NIGERIA: FOREIGN EXCHANGE AND SUBSIDY POLICIES COULD BOOST THE ECONOMY

Ecovis OUC (Chartered Accountants), a top consulting company that specializes in tax, accounting, auditing, and compliance services, is led by Mr. Andrew Uviase as managing partner. In this interview, he discusses the importance of rebranding and the advantages it offers to the business community and customers, as well as why the federal government's policies on FX unification and subsidies will strengthen Nigeria's economy if effectively implemented.

What do you think of the way the present administration is addressing economic issues？

Frankly, 100 days is just too little time for a government to evaluate the effects of its programs.

But we may claim that things are looking up so far. The current administration's courageous actions in removing fuel subsidies, establishing a tax reform committee, and implementing foreign currency liberalization measures deserve praise. If the measures are properly handled and put into practice, we think the economy will quickly start to improve.

Given the apparent decline in the value of the naira, several economic agents seem to be concerned about the FX market. What do you consider to be wrong with it and what can be done？

I believe that the current administration's policy is to let supply and demand in the market determine the value of the naira.

The most effective technique for distributing limited resources and redressing FX market imbalances, according to theory, is market forces. This position, however, is based on a fallacious premise shared by many economic actors on both the supply and demand sides. The idea of perfect competition is based on that.

What effects would the elimination of fuel subsidies have on the Nigerian economy？

One of the nicest things to happen to the economy recently is this. In the near term, the removal has freed up resources for the government to rule the nation at various levels. Long-term, it will also assist us in allocating resources to the middle and downstream segments of the oil and gas business that are more productive.

However, it has triggered inflationary pressures and other problems for the nation. On occasion, I have a tendency to think that it would have been preferable to fix the refineries and address the supply side of the problem before eliminating the fuel subsidy. This is because what we now have makes it more challenging.

In general, how do you believe Nigeria may overcome its development-related challenges？

Personally, I believe that a lack of discipline is the biggest barrier to our development. We must specifically go back to the discipline of planning, where there is a conscious effort to define quantifiable goals over a specific time frame. Government must be viewed as a continuum even more so when an incoming administration views the policies and programs of its predecessor as important national issues that must be resolved in a logical manner.

Based on historical evidence, it is clear that the 1970s were a time of major development ambitions for the nation.

What does the change from Kreston OUC to Ecovis OUC mean for the Nigerian business community？

Undoubtedly, this change represents a turning point in the Nigerian corporate environment. By choosing the name Ecovis OUC, we join the international Ecovis network, which is famous for its roots in continental Europe and superior knowledge and service delivery. This change combines global brilliance with local wisdom to provide Nigerian firms with unmatched consulting services that are catered to their specific requirements and difficulties.

What advantages may firms in Nigeria anticipate from this rebranding？

There are numerous advantages. First off, Nigerian businesses now have access to a wealth of worldwide experience while also benefiting from local insights thanks to our integration into the Ecovis network. This guarantees smooth navigating of both global and local complexities.

Second, we offer comprehensive custom solutions that cover the financial, managerial, and administrative needs of companies of all sizes. Additionally, our customized consultation services, backed by a global network of over 10,000 professionals, guarantee that clients get well-rounded answers for their unique difficulties.

Could you explain Ecovis OUC's strategy for individualized consultation？

The best ideas, in our opinion at Ecovis OUC, come through dialogue. Because of this, we prefer to collaborate and have face-to-face conversations with our clients.

Success in company, whether it be local or global, depends on having a partner you can work with, who is competing on an equal footing and has a thorough understanding of your issues and prospects.

At Ecovis, your personal advisor is a seasoned business professional. You two have a strong connection that fosters mutual respect and trust, which enables your company to flourish.

What effects would the restructuring of Ecovis OUC have on neighborhood businesses？

The switch to Ecovis OUC gives Nigerian companies a clear “home advantage.” We are prepared to provide immediate worldwide and local support because we operate in more than 80 nations, including Nigeria.

ECOVIS is by your side wherever your business takes you, whether yours is an established international enterprise dealing with cross-border challenges, a family-owned business, a branch of a major corporation, or a government organization.

You will always be at a home advantage with Ecovis. Being present reduces communication difficulties and improves our comprehension of your unique situation.

Our goal is to enable Nigerian companies to flourish on national and international markets. We give businesses the tools they need to overcome obstacles and grasp opportunities by fusing global expertise with local knowledge. Whether it's accounting, auditing, tax counseling, or compliance assistance, Ecovis OUC is dedicated to providing all-inclusive solutions that promote success and growth.