The International Monetary Fund (IMF) has recommended to chief financial officers (CFOs) to be innovative, especially in their responses related to sustainable finance in the new normal.
IMF Country Director Ari Aysen advised at a CFO luncheon hosted by the French-Nigeria Chamber of Commerce and Industry (FNCCI) in partnership with Mazars Nigeria in Lagos.
Aisen said CFOs need to tap into new deals in fundraising because innovation is key to productivity.
He said growth would be slightly lower, highlighting four aspects of the new sustainable finance normal including high volatility, rising interest rates and environmental, social and governance (ESG).
He said Nigeria is well positioned for global growth, but the country’s growth rate is projected to be 3.2%, declining global growth demand.
Aisen said CFOs need to think in parallel, as the new normal of sustainable finance will require a rigorous cost of capital.
He advised CFOs to be aware of ESG as it serves as a framework used to assess an organization’s business practices and performance on various sustainability and ethical issues.
Uhabia Ojike, Managing Partner of Mothers Nigeria, said the program was planned from the beginning for finance professionals and CFOs.
Ojike said businesses should ensure they are taking the necessary steps towards the future they are looking to see, emphasizing the need for organizations to produce quality financial solutions.
Earlier, the French Consul General in Lagos, Lawrence Montmairan, said the company would grow faster if the CFO did the right thing.
She said the event’s theme, “Sustainable Finance in the New Normal,” was born during a time of political upheaval in Nigeria.
Abbas Agbajeh, vice president of ESG advisory at Kuramo Capital Management, said CFOs need to be mindful of risks in the new normal.
