Nigeria’s over 37.07 million micro, small and medium-scale enterprises, MSMEs, account for more than 84 per cent jobs in the country, the Ministry of Industry, Trade and Investment has said.
Out of this number, there are approximately 17,261,753 or 99.87 per cent micro-enterprises, 21,264 or 0.12 per cent small enterprises, while approximately 1, 654 or 0.01 per cent are medium enterprises.
An average Nigerian can be said to be an Entrepreneur. This is not an unusual phenomenon characteristic of a developing economy such as ours. But sadly, most business businesses in Nigeria do not outlive their owners.
The chances of businesses surviving beyond their owners due to the absence of a proper succession plan in development strategy.
The essence of succession planning is to ensure effectiveness of managerial transition process in corporate organizations for risks associated with the planned or unplanned loss of knowledge that is critical to the success of the organization.
Succession planning is defined as the identification and development of potential successors in an organization. This comes with planning for future critical vacancies of management positions by forecasting the talent necessary for these roles.
Succession planning provides the groundwork and basis required to maintain an organization’s strategic plan.
Divisional Head, Brand and Communications Charles Aigbe , sheds light on just how far succession planning can go in ensuring sustainable growth in business as well as in government.