Lagos, Nigeria. May 19, 2015 – 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 behaviors
that establish the practice of good corporate governance in everyday business
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
The AfCGP is funded by SECO, Switzerland and IFC is the implementing partner
for the program.
SECO is Switzerland’s competence center for all core issues relating to
economic policy. SECO’s economic development cooperation strives to achieve
sustainable growth. Such growth is sustainable if it creates jobs, helps
to increase productivity, to reduce poverty, inequalities and global risks.
For more information, visit www.seco-cooperation.ch.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in about 100 countries, we use our capital, expertise, and
influence to help eliminate extreme poverty and boost shared prosperity.
In FY14, we provided more than $22 billion in financing to improve lives
in developing countries and tackle the most urgent challenges of development.
For more information, visit www.ifc.org.