Dr. Steve Ogidan, the newly elected president of the Turnaround Management Association (TMA) Nigeria, is putting a strong emphasis on the critical role that Technology plays in fostering company recovery and business success. In light of the COVID-19 pandemic and economic uncertainty, Ogidan emphasised at his inaugural speech in Abuja the need for technology Innovation for businesses to overcome Nigeria’s economic challenges. The utilisation of cutting-edge technology to assist organisations in risk management, crisis recovery, and resilience building is a key component of Dr. Ogidan’s vision for TMA.
He made a point about how crucial turnaround management is to helping companies weather tough times and achieve long-term success. Ogidan also emphasised the importance of the oil and gas industry, highlighting in particular how well-managed domestic Petroleum refining could significantly lower gasoline costs. He argued for the restoration of Nigeria’s refineries to lessen reliance on imported petroleum and highlighted the Dangote Refinery project as a major component of this endeavour. Aside from capacity training, professional development, and public-private sector engagement, Ogidan’s goals for TMA-Nigeria also emphasise innovation and technology-driven solutions.
MTN increased their client base through network optimisation technologies.
Dele Bello Williams, a former TMA president, asked members to support Ogidan’s efforts and showed trust in his leadership. Williams received an award for his services as well. A number of national and international examples that shed light on the possible effects of creative solutions serve to illustrate Dr. Ogidan’s vision for technology-driven company turnarounds in Nigeria. One excellent example of a business adopting technology to reinvent itself after years of financial loss is Kodak, which saw a resurgence in the early 2010s thanks to a switch to digital printing technology.
Similarly, to emerge from bankruptcy during the global financial crisis, General Motors used Artificial Intelligence (AI) and data analytics to forecast vehicle demand and optimise supply networks. MTN Nigeria is a local illustration of how technical innovation promotes Economic Expansion in Nigeria. Even in recessionary times, MTN increased their client base and Revenue by employing network optimisation technologies to increase internet penetration and provide better service. Furthermore, by offering a cashless alternative to transactions, Interswitch, a well-known digital payment firm in Nigeria, transformed the financial industry and aided in the expansion of e-commerce and other digital services.
Predictive maintenance tech can lower operating costs in oil & gas sector.
Nigerian industries, especially those in the oil and gas, financial services, and Agriculture sectors, are directly impacted by technology. Thanks to real-time data on weather patterns and soil conditions provided by precision agricultural technologies like FarmCrowdy, Nigerian farmers have been able to enhance yields. Nigeria’s problems with Food Security have been greatly helped by this innovation. Remote monitoring systems and predictive maintenance technology can lower operating costs and downtime in oil and gas refineries. Dr. Ogidan emphasised that the goal of the Dangote Refinery, which is expected to grow to be among the biggest in the world, is to optimise crude processing through the use of cutting-edge technology, potentially reducing Nigeria’s fuel import costs by 35%.
The national Economy might be greatly impacted by this reduction, which could save the nation up to $5 billion a year. As Nigerian businesses grapple with economic instability, prominent figures in the digital field, including Bosun Tijani, CEO of Co-Creation Hub, underscore that technology holds the key to unlocking sustained corporate success. Tijani said, “The future of business in the country lies in the ability to integrate technology with local solutions, ensuring that businesses not only survive but thrive in an increasingly competitive market.”
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According to McKinsey research, digital transformation could boost Nigeria’s GDP by $10 billion by 2025 if businesses successfully implement digital technologies, which validates Dr. Ogidan’s position. Furthermore, in line with Ogidan’s demand for local refinery rehabilitation, the World Bank projects that increasing local refining capacity may save Nigeria anywhere from $3 billion to $5 billion in foreign money each year. As Dr. Ogidan suggests, Nigerian companies in a range of industries can reduce risks, improve operational effectiveness, and set themselves up for long-term success by strategically utilising technology.