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Corporate finance chiefs’ confidence in the economy remains low – KPMG Survey

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By Ediri Ejoh
AMIDST mixed economy performance reports in the past one week, a research by KPMG Nigeria, the Nigerian arm of world’s leading financial and management firm, has indicated a sustained weak confidence on Nigerian economic outlook.

Partner and Head, Audit Services of the firm, Mr. Tola Adeyemi, said that KPMG’s CFO Forum and 2017 Survey Report which focused on 2017 Nigerian business outlook, shows that chief financial officers, CFOs, of companies in Nigeria are less confident as regards the business outlook for economic growth in 2017.

He said the CFOs identified scarcity and rate instability in the foreign exchange market as major impediment to businesses in the country, stressing, “They also frowned on the operational challenges brought about by the weak state of infrastructure in the country.”

Adeyemi, noted that despite consensus opinion by most of the CFOs on the challenges to be faced this year, they are optimistic that between the next two to three years, “things would pick up but might not reach their full potential.”

Earlier, the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah, said that the strategic focus of his ministry will be geared towards addressing key areas to facilitate the Federal Government Economic Recovery and Growth Plan, ERGP.

Speaking at the KPMG CFO Forum and 2017 Survey Report launch, yesterday, Enelameh, stated: “We are more passionate about ensuring transparent and easy entry and exit of people, goods and services.”

He noted that the current administration’s effort to improve ease of obtaining Nigerian visa and upgrading the Lagos and Abuja airports will help reduce procedures, timelines and documentation required to export and import goods.

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