Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), is set to engage with finance and corporate treasury professionals from Nigeria and the UK, focusing on sustainable monetary policies and strategies to manage inflation and interest rate volatility.
Cardoso will delve into key treasury and economic matters against the backdrop of current economic challenges at the upcoming Treasury360 Conference and Exhibition, taking place on 14 November 2024, at the Muson Centre in Lagos.
Organised by the Association of Corporate Treasurers in Nigeria (ACTN), the event is themed “Policy Implications and Building Sustainable Treasury Strategies: Nigerian Perspectives on Tackling Inflation and Interest Rate Uncertainty”.
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During the conference’s media launch, Adeyinka Ogunnubi, ACTN President and Council Chairman, highlighted rising inflation and fluctuating interest rates as critical issues.
He stressed the need for financial leaders and corporate treasurers to adopt resilient and sustainable strategies, offering practical solutions to help Nigeria navigate these uncertain times.
Ogunnubi also stressed the importance of planning in managing Nigeria’s complex economic environment, noting that the 2024 theme was chosen based on feedback from members, who identified foreign exchange (FX) as a key challenge.
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He explained that the volatility of FX rates has had a significant impact on corporate operations, especially as many companies are currently budgeting.
This FX instability, compounded by inflation and fluctuating interest rates, has created a tough environment for businesses aiming to maintain stability in their financial planning.
“Most organisations right now are in their budgeting month, and they are considering how to predict the FX position going into 2024, while the impact of inflation cannot be overlooked,” he stated.
Ogunnubi highlighted that the economic downturn has hit food inflation particularly hard, pushing it close to 40 percent. He encouraged the government to tackle this issue by improving transportation, securing a steady food supply, and enhancing storage facilities—steps he believes could quickly help bring down overall inflation.
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Discussing the wider regulatory landscape, Ogunnubi acknowledged the CBN’s efforts to manage these economic challenges. However, he noted that businesses are still facing major obstacles, with both the government and financial institutions striving to balance various pressures to stabilise the economy.
Benedict Ologbosere, the Chairman of Programmes and Events for the Association of Corporate Treasurers of Nigeria (ACTN), added his perspective on the difficulties businesses are facing.
He pointed to the recent downsizing of a major company planning to lay off 1,000 of its 6,000 employees, emphasising the ripple effect such job losses could have on the broader economy.
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