Association of Outsourcing Professionals of Nigeria’s Post

🌍 In a new article for ‘Doing Business in Africa’ magazine, Tesfa Tadesse (MSc, FCCA), Managing Partner at TAY Authorized Auditors And Accountants, discusses Ethiopia's burgeoning economy, fueled by a 10-year reform agenda to modernise and attract investment. 📊 Despite significant growth, challenges like state control and economic imbalances persist, prompting efforts to increase private-sector involvement. 💡 Foreign investment, particularly from China, is significant, and recent regulatory changes signal a push towards a more open and investor-friendly environment. Notably, sectors like fintech show promising potential, making them attractive investment opportunities. 🔹 Click here to read more: https://lnkd.in/dA6tNMxB 🔹 Click here to view the full Doing Business in Africa magazine: https://lnkd.in/e4dQgqKM #DoingBusinessinAfrica #BusinessMagazine #AccountingMagazine #EthiopiaNews #EthiopiaBusinessUpdate #EthiopiaBusinessInsight #EthiopiaArticle #AfricaBusiness #ForeignInvestment #AfricaAccounting #LocalKnowledge #CrossBorder #IndustryExperts #BusinessPartnership #KnowingYou #KrestonGlobal #AccountingNetwork

Patrick O. Okigbo III, in conversation with Dr Shamsuddeen Usman ………. Organised by The Nextier ………. Wednesday, November 06, 2024 3:00 p.m. - 4:30 p.m. (WAT) Zoom: Click on link below In emerging economies like Nigeria, the relationship between the state (the agent) and its citizens (the principals) faces significant challenges. The principal-agent problem arises when government officials fail to act in the public's best interests, leading to a deteriorating social contract. This is evident in widespread poverty, inadequate infrastructure, insecurity, and limited access to essential services like healthcare and education, resulting in public distrust and frustration.   Addressing governance challenges requires a renewed commitment to restoring the social contract and enhancing public sector accountability. What are the implications of Nigeria's broken social contract, and what steps are needed to rebuild it? How can Nigeria's public sector improve performance and coordinate better with international partners and the private sector? What reforms can increase government accountability and transparency? How can citizens actively influence policies for the public good? Drawing from emerging economies, what strategies should Nigeria adopt to align government actions with societal interests? (Click on the link to learn more)

A digitized #governanceframework is the catalyst for changing the poor #governance in the majority of SA state organisations. Many SOC and SOE boards are aware of their governance shortfalls, but with no pressure from the SA government to remedy this dire situation, the dysfunction and #corruption will continue. Expectedly, this governance apathy extends throughout the organisation, which fuels further decay with lackadaisical attitudes and substandard outputs. Poor governance and ineptitude are the main cause of SA's haemaeraging economic conditions, bolstered by the country's greylisting, multiple country "junk status" downgrades, and continued disinvestment. Let's remember that people cause change, and leaders must be held accountable for the state of governance in a country. Good governance does not happen in an instance, nor for that matter, poor governance. They are a culmination of events that when practiced repeatedly over a period of time, either produce good or poor results. The reality is that for South Africa to rise from the ashes (ie. a barely surviving economy), it will need to focus on fixing its governance, and ensuring a robust governance framework is deployed to get the nation as a whole (stakeholders) to begin moving in the right direction, and changing its behaviours for positive outcomes. Anything less will not do...and the country will sink further!

Highlights from Last Week’s Afreximbank SME Workshop! Last week, alongside our partner Woodhall Capital, we gathered African entrepreneurs, policymakers, and financiers to empower the backbone of Africa’s economy: SMEs! The Afreximbank SME Development Workshop in Lagos provided the tools, insights, and networks that African businesses need to drive sustainable growth. Key Highlights: Day 1: The event launched with influential voices from policy and finance, setting a proactive agenda for SME financing and export challenges. Day 2: A dynamic day full of insights and interactive sessions! Panel Discussions: Manufacturing for Export: Navigating Policy and Regulatory Landscape addressed manufacturers' challenges and mapped pathways to global competitiveness. - The Creative Economy as a Force for Economic Transformation demonstrated how Africa’s creative sector is reshaping the continent’s economy. Insight Sessions: - Export Market Access for Local Manufacturers highlighted the role of Quality Assurance Centres and Export Trading Companies in helping local brands expand globally. Promoting Trust and Effective Governance offered strategies to overcome non-financial export barriers through the Africa Trade Gateway. Masterclasses: Building a resilient organisation inspired adaptability in fast-changing markets. Practical masterclasses on Presenting Your Business to Commercial Lenders, Strategies for Growth and Cross-Border Expansion, and Alternative Financing Sources for SMEs gave SMEs essential tools to secure funding and scale. From valuable insights to transformative networking, the Afreximbank SME Workshop was a major step towards empowering African SMEs. Here’s to advancing African enterprise! #Afreximbank #AfreximbankSMEDevelopment #AfricanEntrepreneurs

Recently, we held the African Export-Import Bank (Afreximbank) SME Development Workshop and Stakeholder Engagement Programme in Lagos, Nigeria. The aim was to expand our SME interventions through collaboration with key stakeholder for #Financing, #Marketaccess #Capacitybuilding and #Policy. My thoughts based on the various engagements in addition to what has been highlighted in our earlier posts; #SMEs continue to hold the key to Africa's prosperity. Large corporations survive because there are active actors across the value chain. Guess who the actors are? #SMEs We must continue to develop innovative and #alternativefinancing solhtions to meet diverse need. Policy makers and implementing actors believed that the processes for export are becoming more seamless based on key interventions, but most #SME #Exporters feel the impediment to export still exist. There is need to communicate and create widespread awareness on developments and Innovations to improve export. #AfCFTA must work across all indices. I know major stakeholder, including #Afreximbank will not relax until we achieve full implementation and seamless flow of trade. Africa's creative economy is ready to soar beyond the current level. #Afreximbank is fully committed to this through #CANEX. It was not a talk shop. The event provided an opportunity to network and make real deals. SMEs engaged financiers on the spot to bridge key financing gaps. Let me stop here and share some highlights: #Afreximbank signed financing deals to support SMEs with some SME-focused Financial Institutions.We are expanding our interventions aggressively and more FIs and SME networks are joining. We need more... The event provided an opportunity to meet new partners for #Capacitybuilding and #Marketaccess An interesting fireside chat with the Central Bank of Nigeria on SME interventions. We are looking forward to collaborate and support SMEs. US Consulate team in Nigeria shared information on the #ProsperAfrica progrramme and key insights on #AGOA. Major panel discussions on financing, export, creative economy, etc. Knowledge Hub on major issues, Insights sessions on leveraging technology to deepen access to finance for SMEs, building resilience in business and improving quality/standard in agri-commodity export through #AQAC. We had a roundtable session with Financial Institutions including Development Banks, Commercial Banks, Microfinance Banks and SME focused finance houses and other FIs on Nov. 1st, to share more on #Afreximbank #ExportSMEDevelopmentProgramme #ESDP and explore ways on how to expand SME financing. It culminated into more deals. Watch out for the result. Thank you to our implementing partner Woodhall Capital and all attendees, including #SMEs, Speakers, Financial Institutions, parners, #Fintech, #NGOs, #CBN, #SMEDAN, #NigeriaCustoms, #SMEAssociations, #BOI and every stakeholder. #Afreximbank #SMEFinance #ExportDevelopment #AfricaTradeGateway #PAPSS, #ESDP

Kifiya Financial Technology PLC 👏 👏Impact beyond borders🌍 I am really proud to celebrate winning the Product Innovation of the Year Award with the Kifiya team. It is not a small feat. There were 265 submissions in 5 categories and the recognition speaks volumes about the long held commitment to drive real, sustainable impact through cutting-edge technology. At the heart of Kifiya's innovation is a team dedicated to empowering MSMEs, smallholder farmers, individuals with AI-powered, data-driven solutions that transform access to finance. The power of financial inclusion is to uplift traditionally marginalized communities, such as young women, and stimulate economic growth. This award validates our efforts to bridge the gap in financial services across Ethiopia and Sub-Saharan Africa. Thank you to our founder and CEO Munir Duri, the incredible Kifiya team and partners who continue to support this journey. We remain committed to advancing digital finance and market access ensuring that our innovation leads to a better, more inclusive future for all. 🌍 #FinancialInclusion #InnovationForImpact #AIForGood #SMEFinance #AfricaRising #DigitalTransformation #GlobalImpact #Kifiya #AwardWinningInnovation

Day 1 of the 2024 CBN Executive Policy Seminar was a whirlwind of ideas, insights, and inspiration as we explored the theme: “Pathways to a US$1 Trillion Nigerian Economy: From Crisis to Sustainable Growth.” The room was brimming with intellectuals and thought leaders, and I was fortunate to learn from the likes of Prof. Abdul-Ganiyu Garba from the Centre for Growth and Development, Ibadan, Mr. Dasuki Arabi, DG, Bureau of Public Service Reforms (BPSR), Oliver Alawuba ,GMD/CEO, UBA Group, and Dr. Tope Fasua PhD, M.Phil, Msc, FCA ,SA to the President on Economic Affairs Each session delved deep into Nigeria’s potential, tackling complex questions with bold strategies. Prof. Abdul-Ganiyu Garba kicked things off with his paper: “The Macroeconomic Environment for Growth in Nigeria: Theoretical Foundations, Policies, and Opportunities.” He challenged us to think differently about growth, emphasizing; The welfare of Nigerians as the central goal of economic policies, The importance of realistic strategies and the impact of relative prices, and Learning from global best practices to chart a sustainable path forward. Mr. Oliver Alawuba ‘s session on “The Role of Financial Institutions in Driving a US$1 Trillion Economy” was equally insightful. He explored how banks and financial institutions can fuel this vision through: Defining a clear and realistic GDP growth target. Driving value chain development, particularly in sectors like mining. Supporting infrastructure development with incentives like reduced CRR and tax reliefs. Reviving the mortgage industry to unlock the value of landed assets. Strengthening financial inclusion, especially for the unbanked and diaspora. Establishing special courts to deter bad borrowing practices and boost confidence in the banking sector. Mr. Dasuki provided insights on “The Role of Public Institutions in Engendering Growth,” reflecting on recent experiences and actionable steps forward. Dr. Tope Fasua PhD, M.Phil, Msc, FCA closed the day with his thought-provoking paper on “Financial Inclusion as a Panacea for Economic Growth: What Can Be Done Differently?” The journey to a US$1 trillion economy is no small task, but the energy and ideas in the room were a testament to what’s possible with collaboration, innovation, and strategic action. I’m looking forward to the next two days of this seminar! #EconomicGrowth #SustainableDevelopment #Nigeria #CBN #ThoughtLeadership

In Conversation with The Nation Newspaper Last Thursday, I had the privilege of engaging in a thought-provoking discussion with Apekhade Yusuf of The Nation Newspaper. We delved into the multifaceted aspects of Nigeria’s socio-economic development, touching on the digital economy, healthcare, corporate governance, financial sector ethics, and Nigeria’s readiness for AI. Here are some key takeaways: 1) Digital Economy in Nigeria, with its youthful entrepreneurial population and the largest concentration of startups in Africa, We are on the right trajectory towards a robust digital economy. However, we need to ramp up investment in infrastructure and formulate effective policies to accelerate financial inclusion and empower startups to scale faster. 2) I applaud the visionary leadership of the current Minister of Communication and Digital Economy, Dr. ‘Bosun Tijani. His commitment to digital transformation through initiatives like the National Digital Economy Policy and Strategy (#NDEPS) and the National Broadband Plan (#NBP) and the ambitious 3 Million Technical Talent (#3MTT) program aims to equip three million individuals with technical skills over four years is commendable. If we prevent policy somersaults, I predict that Nigeria will be home to at least 25 Unicorns in the next decade. 3) The #CBN recapitalisation policy is a welcome development that will enhance stability in the financial system by ensuring that banks have sufficient capital, 4)Corruption thrives due to a lack of strong consequences, leading to a sense of impunity. Despite the presence of anti-graft agencies like the #EFCC and #ICPC, the fight against #corruption faces significant obstacles due to institutional weaknesses and political interference. 5) To curtail inflation and stem the continued devaluation of the Naira, we need a holistic approach that goes beyond fiscal and monetary policies. We need a mindset transformation, a boost in productivity, and a focus on growing the local economy by reducing dependencies on foreign goods and increasing patronage of made-in-Nigeria goods and services. 7)Academia in Nigeria: #Education is not cheap, and we need aggressive and immediate investment in it. We need to overhaul our curriculum to meet emerging trends. 8) Healthcare: The government needs to address systemic issues in the healthcare sector, including inadequate infrastructure, low remuneration, and poor working conditions of health workers. Strategies include improving infrastructure, enhancing career development, providing competitive incentives, creating supportive working conditions, investing in research, implementing workforce planning, and promoting #collaboration. By prioritizing these reforms, Nigeria can create a more equitable healthcare system that addresses the needs of the poor and vulnerable. https://lnkd.in/dZ5hJStk

Sonia Kimeto, a Senior Associate in Transactions Advisory at PwC Kenya notes that, the recent reforms and directives in the Ethiopian economy will improve investor sentiments, ultimately increasing the inflow of investment funds into Ethiopia. Investors have been apprehensive about the Ethiopian economy due to the foreign exchange regulations previously set. However, in a new directive issued on 29 July 2024, the National Bank of Ethiopia loosened restrictions to allow individuals and companies to have foreign exchange accounts, removed the foreign currency surrender requirements for exporters and commercial banks, and implemented a market-based exchange rate to encourage increased trading as a means to sustainable growth. Prior to investing in Ethiopia, investors should aim to understand the market and identify potential opportunities and risks they may be exposed to while operating in Ethiopia. Learn more about how PwC can support you in navigating the Ethiopian market through our capabilities in Transactions Advisory related matters: https://ow.ly/426850U28jR

Navigating the Exodus of Multinational Firms from Nigeria: A Call for Action! My post on the exist of Kimberly Clark from Nigeria just 2 years after investing over 100M USD in its Ikorodu plant attracted loads of engagements on the opportunity and challenges of such exist. Hence, this follow up post to dive into the main reasons why these firms are leaving. In recent years, we’ve witnessed a significant exodus of multinational firms from Nigeria. This trend is alarming, not just for the immediate economic impact but for the long-term implications on our nation's growth and development. The root causes are multifaceted, including power instability, foreign exchange (FX) volatility, and challenges related to the ease of doing business. Reliable power supply is the backbone of any thriving economy. Unfortunately, Nigeria's power sector has struggled to meet the demands of businesses, leading to high operational costs and forcing many firms to seek more stable environments. The fluctuating FX rates have made it difficult for companies to plan and execute their financial strategies. The uncertainty surrounding the availability and pricing of foreign currency disrupts business operations and deters investment. Bureaucratic red tape, inadequate infrastructure, and inconsistent regulatory policies have created a challenging environment for businesses. These issues hamper efficiency, increase costs, and reduce the overall attractiveness of Nigeria as an investment destination. To reverse this trend and make Nigeria a more conducive environment for businesses, the government must take decisive steps: 👉Invest in and modernize the power sector to ensure a stable and reliable electricity supply. Encourage private sector participation and alternative energy solutions to supplement the national grid. The power sector we have today is nothing but a walking skeleton. 👉Implement policies that promote FX stability, including diversifying the economy to reduce dependency on oil and enhancing the non-oil export sector. 👉Streamline business registration processes, reduce bureaucratic hurdles, and establish clear, consistent regulations that encourage both local and international investments. 👉Develop robust transportation and communication networks to support business operations and logistics. 👉Combat corruption and promote transparency in government dealings to build investor confidence and create a fair business environment. By addressing these critical issues, Nigeria can reclaim its position as a premier destination for multinational firms. The path to economic revitalization is challenging, but with collective effort and unwavering commitment, we can create a thriving business ecosystem that benefits all Nigerians. Let's work together to turn challenges into opportunities and build a brighter future for our nation. #Nigeria #EconomicGrowth #BusinessDevelopment #PowerInfrastructure #FXStability #EaseOfDoingBusiness #InvestInNigeria