The Association of Corporate Treasurers of Nigeria has urged federal and state governments to increase consultation and collaboration with the organised private sector in order to reap the enormous benefits of public-private partnerships.
President of the association, Victory Olumuyiwa, at the association’s maiden edition of the Treasury360 Conference and Exhibition held recently in Lagos, stated that public-private partnership is the required catalyst for economic growth and stability.
She said the conference was aimed at educating, highlighting, partnering, and delivering on what will become the foundation for growing the relevance of Nigerian business economies with a focus on global relevance.
Speaking to the theme “Getting through the uncertainties of supply chain disruption, currency volatility, and inflation”, the president projected that the coming year will put treasurers to the test.
She said, “If 2021, Q1-3 of 2022 were challenging periods for treasurers, requiring adaptability and resilience, 2022 and 2023 will put treasurers to the test on multiple fronts, including currency volatility, rising inflation, supply chain disruptions, slower economic growth, and regulatory changes, while preparing for the new normal, as all are having to cope with Japa era.”
The Chief Executive Officer, FMDQ Group, Bola Onadele, in his keynote address titled “Financial Risk Management Considerations for the Corporate Treasurer,” said that the economy was still recovering from the post-covid-19 trauma.
He said supply chain disruption and the new normal have made this period to be unprecedented, saying while the global economy was still recovering from the devastating impacts of COVID-19, with the lockdown billed as the worst economic downturn since the great depression, geopolitical tension, and climate change, among other things, exacerbated the economic uncertainties globally.
“Nigeria has not been spared from the worst effects of these global shocks. To combat rising inflation, the Monetary Policy Committee of the Central Bank of Nigeria has raised interest rates thrice this year to 16.5 per cent, its highest level since 2006. Despite this and several other efforts geared towards protecting the economy, currency volatility and rising interest rates remain very important financial risk factors for all corporate treasurers in Nigeria today.”
He charged treasurers to join other stakeholders to implement ways to keep the economy moving forward toward global competitiveness, operational excellence, liquidity, and diversity in the Nigerian financial market.
