Implementing turnaround management crucial for reviving moribund assets – Experts

Proper adoption and implementation of turnaround management principles is crucial to reviving moribund assets and restoring Nigeria’s economic vitality, stakeholders have said.

This was the consensus at the annual conference of the Turnaround Management Association (TMA) Nigeria, organised in partnership with the Konrad Adenauer Stiftung in Lagos, with the theme “Reviving Moribund Assets – The Role of Turnaround Management in Nigeria’s Economic Recovery Strategy.”

Steve Ogidan, Chapter President of TMA-Nigeria, redefined turnaround management as a strategic tool for national prosperity amid global disruptions and domestic challenges. He noted that turnaround management, when properly implemented, can transform distressed enterprises, preserve jobs, strengthen supply chains, and build management capabilities for sustainable growth.

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“In an era characterised by unprecedented global disruptions and persistent local economic challenges, turnaround management emerges not merely as a crisis intervention tool but as a strategic imperative for national economic prosperity,” Ogidan said. “When properly implemented at scale, it can rescue viable enterprises, create resilient business models, and catalyse long-term growth.”

Ogidan added that turnaround management offers more than just a lifeline for struggling firms but represents a mindset and capability for lasting transformation. “Turnaround management is more than a business discipline; it’s a mindset, a capability, and a pathway to prosperity,” he stated.

Also speaking, Cynthia Ofodile, Executive Secretary of TMA-Nigeria, said the association is committed to cultivating and promoting the profession of corporate renewal and change management in Nigeria. She emphasised that sustainable recovery requires collaboration and shared purpose.

“We recognise that sustainable recovery can only be achieved through partnership and shared vision. Together, we can redefine the future of corporate renewal in Nigeria, and together, we can turn setbacks into success stories,” Ofodile said.

The 2025 conference brought together turnaround professionals, banking sector representatives, SME stakeholders, policymakers, and development partners to explore practical approaches to reviving non-performing assets.

Adamu Gambo, Vice President (North) of TMA-Nigeria, said during a panel session titled “Reviving Moribund Assets for Economic Growth: The Role of Turnaround Management,” that Nigeria’s industrial capacity utilisation currently stands at about 55%. He cited data from the Bank of Industry estimating that over N2 trillion worth of assets in the manufacturing sector are non-performing.

“These are not just statistics,” Gambo explained. “They represent factories with silent machinery, warehouses filled with unsold inventory, and communities without economic activity. But within this challenge lies a tremendous opportunity. If we could revive even 20 percent of these assets, we could create hundreds of thousands of jobs and strengthen our industrial base.”

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Victor Dickson, Chief Executive Officer of Quick Projects Ltd., highlighted weak managerial capacity as a major cause of industrial collapse in Nigeria, stressing that access to finance alone cannot guarantee business success.

“Many businesses assume that capital is their main challenge,” Dickson said. “But the real problem is management. A turnaround manager must assess not just technical capacity but also the operational and leadership strength to handle growth sustainably.”