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Jul 2014

Experts optimistic about Nigeria’s business growth despite security challenges – KPMG Survey

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Chief Financial Officers, CFOs  in Nigeria have expressed  optimism about the prospects of business growth despite challenges insecurity, infrastructure, and multiple taxations.

This was revealed by a survey conducted by KPMG involving over 40 CFOs drawn from different companies across various sectors, including finance, telecoms, oil and gas, manufacturing, etc.

Addressing news men at the pre-launch press conference for the survey report in Lagos, KPMG’s Partner and Head of Audit Services, Tola Adeyemi said the firm decided to go out and survey Chief Financial Officers, CFOs because of the crucial role they play in the lives of businesses, adding that is important to get their pulse and real thoughts on matters that affect them.

He said the survey focused  three broad areas which are:  perception on economic growth prospect for Nigeria in 2014, the role of internal audit in businesses and how the role of CFOs have evolved in Nigeria, given the way in which the economy and the complexity of business have also evolved.

On the key findings in the survey, Adeyemi said the CFOs were cautiously optimistic in terms of economic outlook, adding that besides insecurity, they expressed concerns with power, taxation, infrastructure and regulation.

Explaining the findings of the survey, he said: “The key message regarding the outlook is that CFOs in Nigeria are cautiously optimistic about the prospects for their businesses in 2014.

There are two elements to that. The first element is the optimism. We asked them the question that says, how do you see the growth in revenues, growth in their gross margins and growth in cash flows evolving for your business in 2014?


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Jun 2014

Nigeria among top 3 for FDI

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Olusegun Olutoyin Aganga, Nigeria's Minister of Industry, Trade and Investment

Olusegun Olutoyin Aganga, Nigeria’s Minister of Industry, Trade and Investment

Nigeria remains one of the top three destinations for Foreign Direct Investment, FDI, in Africa, despite current challenges, the United Nations Conference on Trade and Development, UNCTAD, has said.

UNCTAD said this just as the United Nations Industrial Development Organisation, UNIDO, gave its nod in Vienna, yesterday, for the establishment of an Investment and Technology Promotion Office, ITPO, in Nigeria.
According to the UNCTAD report released last night, FDI inflows into Africa rose by four percent to $57 billion, with Nigeria’s inflow standing at N5.6 billion in 2013.

The report said only seven countries in Africa went above the $3 billion FDI inflow point. They are Nigeria, South Africa, Mozambique, Egypt, Morocco, Ghana and Sudan.
The Commissioner for Industry and Private Sector Promotion, ECOWAS, Mr. Kalilou Traore, who spoke during the UNIDO forum on Strategies and Instruments for Inclusive and Sustainable Industrial Development, said the recently launched Nigeria Industrial Revolution Plan was a model for Africa, noting that foreign investments would always thrive in the right environment.

The Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, who also acknowledged the massive investments by Nigerian companies in the country despite the current challenges, noted that ITPO would help to promote Nigeria’s local and foreign direct investment and technology, in addition to boosting job creation, technology transfer and industrial development.

He said: “There are only a few countries in the world where UNIDO has set up ITPO to promote investment into the area of technology.
“Its establishment in Nigeria will have a big positive impact on the economy.”


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Jun 2014

Nigeria ranks top investment destination in Africa – Report

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A U.S-based economic advisory firm, Frontiers Strategy Group, said investment interest in Nigeria by international organisations and multinationals had continued to grow despite rising insurgency in the country.

This is contained in a report entitled “Frontier Market Sentiment Index”, issued by the Wall Street Journal, monitored in Abuja.

The report said that out of 11 African countries in a survey conducted by the firm, Nigeria ranked first as the most preferred economy for investment by the multinationals, which included European and American firms.

According to the report, Nigeria emerged the number one frontier-market economy in Africa in terms of attracting the most attention from European and American multinationals.

Olusegun Olutoyin Aganga, Nigeria's Minister of Industry, Trade and Investment

Olusegun Olutoyin Aganga, Nigeria’s Minister of Industry, Trade and Investment

It stated that the country led other African nations with 29.57 per cent and was followed by Kenya with 23.17 per cent.

It quoted Mr Matt Lasov, Global Head of Advisory and Analytics of the U.S. firm as saying, “we collect data about which countries the companies are watching for potential future investment.

“Over time, that gives us a clear picture of their market priorities; which countries they are including in their future plans and which they are dropping.’’

The report said that security situation in Nigeria and Kenya was least considered by the multinationals in their preference for both countries as top business destinations in Africa.

“Rising insurgency in both countries apparently has not discouraged multinationals from venturing into business dealings as opportunities in the countries probably outweigh security risks,’’ the report said.

It stated that Angola was rated third preferred investment economy by the multinationals, with 21.9 per cent and was followed by Ghana with 18.73 per cent.

“The top three African countries’ rating may not come as a surprise to many. Firstly, Nigeria is Africa’s largest economy and it is still growing; Kenya is East Africa’s largest economy.

“Angola’s oil wealth had in recent times made its economy bigger, with crisis-hit Portugal relying on the Southern African country as it seeks foreign investments to put its economy back on track.

“The corporate world’s fascination with Africa shows clearly in the rates of change of sentiment,” the report said.

It, however, said that Nigeria remained the clear leader out of the African countries with twice the number of companies in the index considering investing in the West African country.

“Nearly three in 10 companies have Nigeria on their watch list,” it said.

SOURCE: News Agency of Nigeria

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