According to the Association of Corporate Treasurers of Nigeria (ACTN), Nigeria would probably see currency instability, greater inflation, supply chain disruptions, and slower economic development in 2023 as a result of the difficult year under review.
At a press conference announcing the Association of Corporate Treasurers of Nigeria (ACTN) conference and exhibition Treasury 360 Nigeria with the theme “Getting through the uncertainties of supply chain disruption, currency volatility, and inflation” scheduled to take place on November 17, 2022, Victory Olumuyiwa, president and chairman in council of the association, also predicted regulatory changes as the nation prepared for the new normal.
However, she added that the significance of the next conference highlights the crucial role corporate treasurers play in overcoming these obstacles and quickening the pace of change in 2023 and beyond.
“If 2021 was a challenging year for treasurers, requiring adaptability and resilience, YE2022 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, all while preparing for the new normal,” she added.
According to her, the corporate treasury practitioners’ dedication to making significant and constructive contributions to the worldwide relevance of the Nigerian business economy served as the inspiration for the Treasury360 conference and expo.
She emphasized that the conference is the first in a series of strategic engagements to spotlight, enlighten, educate, collaborate with, and deliver on what will become the cornerstone for enhancing Nigerian corporate economies’ relevance with an emphasis on their global relevance.
She urged the federal, state, and government Ministries, Departments, and Agencies to increase consultation and cooperation with reputable organizations in different economic sectors in order to stay up to date on national and international issues as well as to take advantage of the enormous advantages of public-private partnerships.
The ACTN’s immediate past president, Mr. Zeal Akaraiwe, also spoke during the event. He noted that the association, which has been operating for about ten years, was created with the goal of bringing together organizations’ treasury functions and sharing resources, particularly in the knowledge and human resource areas.
“So that is what the association is set up for to make the treasury of the corporate sector to be more productive by sharing resources.”
He bemoaned the frightening quantity of cash that is in circulation outside of the banking system and urged the top bank to develop steps to remove it.
“Redesigning the currency is one of the most efficient ways to achieve that. So that is what they are doing and I think in terms of pulling money into the banking system, this is a good way to go about it.
“What many people are not aware of is that there is a decimal Law Act that says that if you are going to retain or redesign the currency, you must give at least three months notice and the central bank has complied with that law,” he said.
