Conducting Business In A Challenging Climate

The changing dynamics in Nigeria's economic climate

Operating in an environment where the currency is depreciating and interest rates are rising is challenging. The devaluation of the naira in November 2014, coupled with declining global crude oil prices has resulted in declining market growth expectations for 2015. Nigeria's Gross Domestic Product growth rate which averaged 6.14% between 2005 and 2014 is now forecast to decline to 5.5% in 2015.

Unfortunately many businesses are not prepared for these eventualities, and now find themselves struggling to operate profitably. Several are still trying to understand and come to terms with the impact of these conditions on their operations.