The International Monetary Fund (IMF) has advised chief financial officers (CFOs) to be innovative in their dealing, especially as it relates to sustainable finance in the new normal.
Country Director of IMF, Ari Aisen, advised at a CFO luncheon organised by the Franco-Nigerian Chamber of Commerce (FNCCI) in partnership with Mazars Nigeria in Lagos.
Aisen said innovation was key to productivity, hence CFOs need to be exposed to new deals in financing.
He highlighted four aspects of the new normal in sustainable financing, including high volatility, higher interest rates, environmental, social, and governance (ESG), saying the growth would be a bit lower.
He said Nigeria is well placed for global growth but the demand for growth globally is reduced with a forecast of 3.2 per cent growth for the country.
Aisen said CFOs should think alongside as the new normal for sustainable finance would require a rigorous cost of capital.
He advised CFOs to be aware of the ESG especially as it serves as a framework used to assess an organisation’s business practices and performance on various sustainability and ethical issues.
Managing Partner, Mazars Nigeria, Uhabia Ojike, said the program was planned for finance experts and CFOs from inception.
Ojike said businesses should ensure the steps they take are for the future they intend to see while emphasising the need for organisations to produce quality financial solutions.
Earlier, Consul General of France in Lagos, Laurence Monmayrant, said if CFOs got it right, companies would grow faster.
She said the theme of the event, ‘sustainable finance in the new normal’, came at a time of political changes in Nigeria.
Vice President, ESG Advisory, Kuramo Capital Management, Abbas Agbaje, said CFOs needed to pay attention to risks in the new normal.
