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Deloitte Restructuring Survey 2024

Our 2024 Restructuring Survey saw the highest participation since the inception of our survey in 2014 , with a 42% increase in responses compared to 2023. This year, we broadened our reach to include four key African nations: South Africa, Kenya, Nigeria, and Ghana making its debut. Our survey provides valuable insights into the current state of restructuring across Africa amidst global and local headwinds. 

Key findings from Nigeria’s restructuring professionals and C-suite include:
 
  • 3 top changes: Respondents want to see a new unified Insolvency Act, regulation to encourage earlier identification of distress, and an emphasis on rescue rather than recovery
  • Cautious optimism: Respondents reported an improvement in their outlook on growth prospects, with only 31% registering pessimism about economic growth, compared to 81% in 2023.
  • Informal restructuring preferred: Companies in Nigeria are predicted to prioritise operational restructuring and internal management-led approaches over formal administration processes.
  • Early warning signs missed: A key challenge is the late identification of business distress. Companies often wait for late-stage issues before engaging external assistance.
  • Promoting administration: The survey highlights the potential benefits of administration for creditor recovery but emphasizes the need for increased awareness about this option.

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