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Tag: NBCC

  • NBCC, DCSL strategise to tackle SMEs’ challenges

    Nigerian-British Chamber of Commerce (NBCC) and DCSL Corporate Services Limited plan to address the challenges of Small and Medium Enterprises (SMEs), NBCC President Prince Dapo Adelegan has said.

    At the unveiling of the MSME Centre in Lagos, Adelegan said the centre, to be managed by DCSL, would strengthen business advisory and regulatory compliance, facilitate access to fund, provide support in taxation, governance, book keeping, immigration, business plan, secretarial, management, company incorporation and other areas to the entrepreneurs.

    He said the initiative became necessary to provide the needed support that would strengthen the sector and enable Nigeria to be a robust economy.

    Adelegan said SMEs remained a key sector that could accelerate the  economy out of the woods. He stressed the need to provide adequate support for the sector.

    “We are providing a platform where every SME will be properly structured so that it can attract investment and add value, and also provide everything required to take the business beyond the founder and become relevant,” he said.

    He said until Nigeria  built enduring institutions, particularly for SMEs, it might not record much growth.

    The initiative, part of the  programmes lined up for the chamber’s 40th anniversary, Adelegan said, took into cognizance the role SMEs “play in modern economies, especially in the areas of job creation and contribution to the Gross Domestic Product (GDP)”.

    DCSL Managing Director Bisi Adeyemi said the aim was to add value to SMEs because of their role in boosting a country’s GDP, adding that though the government was trying to put the sector on track, the players lacked capacity for global competitiveness.

    “The greatest challenge facing the sector is lack of structure and knowledge. Most of the SMEs don’t have structure and they are unaware, but a little training can put them on track. In the past, the challenge used to be capital but now it is capacity. No lender will give you loan if you don’t have a structure.

    “What this centre will do is to offer SMEs a platform to consult in all area of their business. We are taking advantage of the synergy with NBCC to reduce the cost of services for them,” she said.

  • NBCC advises CBN on monetary policy plans

    Nigerian-British Chamber of Commerce (NBCC) has urged the Central Bank of Nigeria (CBN) to sustain a monetary policy aimed at increasing capital inflows, encouraging domestic lending and enhancing production for export.

    The Chamber also asked the apex bank to focus more on policy that will drive infrastructural development, enhance tax compliance and ensure a favourable environment for SMEs in the country.

    NBCC President, Prince Dapo Adelegan, who disclosed this during the Chamber’s quarterly review of the economy identified decline in economic activities, increase in the rate of unemployment and high operating cost as some of the effects of the restriction earlier placed on foreign exchange.

    On foreign portfolio investment, Adelegan said the foreign inflow dropped from N53.20 billion in April, last year to N14.52 billion in April, this year.

    He noted that many investors had left the country due to foreign exchange restriction and economic downturn.

  • NBCC cautions agencies on fine imposition

    The Nigerian British Chamber of Commerce (NBCC) has called for restraint among government agencies, following the recent wave of sanctions imposed on corporate organisations across the globe, including Nigeria.

    It said cognisance should be taken of the   contributions of affected companies to the nation’s economy. The Chamber has also advised the Boards of regulated companies to take their oversight functions seriously by ensuring strict compliance with regulatory requirement.

    Its President, Prince Dapo Adelegan, in a statement, urged regulatory agencies to be wary of imposing destructive fines on companies contributing significantly to the nation’s Gross Domestic Product (GDP).

    He said the regulators must be mindful of sanctioning companies into comatose with the implications of such sanctions on employment,  revenue generation from taxation, and the determination of the government to diversify the nation’s economy from one dependent on oil.

  • Govt advised on forex access for critical goods

    Govt advised on forex access for critical goods

    The President, Nigeria-British Chamber of Commerce (NBCC), Prince Dapo Adelegan has urged the Federal Government to develop policies that will ease access to foreign exchange (forex) for critical goods.

    He also wants the government to drive import substitution strategies by supporting small businesses with adequate funding to achieve price stability and increase aggregate output in the country.

    Reviewing the economy, he advised the government to ease foreign exchange policies to encourage foreign direct investment (FDI).

    He said the government will have to adopt Import substitution strategies to reduce demand for foreign exchange.  With a N6 trillion budget for next year, he said borrowing plans may require some forex depreciation to attract foreign capital to fund the Federal Government’s spending plans.

    Adelegan said the restriction of 41 items from accessing forex through the Central Bank of Nigeria (CBN) window has led to reduction in trade relations, loss of jobs and rise in exchange rate in the country.

    He noted that Nigeria has recorded only about $1.35 billion as FDI this year, saying this is about 40 per cent less than the figure recorded last year.

    He said a worse situation has been recorded for investments in financial assets, where huge sell-offs had been seen. He said foreign investors’ confidence has dropped as a result of the foreign exchange policies, with JP Morgan removing Nigerian bonds from its index.

    “The Nigerian economy has been growing at a slower pace, having recorded an average growth rate of 3.05 per cent in 2015,” he said,

    “The weak growth rate is largely attributed to low global crude oil price which, is the mainstay of the economy. Official exchange rates are not reflective of current market positions; significant amounts of foreign exchange flows occur outside the regulated window.”

    He  pointed out  that  inflation rate has remained stable, around 9.3 per cent in the last quarter in spite of low GDP growth, while the  demand for Nigerian assets with low FDI and portfolio investment as reflected in the capital market has continued to drop.

    Adelegan, who was recently inaugurated as the 14th President of NBCC in Lagos, however reaffirmed the commitment of the Chamber to fostering trade relations between Nigeria and the United Kingdom.

  • NBCC to lead positive perception campaign for Nigeria

    NBCC to lead positive perception campaign for Nigeria

    Worried by the continued negative perception of Nigeria abroad, in spite of some unfolding positive strides by the new administration, the Nigerian British Chamber of Commerce (NBCC) has promised to engage Nigerians in Diaspora towards correcting the wrong perception, especially in the British society and its media.

    At the inauguration dinner of the 14th Executive Council of the chamber in Lagos, last weekend, newly-installed NBCC President/Chairman Prince Adedapo Adelegan decried the way global attention on Nigeria, Africa’s biggest economy, is promoting pessimistic beliefs of wars, strife, low return on investment, unfriendly business environment and scams.

    He said NBCC would soon unfold a programme aimed at deploying various platforms of engagement that would include commissioned documentaries, cultural road shows and establishment of legacy economic activities to re-create Nigeria’s image.

    Adelegan noted that the Chamber was established in 1977 to promote trade and investment between Nigeria and Britain, with particular emphasis on enhancing relationships towards building critical infrastructure that would support Nigeria’s economic growth, especially in agriculture.

    Calling on the country’s political leadership to chart a progressive path for the future, Prince Adelegan observed that India remained a good example for Nigeria to emulate. He said India has continued to make strategic investment in critical areas of its economy, thereby securing superior design and engineering know-how that has supported the local manufacturing industry and transformed the country into a major industrial nation.

    He added that for Nigeria to achieve her dream of economic transformation, all critical stakeholders must pool efforts to install technology that is important as a foundation for the future of the economy. “We will need Foreign Direct Investment (FDI) from UK, but will also encourage Nigerian investment in that country because the vibrancy of our entrepreneurial spirit will ultimately define the place of Nigeria as the next frontier of global economy”, he said.

    Adelegan also revealed that the Chamber has concluded arrangements for the establishment of an academy and SME support centre in partnership with a leading vocational training centre in the UK.

    Congratulating the new president and his team, Lagos State Governor Akinwunmi Ambode, who was represented by his deputy, Dr Oluranti Adebule, said the trade relationship between Britain and Nigeria has been greatly beneficial over the years.

    His words, “With increase in trade volume from £1.42 billion in 2010 to over £7 billion in 2012, Nigeria ranks high as UK’s second trade partner on the continent after South Africa. The role of NBCC in the growth of this bilateral trade cannot be over emphasised”.

    He said Lagos has always been the greatest beneficiary of the trade relations between Nigeria and UK, which has contributed to the state’s Gross Domestic Product (GDP) of $136 billion as well as her rising profile as a globally acknowledged mega city.

    Ambode expressed the hope that the new NBCC executive council would help attract more business to Lagos. He assured the business community of  doing business  with ease, adding that his efforts in the last few months have been focused on improving infrastructural development and strengthening the capacity of security agencies to guarantee safety.

  • NBCC, NEPC target foreign investment at UK trade mission

    Nigerian-British Chamber of Commerce (NBCC) and the Nigerian Export Promotion Council (NEPC) have concluded arrangements to lead a delegation of 40 business executives on a five-day trade mission to the United Kingdom between November 2 and 6.  The aim is to attract foreign investment to the country with focus on multi sectors, particularly the non-oil products and services.

    NBCC President, Prince Dapo Adelegan, in a statement in Lagos, stated that the Chamber was committed to increasing trade relations between Nigeria and Britain. He said the Chamber’s partnership with NEPC was to enhance its drive to attract UK investors to different states in Nigeria during the UK trade mission. He pointed out that the trade mission will provide opportunities for state governors to showcase the investment potential in their various states.

    Adelegan said: “During the trip, premium members of the chamber and other delegates will have a face-to-face interaction with high level business leaders in the UK, trade related government officials, and a number of UK-based Chambers of Commerce.” He described Nigeria as one of the best destinations for business with its position as the biggest economy in Africa, having enjoyed political stability in the past few years.

    The NBCC boss noted that the highlight of the mission will be the presentations from the Fashion Designers Association of Nigeria (FADAN) and the Committee for Relevant Art (CORA). He said they will participate in a-two-day ‘Made in Nigeria Exhibition’ organised to showcase made-in-Nigeria products.

    NBCC has in the past partnered the United Kingdom Trade and Investment (UKTI), a joint effort that has translated to the steady growth of trade relations between the two countries, with trade volume increasing from £4 billion to £8 billion between 2010 and 2014.

  • NBCC grows income by 54.99%

    Nigerian-British Chamber of Commerce (NBCC)  has released its annual report and financial account for the year 2013, with 54.99 per cent income increase over the previous year.

    The financial position of the Chamber witnessed positive revenue growth from N15 million  In 2012 to N24.5million In 2013. Expenditures also increased from N15.3million to N26million within the two accounting years with the deficit balance of N1.5million which was attributed to  developmental project embarked on by the Chamber.

    Speaking at an extra-ordinary general meeting of the Chamber in Lagos, its President, Prince Adeyemi Adefulu, said the improvement in 2013 account statement over the previous year was an indication that the Chamber was on the right path of serving as the true voice of business for Nigeria and Britain.

    NBCC Treasurer, Mr. Uwamai Igein,  while analysing the report said self-financing progremmes formed major activities of the Chamber, witnessing  270 per cent income generation in 2013. He advised the Training and Programmes Committee and the Finance and General Purpose Committee to evaluate the profitability of all self-financing programmes before implementation.

    Adefulu also presented before the council an amended constitution of the Chamber which he said became necessary with new development in both domestic and international corporate governance practices and processes.

    He said: “Your Chamber has become involved with the British Chamber of Commerce (BCC) and its global network and initiatives. We are currently preparing for accreditation with the BCC which is a certification programme which will attest and verify the NBCC as offering membership and other services and standards comparable to similar chambers in other parts of the world. This is what has made it mandatory for the Constitution of the NBCC, embodied in its Memorandum and Articles of Association to be duly amended in order to comply with global practices.”

    Its past president,  Chief Michael Olawale-Cole, expressed satisfaction with the steady growth of the chamber from one administration to the other which he described as very impressive.