University Press laments high cost of doing business in Nigeria

  • 📰 GuardianNigeria
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 94%

Business News News

Business Business Latest News,Business Business Headlines

University Press Plc has lamented the rising cost of doing business in Nigeria, stating that the challenge has increased its cost of operations. [ad]According to the company, foreign exchange pressures, high levels of fiscal debt, weak governance and country's dependency on oil as its main foreign exchange earner offered little succour to the challenges bedevilling the business.

University Press Plc has lamented the rising cost of doing business in Nigeria, stating that the challenge has increased its cost of operations.

He said the country witnessed high levels of inflation occasioned by Russia/Ukraine war as well as tensions between the United States of America and the People’s Republic of China. All these factors contributed to disrupting global supply chains. Besides, he said the company’s revenue started on a promising note, however, as the year progressed, the aforementioned economic conditions stifled the revenue generation activities.

He said the company’s turnover for 2022/2023 was N2.2 billion. The profit after tax was N142.3 million, a 31 per cent decrease when compared with the previous year. He said most importantly, the year witnessed the redesigning of currency and the implementation of a cashless policy by the CBN. The resultant effect of the elections, combined with the unexpected redesign of the naira and the implementation of a cashless policy by the CBN posed greater challenges to the Nigerian economy than was envisaged by many.

However, shareholders have commended the company for its doggedness in withstanding the challenges being faced in the country.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 1. in BUSİNESS

Business Business Latest News, Business Business Headlines