As we welcome the new year, we at Agbi Bayode and Co, together with our subsidiaries Pillarcraft Accounting, Pillarcraft Cloud Solutions, and Usawa Cloud Accounting Software, extend our heartfelt thanks for your steadfast support. Your continued trust in our services is the bedrock of our vision to excel in providing top-tier accounting support to small and mid-sized businesses.
Economically, 2023 posed significant challenges for the Nigerian economy. The cash scarcity stemming from the naira redesign policy under the Central Bank of Nigeria’s guidance, and the shift in the Foreign Exchange window policy, marked critical changes in our economic terrain.
Moreover, the fuel subsidy removal by President Bola Ahmed Tinubu resulted in a notable surge in fuel prices, influencing the pricing structure across various sectors. Coupled with this was a record inflation rate, peaking at 27.33% in October 2023, adding to the nation’s economic challenges.
Yet, amidst these challenges, there is hope. Fitch Solutions forecasts a modest improvement in Nigeria’s real GDP growth to 2.9% in 2024, buoyed by the anticipated operational start of the Dangote refinery in early 2024.
During these challenging times, Agbi Bayode and Co and its subsidiaries remained steadfast, supporting and partnering effectively amidst adversity. We are proud to have partnered with new cloud-based solutions like Hikeup and Sapaad cloud restaurant management software, and to have enhanced our Usawa cloud accounting software.
In 2024, Pillarcraft is committed to organizing webinars and hosting workshops on vital accounting topics, tax updates, and financial strategies. These educational events are designed to not only broaden your knowledge but also to reinforce our standing as a leader in the accounting field.
As we step into 2024, let’s approach these challenges as opportunities for growth and innovation. Together, we are poised to navigate these turbulent times and emerge stronger.
Wishing you a prosperous and successful 2024.
Warm regards,
Agbi Bayode FCA
