The flip from the other side. Yes, as we report how companies like MTN Nigeria, PZ Cussons, etc are declaring huge losses, it is also fair we report on non-banking publicly traded institutions from Nigeria. The data has started dropping and one of them, Dangote Cement, continues to be a rainmaker in the league of money:
“Dangote Cement hauled in record windfall income after converting net investments in foreign operations into the naira, more than doubling the company’s comprehensive income to N1 trillion. Comprehensive income, the cash earned from profit after tax in addition to extraordinary gains outside the regular sources of income of companies, climbed 150 per cent from N405.4 billion a year earlier, its audited earnings report showed Friday upon release.”
Seplat, another indigenous company with an international play, reported more than eightfold in comprehensive income:”Seplat Energies raked in N885.1 billion in total comprehensive income – the combined earnings that companies receive from unexpected gains in addition to profit – after the energy giant turned Nigeria’s foreign exchange crisis into its advantage.”
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So, indigenous Nigerian companies are having great parties while subsidiaries of multinational firms are struggling. Advantage to the home team, as always, in everything. Go and build multinational companies, out of Nigeria, and the floating of Naira will work for you!
*all quotes from Premium Times
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The message it sends is to build from within and then internationalize it, so that whenever the naira is gyrating, you have buffers. It’s an interesting challenge, and exciting too. We may just need to recalibrate on our appetite for FDI, and we can live happily ever after.