TMA Pushes For Technology-driven Growth In Nigerian Businesses

The Turnaround Management Association (TMA) Nigeria has reinforced the crucial role of technology in fostering business development and corporate recovery in the country.

In his inaugural address in Abuja, the newly- appointed president of the association, Dr. Steve Ogidan, stressed that the strategic deployment of technological innovation is indispensable to navigating Nigeria’s challenging economic landscape.

Dr. Ogidan outlined a comprehensive vision for the association’s future, emphasising that TMA Nigeria will prioritise the use of cutting-edge technology to help businesses mitigate risks, recover from crises, and build resilience.

He pointed out that the COVID-19 pandemic, coupled with ongoing economic volatility, has underscored the importance of turnaround management in sustaining business continuity.

“As the world continues to grapple with economic uncertainties and the ripple effects of the pandemic, organisations must leverage technology to adapt and survive. Turnaround management has proven its efficacy in guiding businesses through crises and positioning them for sustainable growth,” Ogidan stated.

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Highlighting the critical role of the oil and gas sector in Nigeria’s economy, Dr. Ogidan noted that effective management of domestic petroleum refining could lead to significant cost reductions.

He pointed to the Dangote Refinery as a pivotal project, emphasising that a steady supply of local crude oil could reduce fuel prices by as much as 35 per cent, eliminating the heavy costs associated with importing refined petroleum. Ogidan also advocated for the rehabilitation of Nigeria’s refineries as a strategy to reduce the nation’s dependence on imported fuel.

“TMA is a global leader in business turnaround and corporate renewal, with over 10,000 members across 54 chapters worldwide. In Nigeria, we remain committed to upholding the highest standards of professionalism and ensuring that businesses are equipped with the necessary tools to navigate these turbulent times,” Ogidan remarked.

As part of his strategic plan for TMA-Nigeria, Dr. Ogidan outlined several key initiatives focused on capacity building, professional development, and fostering collaboration between the public and private sectors. He underscored the need for innovation and technology-driven solutions in turnaround management, noting that these would be central to supporting industries struggling to recover from the pandemic and other economic challenges.

Dr. Ogidan reaffirmed TMA Nigeria’s commitment to helping businesses harness technology to enhance efficiency and resilience in the face of global and domestic challenges. He emphasised that under his leadership, the association would continue to provide strategic guidance to ensure businesses can thrive in even the most difficult circumstances.

The immediate past president of TMA, Dele Bello Williams, expressed confidence in Dr. Ogidan’s ability to lead the association during this critical period. He praised Ogidan’s leadership qualities and called on TMA members to support him in advancing the association’s mission to foster business recovery and growth in Nigeria.

In recognition of his leadership, Williams was honoured with an award for his service during his tenure.