The Nigerian-British Chamber of Commerce (NBCC), successfully grew its revenue by 73 percent in 2021 on the back of increased membership subscriptions as well as more programmes and other activities during the year.
According to the chamber’s annual report and financial statements for the year ended December 31, 2021, the NBCC’s revenue jumped from N86.3 million in 2020 to N149.4 million in 2021.
Programmes, activities and services held during the year contributed 91.2 million (61percent) to the general revenue while membership subscriptions contributed N50.4 million (35 percent).
Sola Oyetayo, treasurer, NBCC revealed at the chamber’s 43rd annual general meeting held in Lagos that the NBCC’s assets grew from N430.9 million in 2020 to N644.2 million in the review year. He noted that most strategic initiatives that began in 2020 were being implemented in 2022 which he hoped will yield positive results in future.
“We invested in providing a beautiful edifice — the NBCC plaza — we have confidence that in coming years, the rental income will be a major source of revenue for the chamber,” Oyetayo said.
In her address, Bisi Adeyemi, president and chairman of the council, NBCC said the chamber took significant steps to improve its value proposition to members through better engagement, targeted advocacy, more networking opportunities and bespoke benefits designed to meet the needs of members in a manner that directly impact business performance.
“Increased engagement enabled us to offer sector-specific support to members; we have over the last twelve months refocused the sectoral groups for better alignment with the objective of the chamber and expectations of members, two new sectoral groups were also created,” she said.
Adeyemi revealed that in the second half of her administration, the NBCC emerging leaders and executive mentoring group programme will be launched, with the aim of providing a platform through which impact can be created with younger demography.
“The programme will pair accomplished professionals and entrepreneurs with their younger counterparts as our own contribution to equipping the next generation of business leaders,” she said.
The NBCC, a bilateral chamber of commerce in Nigeria has no less than 400 members spanning all sectors of the economy made up of Nigerian and British businesses.
The principal activities of the Chamber include promoting exclusively bilateral business relationships and trading activities between Nigeria and Britain’s private sector.