Correct adoption and implementation of turnaround administration ideas is essential to reviving moribund property and restoring Nigeria’s financial vitality, stakeholders have stated.
This was the consensus on the annual convention of the Turnaround Administration Affiliation (TMA) Nigeria, organised in partnership with the Konrad Adenauer Stiftung in Lagos, with the theme “Reviving Moribund Belongings – The Position of Turnaround Administration in Nigeria’s Financial Restoration Technique.”
Steve Ogidan, Chapter President of TMA-Nigeria, redefined turnaround administration as a strategic software for nationwide prosperity amid world disruptions and home challenges. He famous that turnaround administration, when correctly applied, can remodel distressed enterprises, protect jobs, strengthen provide chains, and construct administration capabilities for sustainable development.
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“In an period characterised by unprecedented world disruptions and chronic native financial challenges, turnaround administration emerges not merely as a disaster intervention software however as a strategic crucial for nationwide financial prosperity,” Ogidan stated. “When correctly applied at scale, it could actually rescue viable enterprises, create resilient enterprise fashions, and catalyse long-term development.”
Ogidan added that turnaround administration gives greater than only a lifeline for struggling corporations however represents a mindset and functionality for lasting transformation. “Turnaround administration is greater than a enterprise self-discipline; it’s a mindset, a functionality, and a pathway to prosperity,” he acknowledged.
Additionally talking, Cynthia Ofodile, Govt Secretary of TMA-Nigeria, stated the affiliation is dedicated to cultivating and selling the occupation of company renewal and alter administration in Nigeria. She emphasised that sustainable restoration requires collaboration and shared function.
“We recognise that sustainable restoration can solely be achieved by means of partnership and shared imaginative and prescient. Collectively, we will redefine the way forward for company renewal in Nigeria, and collectively, we will flip setbacks into success tales,” Ofodile stated.
The 2025 convention introduced collectively turnaround professionals, banking sector representatives, SME stakeholders, policymakers, and improvement companions to discover sensible approaches to reviving non-performing property.
Adamu Gambo, Vice President (North) of TMA-Nigeria, stated throughout a panel session titled “Reviving Moribund Belongings for Financial Development: The Position of Turnaround Administration,” that Nigeria’s industrial capability utilisation presently stands at about 55%. He cited knowledge from the Financial institution of Trade estimating that over N2 trillion value of property within the manufacturing sector are non-performing.
“These usually are not simply statistics,” Gambo defined. “They symbolize factories with silent equipment, warehouses stuffed with unsold stock, and communities with out financial exercise. However inside this problem lies an incredible alternative. If we may revive even 20 p.c of those property, we may create lots of of 1000’s of jobs and strengthen our industrial base.”
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Victor Dickson, Chief Govt Officer of Fast Tasks Ltd., highlighted weak managerial capability as a significant trigger of business collapse in Nigeria, stressing that entry to finance alone can’t assure enterprise success.
“Many companies assume that capital is their fundamental problem,” Dickson stated. “However the true drawback is administration. A turnaround supervisor should assess not simply technical capability but in addition the operational and management power to deal with development sustainably.”
