A professional business group, Turnaround Management Association of Nigeria (TMA), has attributed inflation and high interest rates as some of the factors responsible for the number of dying businesses and companies in the country.
The President of the association, Mr Dele Bello Williams, made this known in Abuja during the end of year dinner and award ceremony of the association with the theme: “Repositioning Depressed Enterprises For Economic Viability: The Role Of Turnaround Management”.
Williams described the current business environment as challenging, stating that a lot needed to be done to turn them around and bring them back to productivity through the government’s intervention and expert enlightenment programmes and sensitisation.
He said, “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.
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“Companies are collapsing, and even market women are now finding it difficult to sell their goods at reasonable prices. These are things that can be fixed if people have the right information and take the right actions on time.”
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