Emergence of risk culture and lean culture in Nigeria during pandemic and crisis era: Using confirmatory analysis

Abstract

This research focused on the emergence of risk culture and lean culture in Nigeria during pandemic and crisis era. The study adopted correlation research design and time horizon of cross sectional design with data generated from dealers in the six geopolitical zones in Nigeria on confectionery goods that are the most enterprising entrepreneurs. The study used systematic sampling and non-proportionate stratified random sampling techniques. 540 copies of questionnaire were distributed to the respondents and 497 copies were completed fit for further analysis. The content validity was used for validating the instrument, while the internal consistency reliability was achieved using Cronbach Alpha technique. The reliability coefficient analysis was risk appetite (α =0.821), risk tolerance (α=0.829) and client-focused purpose (α=0.799). The synchronization of the principal component was confirmed using Kaiser-Meyer-Olkin (KMO) of (0.904)/(0.861) and Bartlett's Test matching approx. chi-square (5763.988)/(2158.608) at 0.000 null hypotheses respectively were rejected. Furthermore, Pearson Product Correlation Co-efficient was introduced to test the two hypotheses via SPSS 25 version. From the findings, emergence of risk culture influence lean culture positively. In conclusion, risk appetite and risk tolerance revealed significant influence the client-focused purpose of confectionery goods. Based on the findings and conclusion, this study contributes to the knowledge that Kaizen Culture formed a formidable force applicable to the micro and macro enterprise that influences client-focused purpose, also emergence of risk culture and lean culture synchronization is transformation tool for every enterprise to pursuit her vision and mission. It could be recommended that Risk tolerance should has short-term metrics drawn from the long-term of risk appetite dashboard to avoid deviation from specific goals and corporate objectives.