Economy
91% Africa’s CEOs Confident of Firms’ Growth Prospects—PwC
By Dipo Olowookere
A research carried out by PwC has revealed that 91 percent of CEOs in Africa are confident about their own companies’ growth prospects in the medium term.
CEO for PwC Africa, Mr Hein Boegman, described this as the “highest level of confidence since we started our research on CEOs in Africa in 2012.”
This revelation comes despite the current economic and socio-political uncertainty in the continent.
Speaking at the World Economic Forum on Africa 2017 in Durban on the challenges and opportunities facing Africa’s CEOs, Mr Boegman said one of the reasons why Africa CEOs are positive is that they tend to look to the upside and seize on the opportunities uncertainty brings.
Facing a climate of muted growth at best, CEOs recognise that while they focus on organic growth and cost reductions, they also need to prioritise investment in strategic alliances and joint ventures to expand their markets and grow their customer bases.
Despite the level of optimism for growth, CEOs are concerned about uncertain economic growth and the impact this will have on their business, he said.
“The returns for doing business on the continent are high, but so are the risks. Africa’s CEOs are operating in difficult times – infrastructure on the continent remains a challenge, finding and retaining the right talent for their businesses, dealing with many of the hurdles that come with working with governments, and managing growth plans across the continent,” Mr Boegman comments.
According to him, given the major changes we are currently seeing in the world – such as the recent US elections and the UK’s vote to leave the EU – a key feature of the current environment is just how difficult it is to read.
He argued that a single event can trigger a need for wholesale strategic changes. A case in point is the recent political and policy uncertainty in South Africa, and more particularly the recent downgrade in the country’s sovereign debt to junk status. Exchange rate volatility, an increasing tax burden, social instability resulting from inequality, and corruption remain problems in many countries.
Also, CEO for PwC Southern Africa, Dion Shango, remarked that, “It is no longer enough for business leaders to steer their organisations through a complicated and challenging environment – they will need to adapt swiftly to change.”
Shango noted that CEOs will need to focus on their business strategies and processes and will be expected to play a part in the broader community. CEOs will also need to consider the changing expectations and demands of current and future stakeholders.
“For CEOs, their customers, government and competitors have a big influence on business strategy. Understanding their needs and working towards addressing them can help build trust, maintain reputation and lend a licence to operate,” Shango opined.
Anne Eriksson, Regional Senior Partner for PwC in East Africa, says “regulatory policy can also restrain growth, and in some cases, necessitate cost reduction by the businesses affected.”
On the other hand, changes in regulation can also prompt strategic developments in business.
Eriksson points out that regulatory change in Kenya has helped the country’s financial services sector to pay more attention to its customers. A number of multinational companies have also committed to building capacity and improving transparency and regulatory frameworks through engagement with government. “Where there has been progress, economies have benefitted and the result is more inward investment, innovation and organic growth.”
Notwithstanding the slowdown, Africa is also experiencing a number of advances economically and socially. There are significant trends that could offer new opportunities and benefits for businesses, governments and the population. In the past year, global megatrends such as demographic change, increase in urbanisation, shifts in global economic power and technological innovation are favourable to development on the continent.
Across all sectors, the pace of innovation in Africa is driving greater collaboration and convergence. A number of multinational companies have committed to building capacity and improving transparency and regulatory frameworks through engagement with governments.
Where there has been progress, markets have benefitted and the result is more inward investment, innovation and growth. But in order to grow and expand to its potential, Africa will need to face the political and economic repercussions of climate change, as well as safety and political instability in some areas.
“The business leader of today must deliver seamless strategy and operational excellence. Africa’s CEOs will need to overcome a number of challenges to truly transform their organisations. In the process, business needs to recognise and manage its responsibilities and dependencies,” Boegman concludes.
By Adedapo Adesanya
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Mr Taiwo Oyedele, has said there are no discrepancies in the tax laws passed by the National Assembly and the gazetted versions made available to the public.
Last week, a member of the House of Representatives, Mr Abdussamad Dasuki, raised worries about the differences between its version and that gazetted by the presidency.
However, speaking on Channels Television’s Morning Brief on Monday, Mr Oyedele claimed what has been circulating in the media was fake.
“Before you can say there is a difference between what was gazetted and what was passed, we have what has not been gazetted. We don’t have what was passed,” he said.
“The official harmonised bills certified by the clerk, which the National Assembly sent to the President, we don’t have a copy to compare. Only the lawmakers can say authoritatively what we sent.
“It should be the House of Representatives or Senate version. It should be the harmonised version certified by the clerk. Even me, I cannot say that I have it. I only have what was presented to Mr President to sign.”
Mr Oyedele stated that he reached out to the House of Representatives Committee regarding a particular Section 41 (8), which states, “You have to pay a deposit of 20 per cent.”
He noted that the response given by the committee was that its members had not met on the issue.
“I know that particular provision is not in the final gazette, but it was in the draft gazette. Some people decided that they should write the report of the committee before the committee had met, and it had circulated everywhere.
“What is out there in the media did not come from the committee set up by the House of Representatives. I think we should allow them do the investigation,” Mr Oyedele added.
In June, President Bola Tinubu signed the four tax reform bills into law, marking what the government has described as the most significant overhaul of the country’s tax system in decades.
The tax reform laws, which faced stiff opposition from federal lawmakers from the northern part of the country before their passage, are scheduled to take effect on January 1, 2026.
The laws include the Nigeria Tax Act, the Nigeria Tax Administration Act, the Nigeria Revenue Service (Establishment) Act, and the Joint Revenue Board (Establishment) Act, all operating under a single authority, the Nigeria Revenue Service.
By Dipo Olowookere
A total of 55 equities appreciated last week on the Nigerian Exchange (NGX) Limited versus the 49 equities recorded a week earlier.
However, 33 stocks closed lower compared with 41 stocks in the previous week, while 55 shares remained unchanged versus 57 shares of the preceding week.
Leading the advancers’ log was Aluminium Extrusion, which gained 59.35 per cent to close at N12.35, Mecure Industries rose by 44.93 per cent to N55.00, First Holdco appreciated by 42.93 per cent to N44.95, Guinness Nigeria improved by 33.01 per cent to N289.70, and NPF Microfinance Bank grew by 20.65 per cent to N3.74.
On the flip side, Living Trust Mortgage Bank lost 11.38 per cent to settle at N3.35, Japaul declined by 10.53 per cent to N2.38, International Energy Insurance slipped by 9.92 per cent to N2.27, FTN Cocoa depreciated by 9.80 per cent to N4.42, and Stanbic IBTC went down by 9.33 per cent to N95.20.
The buying interest in the week raised the All-Share Index (ASI) and the market capitalisation by 1.76 per cent to 152,057.38 points and N96.937 trillion, respectively.
Similarly, all other indices finished higher with the exception of AFR Bank Value, and the energy indices, which fell by 1.38 per cent and 0.17 per cent apiece.
According to trading data, a total 9.849 billion shares worth N305.843 billion in 126,584 deals exchanged hands in the five-day trading week compared with the 4.373 billion shares valued at N97.783 billion traded in 110,736 deals a week earlier.
The financial services industry led the activity chart with 8.295 billion shares valued at N232.223 billion traded in 50,351 deals, contributing 84.22 per cent and 75.93 per cent to the total trading volume and value, respectively.
The healthcare space followed with 517.443 million shares worth N3.472 billion in 2,979 deals, and the consumer goods counter transacted 392.765 million shares worth N12.664 billion in 18,438 deals.
The trio of Ecobank, First Holdco, and Access Holdings accounted for 6.424 billion shares worth N204.629 billion in 11,362 deals, contributing 65.23 per cent and 66.91 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has assured beneficiaries of the $50 million Women Exporters in the Digital Economy (WEIDE) Fund to expect the first tranche of grants in the first quarter of 2026, following the completion of ongoing capacity-building and compliance processes.
The assurance was given during a Town Hall Meeting for WEIDE Fund beneficiaries held in Abuja over the weekend. The gathering provided an opportunity to review progress made since the launch of the initiative in August 2025.
The $50 million WEIDE Fund is a global initiative by the WTO and ITC to empower women-led businesses in developing countries, especially Nigeria, by providing training, finance, and market access for digital trade, helping them grow from small enterprises to global players through support like grants and mentorship, as seen in its launch phase benefiting 146 Nigerian women entrepreneurs.
Speaking at the event, the chief executive of NEPC, Mrs Nonye Ayeni, called on beneficiaries to maximize the opportunities provided by the programme, emphasizing the progress made and the milestones achieved since its launch.
Mrs Ayeni said the engagement was meant to review the programme’s achievements, identify areas for improvement, and strengthen support for the beneficiaries.
“So, it’s time for us to get together at the end of the year to see how far we’ve gone, how well we’ve done, and what we need to do to make it better and support them more effectively through the WEIDE Fund,” she said.
Mrs Ayeni highlighted the significant capacity-building activities conducted for the 146 selected women entrepreneurs, noting that top-tier coaches and trainers had been deployed immediately after the official launch by the Director General of the World Trade Organisation (WTO), Mrs Ngozi Okonjo-Iweala.
“These coaches are exceptional. They’ve trained our beneficiaries in financial literacy, bookkeeping, soft skills, leadership, succession planning, and digital tools so they can compete globally,” she said.
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