The Federal Government has inaugurated four Technical Working Groups (TWGs) to review and implement a strategic roadmap for the resuscitation of ailing privatized enterprises in the Automobile, Housing (Bricks and Clay), Mines and Steel and Oil Palm sectors of the nation’s economy.
Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, while inaugurating the TWGs on behalf of the Federal Government in Abuja, said the initiative was in consonance with the ease of doing business in Nigeria and in line with the Federal Government’s Economic Recovery and Growth (ERGP).
Okoh, who was represented by the Director, of Agriculture and Natural Resources of the Bureau at the event, Mr. Ignatius Ayewoh, pointed out that the inauguration was the culmination of the efforts by various stakeholders which started in 2018 to revive non-performing privatised Enterprises in the country.
He further explained that the privatization agency, in discharging its supervisory duties on privatised enterprises through the instrumentality of result-based monitoring and evaluation (RBME) discovered that about 16% of the privatised entities were non-performing.
According to him, this led to the submission of the finding to the National Council on Privatisation (NCP) in 2018 and to the Senate Committee on Privatisation in 2020, leading to a meeting of the relevant stakeholders in the ailing enterprises held in July, 2018.
Okoh listed the Terms of Reference (TORs) for the Working Groups as 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; and Prepare a Business Plan that meets the current sectoral requirements.
The TWGs members’ ToRs also include, to 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 Programme, and Determine the potential and economic viability of the sectors, among others.
In his remarks at the event, the BPE’s Director, Post-Transaction Management, Mr. Toibudeen Oduniyi, charged the members to contribute their wealth of experience and expertise for the actualisation of the much-desired revitalisation of the non-performing Enterprises for the economic growth of the country.
The representatives of the various committees thanked the Bureau for choosing them for the national assignment to work on the committees and promised to work for the betterment of the nation’s economy.
