Financial advisory and audit firm, KPMG has released partial results of a survey on the outlook of the Nigerian economy for 2016 from the perspective of Chief Financial Officers of most companies. According to reports the survey had 25 percent of its respondents drawn from energy and natural resources sector; 10 percent from technology, media and telecommunication. The others are 30 percent from financial service industry; 32 percent from consumer and industrial market and 3 percent from infrastructure, government and healthcare.
What they will be investing in
The Partner and Head of Audit for KPMG Professional Services, Mr. Tola Adeyemi revealed the result of the survey in terms of where CFO’s will be investing in.
“CFOs have decided to invest more in area of marketing, service delivery and technology. Also to ensure that all their branches complied with regulatory standard and tightening internal control to avoid leakages while motioning key performance indicator. They however appealed to government to deliver on its promises in areas of infrastructure, security, clarity on exchange rate and tax.”
The survey also revealed that the CFO’s are less optimistic about the economy in 2016 and do not expect things to improve. Chief Financial Officers of most organizations are mostly in charge of the finances of the companies and often implement budgetary allocations, spending and investment plans as approved by their board of directors.