FG’s policy inconsistencies, forex scarcity raise concerns for operators

CWG Plc has stated that the Federal Government’s policy inconsistencies and the unavailability of foreign exchange is hindering the Nigerian business community, noting that the precarious situation has made many business concerns to cease operations in the country.

Indeed, the Pan-African systems solution company pointed out that due to foreign exchange struggles and inconsistent policies in the midst of myriad of challenges faced by businesses in the country, the federal government must urgently formulate policies that are favourable to attract local and foreign direct investments into the country.

The Group Managing Director and Chief Executive Officer, CWG Plc, Adewale Adeyipo, at a media briefing to announce its TeXcellence conference aimed at chronicling the achievements and impact of CWG on the African tech space in the past 30 years, advised economic managers to adopt strategies deployed by advanced economies to transform the nation’s tech space.

He, however, stated that as a proactive company, it had prepared for every outcome that would come its way, saying that his company has been able to overcome challenges that might arise from forex volatility, rising cost of power and other bottlenecks hindering business profitability and sustainability.

“As we reflect our history showcasing our humble beginnings, our victories, our losses and above all our learning as a knowledge-driven organisation. These experiences have produced the opportunity to refine our corporate strategy and values, eventually birthing our CWG.2.0 roadmap as well as the establishment of our training academy, cementing learning as an integral part of our ethos and culture.”

He also added that the organisation is also set to host the TeXcellence Conference, which is aimed at chronicling the achievements and impact of CWG on the African tech space in the past 30 years.

The summit will host leading international technology organisations and showcase the role it has played in accelerating the adoption of emerging technologies in Africa.

“It is a galore of celebration, and to crown it all CWG Plc will also be unveiling FifthLab, her new subsidiary through which it is building products and services that solve day-to-day payment problems for individuals and businesses,” he added.

Also speaking, the Founder and Executive Vice Chairman, CWG Plc, Austin Okere, noted that retail payment systems and financial services being digitised is now a top goal for economic growth, adding that with a wider variety of financial services, it gives the chance to reach far more people at much lower costs and provide them with what they need to develop resilience and seize chances.

The Business Director, Platforms, CWG Plc, Mrs. Akintola Moradeke, said the company is empowering lots of solution in the fast evolving IT space.

According to her, the soon to be launched FifthLab is an ecosystem of advanced technology that is customer centric which she said is specifically aimed at bringing technology to make life easy for its customers.

Looking to the future, the organization says it is in the process of creating its own IIPs in response to tackling some of the challenges that come with off-the-shelf solutions for the local markets.