The Federal Government has set up four Technical Working Groups (TWGs) to review and implement a strategic roadmap for the resuscitation of ailing enterprises in the country.
The TWGs were constituted for four sectors: Automobile, Housing (Bricks and Clay), Mines and Steel, as well as, Oil Palm, according to a statement by the Head, Public Communications of the Bureau of Public Enterprises (BPE), Mr. Uzoma Ibe, in Abuja, yesterday.
Director-General of the BPE, Mr Alex Okoh, was quoted as saying, “the initiative is in consonance with the ease of doing business in Nigeria and in line with the Federal Government’s Economic Recovery and Growth (ERGP).”
He explained that the establishment of the TWGs was the culmination of the efforts by various stakeholders which started in 2018 to revive non-performing privatised enterprises in the country.
According to him, in discharging its supervisory duties on privatised enterprises through the instrumentality of Result-Based Monitoring and Evaluation (RBME) it was discovered that about 16% of the privatised companies were non –performing.
The terms of reference for the working groups, include, to conduct diagnostic study on the enterprises in order to identify their current status (operational and financial positions) and conditions in terms of ownership, share structure and capacity utilisation; Prepare a Business Plan that meets the current sectoral requirement;
Examine the challenges in the sectors; Develop a comprehensive 5-year, (2023 – 2027), Turnaround Program for each of the non-performing enterprises; Review and advise the Federal Government on the processes and implementation Turnaround Program; and Determine the potential and economic viability of the sectors.