IFC, SECO launch corporate governance for Nigerian business

The International Finance Corporation ( IFC), a member of the World Bank Group, and
the State Secretariat for Economic Affairs, Switzerland on Wednesday jointly
launched the Africa Corporate Governance Program for Nigeria, to support
economic and business expansion.
The program aims to improve the performance of businesses by helping them
adopt good corporate governance practices and standards that are adapted to
regional priorities. Improved corporate governance helps businesses attract
and retain investment, among other benefits.
This formal program launch was organized to raise awareness of the
cross-sectorial reach of activities and set the pace for a program that
will eventually include encouragement of improved policies,
standard-setting, network events, and regional outreach programs.
The guest speaker at the launch, Mr. Uyi Akpata, Regional and Country
Senior Partner, PricewaterhouseCoopers, emphasized the need for business
operators to move beyond setting corporate governance rules into adopting
behaviors that establish the practice of good corporate governance in
everyday business decisions.
Roman Zyla, IFC regional Corporate Governance Lead for Africa, provided a
presentation on the impact of improved corporate governance practices in
multiple countries. “The adoption of good corporate governance practices
has demonstrated increased productivity in businesses in country after
country,” he said.
Eme Essien Lore, IFC Country Manager for Nigeria said, “IFC is committed to
promoting good corporate governance practices that will help businesses
become more sustainable and contribute to long term economic growth. When
businesses adopt these practices, they are able to improve their
performance and attract more investment. IFC and SECO are jointly offering
businesses the opportunity to adopt good corporate governance practices and
improve their overall performance.”
IFC’s Corporate Governance intervention in Nigeria was introduced in 2008,
through the Nigerian Corporate Governance Banking Program, which focused on
financial institutions. The AfCGP will seek to build on the progress
already made within the Nigerian financial sector and strive for similar
success across a wide range of sectors in the Nigerian economy and West
Africa.
The AfCGP is funded by SECO, Switzerland and IFC is the implementing
partner for the program.