides an opportunity through which transition to an efficient, innovative, smart, and sustainable economy, improvement of infrastructure and reliability of supply chains, facilitation of investment, and creation of job opportunities are ensured.
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