End of a New Year!! Are You Ready for the Next Wave?
- The GreenVisor
- Dec 6, 2022
- 2 min read
It’s December! And the end of a new year is here! Here are a few things that happened in 2022:
Significant drop in foreign exchange value of Naira to major global currencies
Astronomical rise in inflation rate, currently at 21%
Over 200% increase in price of diesel, as of the writing of this blog
Over 100% increase in local flight tickets and near 300% increase in international airline ticket fares, as of the writing of this blog
Record breaking exodus of Nigerians to Canada, England and other countries
The Dubai Expo 2020, which could not hold as initially scheduled due to COVID lockdowns, kicked off 1 October 2021 and closed 31 March 2022
Drop in crude oil export revenue to zero in July 2022 for the first time in Nigeria’s history
NNPC became a limited liability company, in line with the Petroleum Industry Act 2021
Deadline for compliance with the CAMA 2020 on issued share capital draws to a close (31 December 2022)
Bitcoin price to USD 17,000 in early December – from above USD 60,000 in April 2021
FIFA world cup kicked off in Qatar 20 November 2022
New naira notes are coming out – slated for 15 December 2022
And Nigeria looks ahead to general presidential elections in February 2023
There have been many more happenings and occurrences, locally and internationally – at home and in our work/businesses – we have mentioned only a few.
Why have we highlighted such a mix of events? To remind everyone that we live in a world that is constantly moving, changing and evolving. Economic cycles move in a cyclical patter – highs, lows, or peaks and troughs which are preceded by expansions and contractions, respectively.
We are all, on a global scale, in a contraction part of the perpetually repeating cycle and with all certainty, we will pull out to extraction path again.
As you look back on your 2022, have you taken stock of your performance? Have you measured the impact of the above and more on your bottom line? Have you prepared your accounts for the regulators and the tax office? Have you filed your returns and are you preparing for your yearend financial audit? Have you drafted your plans, objectives and goals for 2023?
Hats off to you for reaching the end of a new year! TheGreenVisor.com team wishes you a great end of year celebration and a wonderous new year!!
Your online, virtual accountant and risk management team are ever ready to support you in managing and optimizing your financial and reporting needs.
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