A Business Professional Group, Turnaround Management Association of Nigeria, TMA, has attributed inflation and high interest rates for financing of business operations in Nigeria as some of the factors responsible for the numbers of moribund businesses and companies in the country.
The President of the Association, Mr Dele Bello Williams made this known in Abuja during the End of the Year Dinner and Award Ceremony of the Association with the theme “Repositioning Depressed Enterprises For Economic Viability – The Role Of Turnaround Management “.
Mr Williams who described the current business environment as challenging stated that a lot needed to be done to turn them around and bring them back to productivity through Government’s intervention and Experts enlightenment programmes and sensitization.
“Many businesses are struggling to survive in Nigeria and some of the reasons include, high interest rates for financing of business operations and we also have inflation as a result of the exchange rate situation that has now made production almost impossible, companies are collapsing and even market women are now finding it difficult to sell their goods at reasonable price to people and these are things that can be fixed if only you of you have the right information and take the right action on time before the situation get this bad “. He explained
According to him, TMA is like a Doctor that can help business men and women to prevent their businesses from going moribund by taken the right steps and decisions early.
The President of TMA stressed the need for the Federal Government to create transparency in the banking sector and ensure professional regulations towards revamping most of the ailing businesses in the country.
Mr Williams who noted that Government do not create jobs or run business successfully except the private sector stressed the need for the provision of both physical and financial Infrastructure towards enhancing national economic development.
“That’s what we have been telling the Government that if the companies are well capitalized and banks are well regulated to provide necessary information to their customers and Association like TMA that is trying to help them may be more people will go into critical area of business like farming, education where people are refusing to go to because everybody wants to be an Importer and Exporter even now that itself is a big problem ” He emphasized
The President of TMA added that the Association in year 2024 would address the issue of non performing loans and how to reduce it by helping the Companies to do better so that they can start paying their loans as well as to limit the risks associated with bringing money into nigeria from outside the country.
Also speaking, a Member of the Association, Mr Ndubuisi Elechi Onye called for more measures in Nigeria fo prevent companies from going into liquidation to avoid job losses and national economic setback.
He advised business operators in the country to always avail themselves of necessary information and Expert advice on ways of boosting their businesses for national economic development.
Other Stakeholders at the event called for more conducive environment that would make business activities to thrive in Nigeria.
They also stressed the need for the abolition of double taxation and provision of interest free loans for business organizations and companies in the country.
Highlight of the occasion is the presentation of Awards to six members of the Association who have qualified and certified as Turnaround Analysts.
