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The Nigerian-British Chamber of Commerce (NBCC) said it has been able to manage the macro economic challenges in the country, aiming to drive up revenue through more impactful initiatives and collaborations.
President and Chairman of council of the chamber, Ray Atelly made the remark yesterday during the chambers 45th Annual General Meeting, where the Chamber’s Governance and activities for 2023 were reviewed.
According to Atelly, on assumption of duty, members of the chamber had in a retreat reviewed his 16-point agenda and went to work on its implementation at relevant committees.
He noted that the chamber embarked on several initiatives which included the go green project, women and youth development, upscaling of members, trade mission to the UK, fostering relationships between British Government agencies, institutions and officials towards promoting British economic interest in Nigeria, summits among others.
The various committees were able to achieve their goals within the period under review.
The NBCC boss said that these events and projects helped to project a strong image for the chamber and created opportunities for impactful collaborations.
According to a report by the treasurer, David Brown, throughout 2023, the NBCC continued to foster stronger business relationships between Nigeria and Britain with lots of programmes.
Review of financial results and activities
showed that the Chamber recorded a net Surplus for the year ended 31 December, 2023 of N 38,143,146, which represented a decrease of 23% from the net surplus of the prior year of N49,270,800,
“Chamber income however increased by 16% from N234,456,534 in the prior year to N272,464,183 for the year ended 31 December, 2023.
“Chamber’s cash flows from operating activities decreased by 76% from N121,971,902 in the prior year to N38,965,652 for the year ended 31 December, 2023.
“In 2023 the NBCC generated a total income of #272m, marking a significant increase of 16% compared to #234 in 2022.”
In the opinion of the Council, the state of the Chamber’s affairs was satisfactory.
“I am pleased to report that our chambers’ finances are healthy and we have managed the macroeconomic challenges of the country well. Our focus in the coming years should be to drive up revenue and surpluses from impactful initiatives and collaboration with partners and institutions leveraging on infrastructure especially the NBCC Plaza.
Brown said the Chamber’s robust financial performance, coupled with strategic investments and initiatives, positions us well for continued growth and success.
“We will also work to drive up investments to generate passive income to further reduce our financial risks. NBCC has demonstrated resilience and adaptability in a challenging economic environment.
“The Chamber’s robust financial performance, coupled with strategic investments and initiatives, positions us well for continued growth and success.
“I would like to extend my gratitude to the Council, our members, and the Secretariat for their unwavering support and dedication. Together, we will continue to advance the mission of the NBCC and strengthen the bilateral business ties between Nigeria and Britain.”
