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  • PwC projects 3.3% economic growth in 2025

    PwC projects 3.3% economic growth in 2025

    • Inflation expected to decline to 26%

    The Nigerian economy may grow by 3.3 per cent in 2025 on the back of sustained policy reforms, although growth prospect may be constrained by elevated economic pressures.

    Professional services firm, PwC Nigeria, made this projection in its latest report titled, ‘2025 Nigeria Budget and Economic Outlook: Accelerating Momentum at an Inflection Point’ released over the weekend.

    This report provides an in-depth analysis of Nigeria’s budget and economic prospects for 2025, highlighting critical issues, opportunities, and risks, and their impact on households and businesses.

    The report, which also discussed strategic imperatives for businesses and the overall economic outlook for Nigeria, said the country’s Gross Domestic Product (GDP) may grow marginally by 3.3 per cent in 2025 on the back of sustained policy reforms.

    PwC Nigeria, in the report, said the expected GDP growth of 3.3 per cent reflects an anticipated increase in economic activity, which could boost revenue for businesses, particularly in sectors linked to policy reforms.

     “Foreign exchange reforms are expected to encourage exports and improve the competitiveness of businesses targeting international markets,” the report stated.

    PwC also said inflation is expected to decline to 26 per cent in 2025 on the back of monetary policy tightening and improving dynamics in Nigeria’s foreign exchange market.

    The exchange rate is also expected to remain stable in 2025 supported by Central Bank of Nigeria (CBN) foreign exchange reforms, which are expected to drive foreign exchange inflows.

    The report further said the CBN may likely maintain its monetary tightening stance in 2025 with elevated interest rate, focusing on achieving long-term price stability.

    It added that fiscal sustainability concerns may remain slightly elevated, given debt servicing costs and high fiscal deficit (fiscal deficit as a percentage of GDP was 7.6 per cent as of August 2024 exceeding the 2024 approved budget limit of 3.8 per cent).

    The PwC report, however, said the economic outlook has implications for businesses in 2025, pointing out, for instance, that one of the impact areas will be cost of production and operation will increase.

     “Elevated inflation, although declining, will still drive-up costs for raw materials and labour. Cost of doing business will remain relatively high due to market reflective prices especially for energy and persisting infrastructural challenges,” the report.

    It also said finance cost will increase, “CBN’s monetary tightening and elevated interest rates may lead to higher lending rates, making borrowing more expensive for businesses,” the report said.

    According to PwC, consumer demand will also moderate, as the projected decline in inflation coupled with the implementation of the minimum wage could ease the erosion of real incomes, allowing for a slight recovery in consumer spending.

     “Marginal GDP growth suggests limited expansion in disposable incomes. The rising cost of credit may suppress demand for big-ticket items or create discretionary spending,” the report added.

    The report, authored by PwC Nigeria’s team of six experts led by Regional and Country Senior Partner Sam Abu, however, said foreign exchange stability, price stability and interest rate are essential monetary issues of focus in 2025.

     “Foreign exchange (forex) stability is a pivotal issue in Nigeria, as the naira depreciated by average of 39.8 per cent in the official market in 2024 despite external reserves growing to $38.67 billion.

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     “The ease of the volatility in 2025 will be centered around five critical factors, which include price discovery, transparency and market friction, liquidity, supply-demand backlogs and market and investor confidence,” the report stated.

    With regards to price stability, PwC said price stability in Nigeria remains a significant challenge, with inflation at 34.8 per cent in December 2024 driven by factors such as food, transport and utilities amongst others.

    According to the report, in 2025, inflation will likely be influenced by several factors, including monetary phenomenon, supply-side dynamics, cyclical elements, sector-specific inflation, and the effects of inflation rebasing.

    On monetary policy rate, PwC said the elevated MPC rates at 27.5 per cent is making borrowing more expensive for businesses and consumers, potentially slowing down the access to credit to accelerate economic growth

     “However, the CBN may sustain the monetary policy tightening stance to control inflation and stabilise the economy,” the report said, noting that “balancing these effects is crucial for maintaining economic stability and fostering sustainable growth.”

  • PwC admits three new partners

    PwC admits three new partners

    The PwC Nigeria has announced the admission of three new partners effective, 1 July 2024. They include Marilyn Obaisa-Osula, Consulting & Risk Services, Taiwo Oyaniran,  Assurance, and Tim Siloma, Tax & Regulatory Services.

    This announcement is part of PwC Africa’s admission of 15 new partners, with 40 per cent being female, marking a significant step towards achieving the firm’s gender representation goals in leadership.

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    In a statement congratulating the new partners, Sam Abu, Country Senior Partner, PwC Nigeria, commented: “Our new partners bring deep expertise and experience in strategic areas that are vital to contributing to Nigeria’s continued growth. As leaders, they’ll help our clients navigate challenges and disruptions, building resilience to thrive in an age of continuous reinvention.

    We celebrate their achievements in reaching this career milestone. Together, we’ll continue to power forward to our new frontier, delivering sustained outcomes for our clients and communities.”

  • PwC projects 2.9% marginal GDP growth in H2 2024

    PwC projects 2.9% marginal GDP growth in H2 2024

    Nigeria’s Gross Domestic Product (GDP) may grow marginally by 2.9 per cent in the Second Half (H2 2024) of this year, PwC’s latest ‘Nigeria Economic Outlook: Navigating Economic Reforms’ has projected.

    The report, which was released yesterday and made available to The Nation, said the projected 2.9 per cent marginal economic growth will come on the back of sustained policy reforms, although growth prospect may be limited by elevated economic pressures.

    PwC also projected a marginal decline in inflation to 9.5 per cent by year end, balancing the effects of reforms, policy actions, external pressures and food prices; particularly in the second half of the year.

    The report shared insights on the key economic dynamics of 2024, providing perspectives on their impact and implications for the government, households and businesses.

    PwC, in the report, said the significant economic reforms, which began in 2023, have continued to deepen in 2024 with increased fiscal, monetary and sectoral policy actions to drive economic growth and stability.

    PwC noted that Nigeria is undergoing critical reforms to drive economic growth and stability such as the deregulation of Petroleum Motor Spirit (PMS) to reduce government spending and redirect resources to other critical sectors and the liberalisation of foreign exchange market to achieve price discovery;

    In the power sector, there is also the Electricity Act that aims to address Nigeria’s energy challenges by tackling annual economic losses of $26 billion (₦10 trillion) and expanding access to electricity for 85 million underserved Nigerians.

    In the banking sector, the Central Bank of Nigeria (CBN) increased capital requirements for various categories of banks to support economic growth. Commercial banks with international licenses now require ₦500 billion, national banks need ₦200 billion and regional banks require ₦50 billion among others to operate.

    The oil and gas sector is not left out, with three executive orders issued which cover: tax incentives, exemption, remission, local content compliance requirements, among other reforms. These orders streamline the contracting process, reduce the cycle time to six months, and enhance local content requirements without compromising cost-efficiency.

    Similarly, in the agriculture sector, the government, according to PwC, embarked on dry season farming, distribution of rice, fortified crops, seeds, fertilisers, and improved farmland security to combat food inflation and enhance production.

    PwC said these critical reforms are yielding some positive outcomes with increased government revenues, exports, capital imports and improved credit outlook for the country.

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    For instance, Federal Accounts Allocation Committee (FAAC) disbursements increased by 91.3 per cent from ₦976 billion disbursed in May 2023 to ₦1.87 trillion in April 2024. The increase according to PwC, was driven by distributable Value Added Tax (VAT), statutory allocation and exchange rate difference revenue.

    Also, Fitch Ratings revised its outlook on Nigeria’s Long-Term Foreign-Currency Issuer Default Rating (IDR) from Stable to Positive. The revision was due to exchange rate and monetary policy reforms, reduction in fuel subsidy payments, and scale back of government financing by CBN.

    The report also said oil exports grew by 200.9 per cent to ₦15.5 trillion in Q1 2024 from ₦5.15 trillion recorded in Q1 2023. Non-oil exports also grew by 38.5 per cent to ₦1.8 trillion in Q1 2024 from ₦1.3 trillion recorded in Q1 2023.

    Capital importation also improved, as Foreign Direct Investments (FDIs) grew 114 per cent from $86 million recorded in Q2 2023 to $184 million in Q4 2023. Similarly, Foreign Portfolio Investments (FPIs) increased to 190 per cent from $106.9 million in Q2 2023 to $309.8 million in Q4 2023.

    PwC’s report, however, noted that these reforms have also led to pressure points that continue to weigh on the expected reform outcomes – naira devaluation, rising inflation and interest rates.

    For instance, it noted that the naira depreciated against the dollar by 67.8 per cent from an average of ₦461.1 in May 2023 to ₦1,433.8 in May 2024, pointing out that the depreciation took effect despite foreign exchange market reforms by CBN to achieve price discovery and attract liquidity to the market.

    PwC also said the rise in inflation driven by food (40.6%), utilities (29.6%), and transport (25.6%) continues to erode purchasing power of households and businesses. It noted that CBN’s reform actions have not yet tapered the continuous rise of headline inflation, which was 33.95 per cent in May 2024.

    The report also said the Monetary Policy Rate (MPR) was raised by 775 basis points between May 2023 and 2024 to address rising inflation, noting that although the rise in MPR may attract more investors to the fixed-income market due to higher yields, it has negatively impacted borrowing cost for businesses.

    “Our publication breaks down the impact of the reforms and provides an outlook for Nigeria’s economy in the second half of 2024,” PwC’s team of experts comprising Partner and West Africa Lead, Strategy&, Olusegun Zaccheaus; Lead Economist & Researcher, Omomia Omosomi; and Senior Economist & Researcher, Adesola Borokini, said.

    In doing so, the multinational professional services company listed some key considerations for governments and businesses. It said, for instance, that government should prioritise macro stability by addressing security, social and pressure points of inflation and exchange rate.

    PwC also called on government to adopt scenario planning before any major economic reform is implemented to avoid unwarranted policy reversals e.g. cyber security levy.

    For businesses, the report said they should create a clear-eyed strategy by revisiting their strategy and be clear on their must-haves to win in the future – regardless of any economic scenario.

    “Re-visit your entire cost structure to establish short, mid, and long term actions to fundamentally adjust for the future,” the report added.

  • How recapitalisation of banks will boost economy, by PwC

    How recapitalisation of banks will boost economy, by PwC

    The Central Bank of Nigeria (CBN) recapitalisation  for banks will boost the nation’s economy and improve her financial credibility, a Pricewatercooper (PwC) report has said.

    The apex bank announced a two-year bank recapitalisation process which began  on April 1,  and is expected to end on March 31, 2026.

    The plan requires minimum capital of N500 billion, N200 billion, and N50 billion for Commercial Banks with International, National, and Regional licenses respectively.

    Likewise, the CBN also raised capitalisation baseline for Merchant Banks (N50 billion) and Non-interest Banks (National: N20 billion and Regional: N10 billion).

    Ahead of Tuesday’s deadline for the submission of recapitalisation plans by banks approaches, the multinational professional services and tax audit company  listed these strategic options in its latest publication titled: ‘Recapitalisation response pathways: Thinking outside the box’ released on Wednesday.

    The report, which was authored by PwC Nigeria’s Partner & Financial Services Industry Leader, Chidi Ojechi; Partner, Deals Advisory, Kunle Amida; Partner | West Africa Strategy & Leader, Olusegun Zaccheaus,  said the case for recapitalisation was premised on the economic growth and improved financial stability that this change was envisioned to bring about.

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    It listed economic growth, financial stability, growth in Foreign Direct Investment (FDI) financial development, and international competitiveness and reputation as some of the obvious implications of recapitalisation

    The report said, for instance, that “Recapitalisation has been linked with higher economic growth through a more robust lending mechanism. It could also boost credit/GDP ratio from 14.3 per cent (as at 2022), which is low compared to sub-Saharan Africa (SSA), 35.8 per cent and UK rate at 130 per cent.”

    According to PwC Nigeria, recapitalisation is expected to result in a more stable financial system that is less susceptible to losses, allowing D-SIBs to maintain minimum Capital Adequacy Ratio (CAR) of 15 per cent, and other banks a minimum CAR of 10 per cent.

    It also said recapitalisation is expected to attract significant FDI, as the industry looks to raise funds to meet the new recapitalisation requirements. “The strengthened industry position will boost capital markets,” it stated.

    PwC  explained that “Increasing capital requirements for the banking industry will improve international credibility and positioning. Recapitalisation could enable banks create new markets and customers whilst deepening their financial inclusion play.”

    Raising funds, restructuring and divestment are the three strategic pathways the banks can navigate from the CBN’s recapitalisation mandate.

    In the report, the company shares insights into how banks can “think outside the box” in their approach to recapitalisation.

    The report recommends that banks can raise funds by injecting fresh capital via private placement, and by seeking funds from pre-selected private investors.

    The report, which also highlighted the implications of recapitalisation on the banking industry and the economy,  said banks can opt for rights issue by inviting existing shareholders to purchase additional new shares in the bank at a discounted price relative to the current market price.

    PwC also said banks can raise debt capital through HoldCo, noting that banks that operate a holding company structure can seek funds by raising debt through their HoldCo which can then be injected as equity capital in the banking subco.

    Accordingly, banks, PwC said, can reduce their international Portfolio by setting up an offshore holding company whilst maintaining a local play across their various banking options.

    Also, banks can embrace Mergers & Acquisitions (M&A). “Banks can either be acquired by international banks venturing into Nigerian market, acquire other local players, merge with peers, or exit and/or divest portfolio components

    “Banks can also realign their licence. They can downgrade or change their existing licences and also expand footprint through non-banking license authorization,” the PwC report said, adding that an exit or divestment is another strategic pathway.’’

  • PwC marks decade of strategic consulting

    PwC marks decade of strategic consulting

    Multinational professional services firm PwC is celebrating the 10th anniversary of its in-house consultancy, Strategy&.

    In 2014, Booz & Company joined the PwC network, which led to the formation of Strategy&. The name Strategy& signifies what Booz & Company brought to the PwC network: the ability to support the shaping of corporate and other strategies.

    It was also to help clients translate this advice into tangible actions by marshaling PwC’s diverse community of solvers. It is what the firm calls a strategy-to-execution approach.

    Booz & Company originated in Chicago in 1914. Being the first organisation to use the term “management consultant”, they assisted clients globally to navigate changing landscapes, differentiate their market offering, and win work.

    Today, Strategy& in Africa is supported by this century-old global legacy – one that has empowered businesses, driven growth, increased profitability, and achieved competitive advantage for its clients on a global scale.

    Regional Senior Partner, West Market Area, PwC, Sam Abu, said: “Our unwavering commitment to delivering sustainable outcomes for all stakeholders in line with our New Equation global and Africa ‘5+1’ strategy are the key levers of our continued success, leveraging our diverse community of solvers.

    “This is exemplified in the milestone achievement of Strategy &’s tenth anniversary which we celebrate today. By fostering a culture of excellence and quality, we’re creating a more rewarding work environment where our people can flourish, helping our clients and communities to build trust with stakeholders and tackle their most critical challenges.

    “Looking ahead Strategy &’s consulting expertise and the vast capabilities of the PwC network will continue to help organisations in our region reinvent their businesses, build resilience for the future, and shape a sustainable path to success, in line with our drive of powering forward to a new frontier.”

    Consulting and Risk Services Leader, West Market Area, PwC, Olufemi Osinubi, says: “We’re excited to be making this bold move in the West African market with Strategy&. Our deep industry knowledge allows us to leverage Strategy &’s proven methodology to create capabilities-driven strategies for leading organisations across various industries.’’

    “Strategy & is uniquely positioned to solve the issues that matter to our clients. Our commitment to working alongside our clients, fostering public-private sector collaboration, and creating lasting impact fuels our drive to be a catalyst for positive change in West Africa. As we embark on the next decade, we remain dedicated to delivering sustained outcomes that make a real difference for our clients and communities.”

    Strategy & Lead, West Africa, Olusegun Zaccheaus, says: “In 2022, we launched Strategy & in West Africa which was a significant repositioning to provide differentiated services to our clients in West Africa. Our region presents both exciting opportunities and challenges, and we’re committed to helping our clients navigate this ever-evolving business landscape.”

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    Zaccheaus stated that as Strategy & celebrates 10 years, “We are excited to be deploying the power and heritage of Strategy &’s global network, including subject matter experts, proprietary assets and accelerators, global client experiences, and proven case studies to solve the unique business problems of our clients in West Africa.”

    As part of the PwC network, Strategy & solvers have converged in the past decade in unexpected ways to solve many of the African continent’s most important challenges. By providing change-making organisational strategies based on a deep global network, broad local capabilities, and a commitment to expertise, it has brought its philosophy, ‘strategy, made real’, to life.

  • Cricket: PwC National U-17 Finals begin Feb. 14

    Cricket: PwC National U-17 Finals begin Feb. 14

    The National Finals of the 5th  edition of the PwC National Under 17 Cricket Championship will be held between  February 14 and 19 at the twin ovals of Moshood Abiola National Stadium in Abuja.

    Emeka Igwilo, General Manager of the Federation who doubles as the co-chair of the 2024 Organising committee of the national event, said the one-week move was necessary, among other things allow for regions that had pleaded for a shift in their qualifying dates to have time to practice and bond ahead of the finals.

     “So far, out of six regions, four, including: South-West, South-South, North-Central, and North East, have all concluded their regional qualifications. North-West and South-East will be having their regional finals this weekend, and this means that the kids will have a few days to report to Abuja for the national finals,” he said. “The Board (of the Nigeria Cricket Federation), has asked for an additional week for them to be able to assemble their regional teams and a few days of practise before the National finals, hence the shift. Some major logistics for the event will also benefit from the shift as well.”

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    In all, 34 states registered boys teams for the age-grade event, while 25 states entered girls teams.

    From the concluded regional events so far, Ogun State’s girls’  team and Oyo State’s boys’  team ruled the South-West qualifiers. In North Central, it was Niger State’s boys and Kwara State’s girls team that ruled the series. Edo State boys and girls team dominated the South-South qualifiers just as Gombe State ruled the North East.

    The National final will feature teams representing the regions at the national finals.

    Igwilo further said: “Each regional team is expected to be represented by their best talents; this includes having the best from every team that participated. It is our way of ensuring the best talents get exposure irrespective of their team’s performance at the regional finals. It also fosters integration along the regional line.” 

    The PwC National Under 17 Championship has become the fodder for nurturing and progressing talents to the national team.

  • PwC: Entertainment, media industry to hit $12.9b by 2027

    PwC: Entertainment, media industry to hit $12.9b by 2027

    Nigeria’s Entertainment & Media (E&M) industry will reach $12.9 billion in revenue by 2027, latest report by multinational professional services brand PricewaterhouseCoopers (PwC) has projected. 

    PwC’s African Entertainment and Media Outlook 2023-2027 took a deep dive into Africa-specific trends, investigating the future of the E&M industry on the continent.

    It also explored how the events of 2022 will affect the entertainment and media markets across South Africa, Nigeria and Kenya through to 2027.

    The report, which considered Nigeria, South Africa and Kenya, said among the three markets captured, Nigeria has the strongest E&M growth globally at a 16.5 per cent Compound Annual Growth Rate (CAGR) in revenue through 2027.

    “This is the strongest rate of growth globally, and E&M revenue in Nigeria will more than double, from $6.0 billion in 2022 to $12.9 billion in 2027,” PwC’s Entertainment and Media Partner Charles Stuart said, in the report released this week and made available to The Nation.

    The report said over the next five years, the number of mobile internet subscribers in Nigeria will increase from 54 million to 78 million, noting, however, that penetration will still be less than a third of the population by 2027. 

    According to the report, South Africa’s E&M annual market growth stabilized to 8.8 per cent in 2022, down from 15.4 per cent in 2021.

    “Total industry revenue will increase from R176.7 billion in 2022 to R231.2 billion in 2017, representing growth at 5.5 per cent CAGR. This will outpace the global average growth rate,” the PwC report said.

    It stated that revenue growth will be driven by the internet access segment and growth in over-the-top video (OTT) and cinema.

    According to the report, growth in African over-the-top video (OTT) markets broadly outpaced the global average, with Nigeria experiencing the fastest growth in OTT revenue compared to South Africa and Kenya in 2022, generating $45.2 million, a 55 per cent increase on 2021.

    The report, however, said South Africa still has the largest OTT sector on the continent, generating R4.3 billion in 2022.

    South Africa is experiencing a strong rebound in cinema box office revenue, but has yet to match pre-COVID-19 levels.

    The report also said the music streaming market continues its march across South Africa, Nigeria and Kenya, with music streaming subscription revenue in South Africa set to rise at 10.5 per cent to reach R1.1 billion by 2027.

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    It also said Africa stands out as a mobile-first gaming continent, with Nigeria’s gaming industry primed to grow rapidly in the coming years.

    However, in Africa, the report said the deployment of swift and dependable Fifth Generation (5G) network faces challenges, with progress hindered by regulation, affordability, geography, and investment.

    While globally, 5G smartphones constituted 19.3% of connections last year, the figures were notably lower in South Africa (3.1%), Kenya (2.1%), and Nigeria (1.2%).

    Despite the modest adoption of 5G, Africa remains predominantly mobile-centric, with fixed broadband penetration levels trailing the global average.

    “Establishing robust internet connectivity in key growing economies across the continent is seen as a pivotal step for future growth.

    This connectivity is expected to serve as a foundation, unlocking opportunities for consumers and advertisers in domains such as music and video streaming, gaming, and the metaverse, all contingent on swift and dependable internet access,” the report said.

    Globally, the Internet advertising segment is predicted to witness the most significant revenue growth, closely followed by Internet access.

    However, in Nigeria’s E&M market, the only segment expected to contract marginally over the forecast period is newspapers, consumer magazines, and books.

  • PwC: Diaspora remittances to hit $25.5b

    Nigerians in diaspora constitute a significant proportion of immigrants worldwide.

    According to the Federal Government, there are over 17 million Nigerians in the Diaspora.

    To underscore the importance of the Diaspora to the economy, leading audit firm PwC, in one of its latest reports, revealed that migrant remittances made up 77.2 per cent of last year’s government’s budget and more than 10 times the foreign direct investment (FDI) flows in the same period

    For 2017, World Bank data showed that $22 billion (about N7.9 trillion) was remitted, the highest in Africa.

    PwC’s latest White Paper Series, ‘’Strength from abroad: The economic power of Nigeria’s Diaspora’’, estimated that migrant remittances  could hit $25.5 billion, $29.8billion and $34.8billion in the year, 2021 and 2023.

    Over a 15-year period, PwC said it expected total remittance flows into the country to double from $18.37 billion in 2009 to $34.89 billion in 2023.

    PwC Partner/Chief Economist Dr. Andrew S. Nevin reportedly said the establishment of Nigerians in Diaspora Commission (NiDCOM) by the Federal Government showed that it recognised the importance of Nigerians in Diaspora.

    He suggested that the government should formulate and execute a strategy to maximise the benefits of the commission.

    Studies, according to him, show that 70 per cent of remittances is for consumption, while the balance go to investment-related uses.

    The Nation studies showed that though part of these remittances used on consumption goes for family upkeep and other needs, a large chunk of the cash is meant for residential development back home.

    Experts, however, believe that if the money is channelled through the established mortgage system, it would deepen the industry while  Nigerians in Diaspora would be able to access mortgages to own houses back home.

    In realisation of the important role Diaspora mortgages can play in deepening mortgage finance in Nigeria, the Federal Mortgage Bank of Nigeria (FMBN) in 2014 developed the Diaspora Mortgage Product targeted at Nigerians living abroad to give them an opportunity to participate and benefit from the National Housing Find (NHF) scheme. The loan window offers them mortgage loans to build or buy houses in Nigeria.

    To further deepen access to finance for residential housing development for Nigerians in Diaspora, the NiDCOM and the FMBN have joined forces to initiate a Diaspora mortgage programme where Nigerians in the Diaspora can have their homes without going through a third party.

    Speaking during a recent visit to FMBN by a team from NiDCOM led by its Chairman/CEO Abike Dabiri-Erewa, the CEO of the bank, Ahmed Musa Dangiwa, said the visit was timely as the bank was engaging Nigerians in the Diaspora on mortgage products developed for Nigerians living abroad.

    He said the bank had made presentations on Diaspora mortgages in the United Kingdom and the United States and had received positive responses and visits from the engagements abroad.

    He said: “Although the product has been fully developed, we invite you to feel free to make inputs as we will be happy to share from your wealth of experience in dealing with Nigerians in the Diaspora.”

    In her response, Mrs Dabiri-Erewa said the major challenge of an average Diasporan, after passport, is housing.

    She said the commission intended to partner the FMBN to develop a Diaspora mortgage programme in which Nigerians in the Diaspora can have their houses back home at a reasonable interest rate and without going through a third party.

  • PwC, media firm plan SMEs workshop

    PricewaterhouseCoopers (PwC) in collaboration with Genevieve Magazine will organise a workshop for Small and Medium Enterprises (SMEs) with theme:  Growing Your Business from Scratch to Cash.

    The workshop is scheduled to held on August 22, in Lagos.

    SMEs are the backbone of many developed economies, but SMEs in Nigeria are still beset with several challenges which mitigate their growth. The workshop, which is in line with PwC’s Purpose of building trust in society and solving important problems, will discuss salient topics by award winning business experts and provide participating SMEs with the opportunity to network and collaborate with other business owners.

    Key topics that will be discussed at the workshop include how to start, grow and turn your business into a cash generating machine, Structuring your business for growth, Tax planning and compliance for SMEs and Impact of mental health on business growth and productivity.

    Some of the facilitators the organisers have lined up for the workshop include  Akin Alabi, Founder, Nairabet  and author, Small Business Big Money, Tara Fela-Durotoye CEO, House of Tara International, Kenneth Erikume, Partner, PwC Nigeria and Betty Irabor, Founder, Genevieve Magazine and author, Dust to Dew.

    There will also be a free high-level tax consultation for the first 20 organisations to register for the workshop.

    Interested participants should look out for instructions on PwC Nigeria’s social media handles on how to register.

  • Fidelity Bank, PwC connect SMEs to investors

    Fidelity Bank Plc are partnering PricewaterhouseCoopers (PwC) to help Small and Medium Enterprises (SMEs) have easy access to investors.

    The entrepreneurs will also, through the  SME Funding Connect-Lagos, being planned by both institutions be able to connect to institutions that will provide them with funding.

    Speaking on the  programme, Fidelity Bank Managing Director Nnamdi Okonkwo said the lender came up with the initiative  to deepen funding, which remained the biggest challenge confronting small businesses.

    Okonkwe, represented by the bank’s Executive Director, Lagos & Southwest, Mrs. Nneka Onyeali-Ikpe, said the initiative was aimed at providing funding for SMEs through the bank’s funding partners, venture capital and Angel investor, among others.

    “Fidelity Bank is SME-friendly and we deemed it necessary to do something that directly affects our base as a bank.

    “We have a lot of SME customers who we have worked with and some that we are still working with, and a lot of us know that the SMEs are the engine of any economy that is growing,” Okonkwo said.

    He said there were over 40 million registered SMEs in Nigeria, noting that SMEs contributed 80 per cent of the workforce and could not be ignored.

    Also, Osaigbovo Omorogbe, the Divisional Head, Managed SMEs, said events for the funding of the SMEs would be carried out in Lagos, Port Harcourt, Kano and another location to be determined by the bank.

    He said: “Our focus is to ensure that the customers business is strong. We have decided to bring the various Angel investors and also create platform for ideas sharing.

    ‘’The SMEs will meet the fund provider and they will get the right funding depending on their business objective.”

    Omorogbe said the Lagos event titled: ‘Entrepreneurship meets capital’ would take place on August 7. He said the funding partners would provide equity capital for SMEs to strengthen growth and development.

    “We are not launching a fund, we are not looking to sell any fund to SMES on this paltform. We are creating a platform for everybody in SMEs’ ecosystem to participate,” Omorogbe stated.

    He said the programme had six focus sectors: manufacturing, technology, entertainment, lifestyles, and agriculture value chain.

    He, however, said the funding would be anchored by PwC, stressing that Fidelity Bank was not a funding platform, but a platform for every SME to meet funds providers.

    The Fidelity Bank SMEs Funding Connect has 3,000 participants, 60 providers, 60 founders, N12 million in grant, six breakout sessions and three networking cocktails.

    Omorogbe said the bank  disbursed N2.3 billion under the Central Bank of Nigeria’s (CBN’s) N220 billion SME fund programme.

    Nigeria’s Chief Economist and Partner, PwC, Mr Andrew Nevin, noted that the programme could develop more SMEs, which would in turn contribute to the development of the economy.

    “For the past two years, the Nigerian economy has suffered and it has been difficult for banks to lend to the private sector, but Fidelity Bank has risen up to the occasion and should be given credit for what they have done in the SME sector, which is the engine room of every economy,’’ he said.