The Nigerian-British Chamber of Commerce (NBCC) has recorded revenue of N47.32 million in the 2015 financial year. This represents 71.51 percent spike from N27.6 million reported in 2014.
This was disclosed by Adebisi Adeyemi, treasurer, NBCC, at the annual general meeting of the chamber held on Tuesday in Lagos.
Adeyemi said surplus was N1.54 million, adding that this was an indication of a positive return on capital employed. She said it was also a result of remarkable improvement on the chamber’s activities and increased engagement with members.
Detailing the achievements of NBCC in 2015, Dapo Adelegan, president and chairman of the council, said the chamber undertook two trade missions in the UK in 2015 while creating groups such as construction and real estate, professional services, media and creative industries as well as oil and gas.
Adelegan said the relationship between the NBCC and its UK network had continued to strengthen and broaden its reach and membership base through attendance at series of events aimed at projecting opportunities in Nigeria.
“I was privileged to lead a delegation on a trade mission to the UK from the 13th to 17th June, 2016. The mission, which focused on infrastructure and real estate, featured a 2-day Opportunity Nigeria Event, which hosted the Minister for Transport and the launch of the Nigerian Infrastructure Fund, $2 billion Fund offering investors unparalled potential returns and being managed by Pecora Fund,” he said.
In a separate note, the NBCC boss 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.
He urged the apex bank to focus more on policy that would drive infrastructural development, enhance tax compliance and ensure a favourable environment for SMEs in the country.
According to him, decline in economic activities, increase in the rate of unemployment and high operating cost were some of the effects of the restriction earlier placed on foreign exchange.
On Foreign Portfolio Investment, he said the foreign inflow had dropped from N53.20 billion in April 2015 to N14.52 billion in April 2016, noting that many investors had left the country due to foreign exchange restriction and economic downturn.
The NBCC president expressed optimism that the new FX guidelines would bring in more foreign funds as it had started attracting domestic capital to the equity market. He said the new guidelines would also encourage foreign investors to come back to the country through FDI and provide domestic companies with funding and expertise.
ODINAKA ANUDU
