Business
PwC targets revenue growth from emerging markets
PricewaterhouseCoopers (PwC) expects a third of its global revenues to come from developing markets by 2016, up from 19 percent now, as its clients look for attractive returns away from crisis-hit mature economies.
PricewaterhouseCoopers (PwC) expects a third of its global revenues to come from developing markets by 2016, up from 19 percent now, as its clients look for attractive returns away from crisis-hit mature economies.
Dennis Nally, chairman of PwC International, saidAfrica was a key part of the group’s strategy and it had overhauled its governance structure by consolidating its 17-member firms on the continent as opposed to operating as individual legal entities.
PwC was expanding inAfricato meet demand for services from large multinational clients growing into the region to offset slowing growth in their home markets, he said.
These plans could easily seeAfrica’s contribution to its revenue double over the next five years from $575 million in 2011, the company said.
“We expect that by the year 2016, about 30 percent of our revenues globally will come from developing markets … includingNigeriaand that is a very significant shift,” Nally told reporters during a visit toLagos.
“Our business mirrors what’s going on with our clients. So the shift that our clients are experiencing from the developed markets to the developing markets, we see that.”
He said most of the interest in Africa was coming from Asia, includingChinaandIndia, and from investment flows within the continent, particularly fromSouth Africa.
PwC last year said it planned to invest $100 million inAfricaover the next three years, and nearly double its 8,000 staff over a five year period.
Sub-SaharanAfricais one of the world’s fastest-growing regions, with the International Monetary Fund (IMF) projecting economic growth of 5.4 percent this year and 5.3 percent next.
Soaring commodity prices underpin much of that growth, although economists also point to the expansion of technology such as mobile phones and a steady improvement in the region’s political and economic governance.
PwC already has a presence in 31 of Africa’s 54 countries, but wants to broaden that into states at the far end of the “frontier market” spectrum, includingEthiopia, Africa’s most populous nation afterNigeria, andSouth Sudan.
Africaremains a difficult place in which to do business, with corruption and bureaucracy creating a major barrier to entry, especially for U.S.-listed companies that have to comply with strict anti-graft regulations back home.
In a sharp turn of events, the Nigerian Naira took a significant tumble on Tuesday, plunging to N1,416.57 against the US dollar at the official market.
This staggering drop of N62.36 from the previous trading day represents a 4.60 percent loss, sparking concerns among investors and analysts alike.
Data from the FMDQ Exchange, overseeing the Nigerian Autonomous Foreign Exchange Market (NAFEM), revealed this unsettling trend.
Despite the currency’s downward spiral, trading activity surged, with the daily turnover soaring to $160.77 million, compared to Monday’s $84.83 million.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the Naira’s performance remained volatile, trading between N1,445 and N1,301 against the dollar, underscoring the currency’s precarious position in the market.
The management of Dangote Cement Plc., Ibese Plant has assured that it would continue to complement the efforts of the Ogun State Government in the development of its host communities through capacity building for the people, especially the youths.
In a statement, the company declared its commitment to development for the prosperity of the people and host communities for which it is placing a premium on the developmental needs of the communities and empowerment of their indigenes.
During a capacity development workshop for Host Community Representatives, General Manager, Human Asset Management/Admin, Aina Olugbenga, said, Dangote Cement remained committed to implementing value-adding empowerment programs to uplift the people and develop the host communities.
The workshop themed: “Team Building, Inclusivity and Stewardship, a panacea to effective Community Representatives” according to him, was to equip the Community reps with the right skills to offer quality representation for their people. He stated: this capacity building workshop is aimed at developing and strengthening the skills, instincts, and abilities of the communities through their representatives adapt and thrive in a fast-changing world.
Olugbenga noted that the workshop is part of the management’s strategy to improve relationships with the host communities and urged the participants to leverage the knowledge acquired from the workshop to improve service delivery to their people and the Cement plant.
According to him, Dangote Cement, Ibese Plant is committed to building the capacity of the people and institutions in the communities by identifying skill gaps and partnering to up their skills for economic prosperity. This, he stated, was in anticipation that other stakeholders will continue to play their part by partnering and supporting the Company to ensure peaceful co-existence and shared prosperity for all.
Said he, “Apart from reciprocating the good gesture of Dangote Cement by ensuring peace at all times and keeping an open and trusting mind towards the organization, we also desire from our community leaders and representatives who are present here, the ownership of all Social Investment programme, be it training or infrastructure because they are meant for the betterment of our people.”
On behalf of the Community Representatives, Hon. Dayo Ogunyinka thanked the Dangote Cement management for the workshop while assuring continued commitment to effective, efficient and selfless discharge of their roles and responsibilities to their various communities and the Plant.
The Nigeria Deposit Insurance Corporation (NDIC) has announced revisions to the Maximum Deposit Insurance Coverage for banks operating within the country.
NDIC’s Managing Director, Bello Hassan, disclosed the updated coverage benchmarks during a media briefing in Abuja on Thursday.
The coverage for Deposit Money Banks has been increased from N500,000 to N5 million, for Microfinance Banks from N200,000 to N2 million, for Primary Mortgage Banks from N500,000 to N2 million, and for Mobile Money Operators subscribers’ pass-through from N500,000 to N5 million per subscriber.
Hassan underscored that the objective of the update is to enhance depositor safety, foster public trust, promote the inclusivity of financial services, and ensure the overall stability of the financial sector.
More to follow.. . .. .
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