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The overnight interbank lending rate soared to a record high of 128 per cent on Monday on naira cash shortages after commercial banks funded their account with the Central Bank of Nigeria to participate in last Friday’s currency forward auction. Overnight rates opened at 100 per cent on Monday, traders said, after the money market […]
Thousands of United Kingdom and Canadian visa applicants and intending travellers wanting to book hotels online were stranded on Monday as Deposit Money Banks stopped their naira debit cards from being used for dollar and other foreign currency-denominated transactions. The DMBs had on Friday stopped their naira debit cards from dispensing dollars to customers via […]
The World Bank says the worth of its running projects in the Agriculture sector in Nigeria is 1.5 billion dollars. The Senior Chief Agric. Economist of the organisation, Dr Adetunji Oredipe, made this known to newsmen at a live Video Conference to celebrate “End Poverty Day.’’ He said that in Africa, the bank’s strategy to […]
The Federal Republic of Nigeria, known as Nigeria, is Africa’s most populous country. Globally, Nigeria is 10th largest by population having approximately 137,253,133 million people and a GDP of $238.920 billion. Nigeria shares land borders with the Republic of Benin, Chad and Cameroon, Niger and the Gulf of Guinea.
The most popular African business destination is Nigeria, second only to South Africa. The Nigerian currency is the Naira. (1.00 EUR = 207.30 NGN)
The country has abundant resources waiting to be responsilby exploited. The market is large and includes 120 million people in sub-Saharan Africa. The potential market stretches into the growing West Africa sub-region.
As of December 31, 2012 the Nigerian Stock Exchange had 198 listed companies with a total market capitalization of approximately N8.9 trillion ($57 billion).
The Nigerian Government has created a free market economy for business and industrial ventures signaling a favorable environment for streamling administrative and bureaucratic procedures. This will lead to a dynamic private sector, in turn assuring great opportunities under the present economic environment.
A CFO Community is now being initiated in Nigeria. Are you a trusted advisor or supplier to the CFO Office? Perhaps you will join us in supporting the launch of CFO Nigeria - Contact us here.
“Africa should be a net food exporter, but it is a net importer at the moment,” says Bikash Prasad, CFO South and East Africa at Olam International, a Singapore-headquartered integrated supply chain managing firm and processor of agricultural products and food ingredients. The Durban-based Prasad has a passion for the continent. “We want to play an important role in the growth of Africa,” he says.
Olam International started in 1989 as a cashew nut producer in Nigeria and…Continue
Posted by CFO Nigeria on September 23, 2015 at 13:00
After conquering Nigeria and Ghana for MTN in various CFO and CEO roles, Brett Goschen was ‘redeployed’ last year as Group CFO. Today we publish PART 2 of an exclusive interview with Goschen, in which he explains how to successfully do business in West Africa.
Posted by CFO Nigeria on September 21, 2015 at 13:00
After conquering Nigeria and Ghana for MTN in various CFO and CEO roles, Brett Goschen was ‘redeployed’ last year as Group CFO. Today we publish PART 1 of an exclusive interview with Goschen, in which he talks about the business support role of a CFO and the challenges a mobile…Continue
Posted by CFO Nigeria on September 20, 2015 at 13:00
Last week on the plane from Accra to Amsterdam, the lady next to me asked me: “Do you work for a NGO or for the government?” “Neither, I represent a private company and I just visited our branch office in Ghana”, I replied. This question from my fellow traveler illustrates the out-of-date image that many people still have of Africa: Africa as the continent where aid dominates the economy and all countries are the same.
Obviously, this image does not comply with reality.…Continue
Posted by CFO Nigeria on September 19, 2015 at 13:00