A Professional Business Group, Turnaround Management Association (TMA), has called on the federal government to ensure a consistent policy regime that allows businesses to plan towards reducing the numbers moribund companies and businesses in the country.
The new vice president of TMA, Mr Ndubuisi Enechionyia, made the call while speaking with newsmen in Abuja on his plans of action for Turnaround Management Association (TMA).
Mr Enechionyia attributed the current inflation and high interest rate for financing of businesses operations in Nigeria as some of the factors responsible for the rate of business collapse in the country.
“Ailing businesses arise for a lot of reasons but those ones that worry me are the sudden shocks to the economy which catches a lot of businesses unaware and issues around exchange rates.
up production costs, increasing insecurity, inconsistent policies and difficult bureaucracy also worry me because getting and retaining the right manpower is also becoming a recurring problem for businesses,”he said.
According to him, the government needs to ensure a consistent policy regime that allows businesses to plan and put in place infrastructure like power, haulage enablers, and security, which has to also be addressed.
“We must find a solution around funding of industries in the productive sector particularly. and resolving the Nigerian industrial problem is an all hands on deck issue” Mr Enechionyia stated.
In his words,”TMA will leverage on our global presence to support businesses in business advisory, funding, training, expert manpower needs, global market access support and we will also sensitise the business environment to the advantages of collaboration, and seeking support at the right time whether it is to stop the organisation from dying or helping them get to higher levels.
“TMA is well formed in many jurisdictions and has helped in reversing the fortunes of many businesses.
It is this experience, body of knowledge and expertise that we bring to the Nigerian market and we will seek to collaborate with policy makers, banks, governments, businesses, trade groups and the press to ensure that we get our businesses back up.and running,” the vice president of TMA explained.
While stressing the need for effective public private sector collaboration in revamping the nation’s economy, Mr Enechionyia advised the government at all levels to look into issues of double taxation on small scale businesses and create a more conducive environment for business to thrive in Nigeria.
He added that for the country to achieve national economic development, attention must be paid to the growth of Small and Medium Enterprises, (SMEs) and encourage as well as promote the export of the nation’s non-oil commodities.
