FG reform agenda will enhance confidence in economy, attract FDI- ICCN boss

The Chairman, International Chamber of Commerce Nigeria (ICCN), Mr. Babatunde Savage, has said that the reform agenda of government will enhance more confidence in the economy to attract more Foreign Direct Investments (FDI).

Speaking at the 17th Annual General Meeting (AGM) of the chamber, its chairman who also doubles as the Regional Coordinator for Sub Saharan Africa, said with the right strategies and structures both on the short and long term, there are indications that the resilience of the Nigerian economy will brighten and offer various opportunities for many players to invest in the Nigerian economy.

Savage explained that the result of the United Kingdom referendum on membership of the European Union would send shockwaves through the global business community while slowdown in the emerging markets was likely to continue for some time to come.

He pointed out that the chamber would continue the regional integration in Africa and remain a strong advocate and promoter of policies that would enhance transparent, equitable international trade and investment and help businesses meet the challenges and opportunities of an increasingly integrated global economy.

While commenting on the ongoing fight against corruption in the country, Savage told Nigerians that all hands must be on deck to fight this menace, adding that the fight against corrupt practices in Nigeria was a welcome development as corruption leads to poverty and underdevelopment.

“ICCN will continue to work and partner with all relevant anti-corruption agencies in the country in a bid to rid Nigeria of corruption and actualise the Anti-corruption agenda of the present administration”, he said.

Speaking on the International Standard Banking Practice (ISBP), Savage noted that the ICCN has continued to train stakeholders on the revised ISBP, which detailed banking practices to be applied when working with documentary credits that are subject to Uniform Customs and Practice for Documentary Credits, UCP 600.

 While giving account of some of the activities of the chambers in 2015, he said: “The ICC Banking Commission produces universally accepted rules and guidelines that govern international banking practice for trade finance. It provides trade experts a unique platform for the exchange of ideas on the opportunities and challenges facing both the business and banking community.”

In the year under review, he said that trade finance serves as the backbone that supports the global movement of goods, which poised to play an increasingly important role as international trade becomes a dominant driver of cross border fund flows.

According to him, “This is also underscored by the continued growth of the African Region both as an importer and exporter, and the rising prominence as an alternative trade payment currency. Africa enjoys a wealth of natural resources and an increasingly significant geopolitical influence that makes it a key market of interest for the global business community.

”Yet much of the potential offered by Africa remains untapped – largely due to a lack of knowledge about the region and how to navigate its challenges. Exploring and understanding this vast and varied landscape is vital for the growth of global business.”

He noted that it is important to commend and appreciate members who represented the Commission and Nigeria at the international meetings for their time and particularly for their financial commitment to attend these events in various locations, globally, These representative banks and organizations were Central Bank of Nigeria, Sofomax Consulting Limited, First Bank of Nigeria Limited, Fidelity Bank Plc, Access Bank Plc, Standard Chartered Bank Limited and Guaranty Trust Bank Plc.

Similarly, Member banks who hosted the ICCN Banking Commission meetings in the year under review include Wema Bank Plc, Skye Bank Plc, Access Bank Plc, Stanbic IBTC Bank Plc, Unity Bank Plc and Diamond Bank Plc. Let me commend our Vice Chairman, Dr. Raymond Ihyembe for his leadership of the Banking Commission.

 Also speaking at the chamber’s AGM, Chairman/CEO, J.K. Randle Professional Service, Bashorun J.K. Randle, said, “the worst calamity that can befall business leaders and corporate organisations that are ambushed by indolence, complacency, subversive inertia or lack of vision is to invest in skills, services or products that have been proscribed by regulations or rendered obsolete by science, technology or artificial intelligence. The analogue has been supplanted by the digital economy.”