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Economic recovery through a turnaround management of Nigeria’s idle assets has been recommended as one of the surest ways to revertalise Nigeria’s economy, as the country struggles to provide employment for 65 per cent youths of its 220 million population.
At a two-day conference that brought together financial leaders, policymakers, and turnaround specialists in Lagos to tackle Nigeria’s industrial decline, experts called for intentional strategies to reverse the abnormal situation.
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The conference, which was put together by Turnaround Management Association of Nigeria (TMA), in partnership with Konrad Adenauer Stiftung Nigeria (KAS), engaged financial institutions, investors, policymakers, and turnaround specialists to explore viable solutions for Nigeria’s economic revival.
The conference, themed: ‘Reviving Moribund Assets: The Role of Turnaround Management in Nigeria’s Economic Recovery Strategy’, focused on strategies to recover and rescue distressed companies and businesses across the country.
President of Turnaround Management Nigeria, Dr. Steve Ogidan, in his presentation on ‘Turnaround Management as a Tool for Economic Prosperity in the Face of Global Headwinds and Local Economic Uncertainties’, painted a sobering picture of the current business landscape, warning that “business as usual” is a recipe for failure. He cited alarming statistics, which showed that in Nigeria, 80 per cent of small and medium enterprises fail within five years.
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He referenced a recent Bank of Industry Environmental, Social, and Governance (ESG) report launch, where panelists emphasised that businesses are increasingly evaluated beyond profitability.
“Social responsibility is shown to be crucial, as profits follow ethical practices sustainably,” he noted.
Describing the challenges facing Nigeria as multifaceted, Ogidan said: “Manufacturing utilisation hovers around 55 per cent, non-performing loans exceed N1.3 trillion, and youth unemployment surpasses 33 per cent. With over 65 per cent of Nigeria’s 220 million population under 40, there is abundant energy and opportunity. The key concern is whether industries can absorb this workforce.”
Ogidan who advocated for a philosophical shift, said: “The philosophy of turnaround management sees crises as opportunities for transformation. Applying these principles systematically across Nigerian enterprises can convert challenges into unprecedented economic growth.”
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Rather than allowing struggling companies to be taken over, he proposed revamping management and installing better leadership teams to drive turnarounds.
In his goodwill message, Director General of Kano State Investment Agency, Nazir Halliru, announced Kano State’s readiness to collaborate with stakeholders to revitalise the state’s moribund industries. He disclosed that the agency recently conducted a comprehensive geo-mapping exercise that identified over 1,000 inactive industries out of approximately 3,600 in the region.
Halliru revealed that the state governor, Alhaji Yusuf has expressed his willingness to work with stakeholders and the Bank of Industry to breathe a new life into these assets to stimulate economic growth, job creation, and community development while addressing insecurity challenges.
During a panel session moderated by Vice President TMA North, Alhaji Adamu Abdulqadir Gambo, panelists critically examined how to revive moribund assets for economic growth in Nigeria.
Gambo presented stark statistics: “According to recent data from the Manufacturers Association of Nigeria, industry capacity utilization hovers around 55 per cent, meaning nearly half of the current productive capacity remains idle. The Bank of Industry estimates that non-performing assets of manufacturers amount to about N2 trillion. Thousands of SMEs that once contributed to employment and GDP now sit dormant or operate below potential.”
Responding to questions about non-performing loans, a panel of experts—Dr. Victor Dike of Quick Project Limited; CEO of Fingertips Enterprise Development Partners Limited, Dr. Haggai Gutap, and Managing Partner at Into Consult, Dr. Naomi Omoduemuke, offered critical insights.
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Dike emphasised that the statistics on non-performing loans kept evolving, but a key issue among MSMEs is management capacity. He stressed that turnaround managers must assess whether a business has the capacity to handle increased funding effectively. “Managing N50 million effectively differs significantly from managing N2 billion. Capacity building and discipline in running businesses are crucial to reducing failure rates,” Dike said.
Gutap added a microfinance perspective, noting that NPLs in that sector can be even larger than those held by the Bank of Industry. Borrowers often perceive funds as government grants, leading to a lack of repayment discipline. He urged financial institutions to focus on “educating borrowers about proper fund management” to enhance repayment rates and sustainability.
Omoduemuke highlighted cultural factors impacting business success, particularly favoritism in hiring unqualified family members into key positions, which threatens organisational stability. She emphasised that timely seeking of expert help is critical, and “staying ahead of trends like social media is necessary to avoid being left behind.”
The panel also acknowledged the positive impact of fintech platforms like OPay and MoneyPoint in reducing transaction times and improving financial inclusion, even though some risks remained.