IFC, SECO Partner on Africa Corporate Governance Program to Nigerian Businesses

IFC, a member of the World Bank Group, and the State Secretariat for Economic Affairs, Switzerland today 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 behaviours 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.