Four Technical Working Groups (TWGs) have been established by the Federal Government to examine and carry out a strategic plan for the revival of the nation’s failing businesses.
According to a statement made yesterday in Abuja by Mr. Uzoma Ibe, Head, Public Communications of the Bureau of Public Enterprises (BPE), the TWGs were established for four sectors: Oil Palm, Motor Vehicles, Housing (Bricks and Clay), and Mines and Steel.
According to a remark from Mr. Alex Okoh, Director-General of the BPE, “the initiative is in line with the Federal Government’s Economic Recovery and Growth (ERGP) and in consonance with the ease of doing business in Nigeria.”
He clarified that the creation of the TWGs was the result of numerous stakeholders’ efforts, which began in 2018, to bring the nation’s failing privatized businesses back to life.
He claims that when using Result-Based Monitoring and Evaluation (RBME) to carry out its supervisory responsibilities on privatized businesses, it found that roughly 16% of them were underperforming.
The working groups’ mandates include performing diagnostic studies on the businesses to determine their present operational and financial standing as well as their ownership, share structure, and capacity utilization circumstances; Create a business plan that satisfies the sectoral requirements as of right now.
Analyze the industries’ challenges; Create a thorough five-year turnaround plan for each of the non-performing businesses, spanning 2023 to 2027; Examine and provide guidance to the federal government regarding the Turnaround Program’s procedures and execution; and Assess each sector’s potential and financial sustainability.
