Mr. Ndubuisi Enechionyia was recently elected as the new Vice President of TMA-Nigeria during the association’s first general meeting on January 24, 2024. Addressing the press in Abuja, Mr Enechionyia highlighted key challenges contributing to the high rate of business collapse in Nigeria, including inflation, high-interest rates, economic shocks, logistics challenges, insecurity, inconsistent policies, and bureaucratic hurdles.

Expressing concern about the state of businesses, he emphasized the need for the government to establish a consistent policy regime, address infrastructure issues such as power and security, and find solutions for funding industries in the productive sector. Mr. Enechionyia outlined TMA’s commitment to leveraging its global presence to support businesses through advisory services, funding, training, manpower needs, and global market access.

He underscored the importance of collaboration and timely support, stating that TMA would work with various stakeholders, including policymakers, banks, governments, businesses, trade groups, and the media to revitalize businesses. Mr. Enechionyia also called for effective public-private sector collaboration, addressing double taxation on small-scale businesses, and creating a more conducive business environment in Nigeria. Additionally, he emphasized the significance of focusing on Small and Medium Enterprises (SMEs) and promoting the export of non-oil commodities for national economic development.