IFC Mission-
‘To promote sustainable private sector investment in developing
countries.’
“The World Bank’s role, in my opinion, is to help improve the business
environment in the developing countries so that the private sector can
drive growth.”- Mr. Peter Woicke, Executive Vice President of the
World Bank Group (WBG) in charge of the International Finance
Corporation (IFC) - Lagos, August 2004.
At the time Mr. Woicke was speaking, IFC involvement in Nigeria had
reached $200million in investment commitments, a figure quickly
surpassed in less than a year from that date (as at June 2005, IFC
investment in Nigeria was to the tune of $290million). This was in
spite of the fact that only five short years before (in 1999), IFC was
doing practically no business in Nigeria and merely had a functional
working office in Lagos. Mr. Woicke went on to say- “We have increased
our exposure since democracy returned from almost nothing to almost
$800 million and an exposure at the IFC of about $200 million. We have
made a bigger bet to have the bank (WB) and the IFC work on Nigeria’s
problems together. We were quite instrumental in advising the
government on reforms in the telecom sector. We have been pushing very
hard for privatization of other sectors.”
Clearly, the advent of democracy had re-ignited interest in Nigeria.
The initiation of a reform agenda by the new government was also
playing a part in this renewed interest in Nigeria. Beyond financial
commitments however, IFC was beginning to offer a great deal of other
services towards developing the economic environment of business in
Nigeria. As Mr. Woicke put it- “I actually think we should increase
our presence quite (in Nigeria) dramatically. We don’t necessarily
want to lend tons of money to Nigeria, because Nigeria has lots of
resources. We can contribute in terms of providing advice,
transferring technology, providing technical know-how in social,
environmental and corporate governance issues”
Indeed, the nature of IFC operations globally and increasingly in
Nigeria were such that contribution was becoming greater in terms of
technology, advice, social development, environmental assistance,
corporate governance and ethical issues, and global competitiveness
concerns. IFC had begun to realize that their market, and indeed their
business model had reached a pivotal moment wherein clients had begun
to expect more than just project finance deals and long term
syndications.
Governments were asking for help on private sector issues that went
far beyond privatization or concession structuring. There had arisen a
case for IFC involvement as much in the Economic as in the Social,
Environmental, Technological, Global and indeed perhaps ultimately-
Political Environment of Business.
II. IFC- HISTORY AND EVOLUTION
The International Finance Corporation (IFC) was founded in 1956 to
Osagie, E., Ph.D. (Presenter). (1999, December 10). Benin in Contemporary Nigeria an Agenda for the 21st Century. Lecture presented at Oba Akenzua Cultural Centre, Benin City, Benin.
A. By itself the first national bank can only lend out $10,000. It can lend out the full about due to the fact that it is depositing all of that money into its reserves. In a case like this it is like the federal reserve is making new money and then depositing all of it.
Third Star Financial Services is an “un-banked” business that was built from a foundation of several money transfer operations that can be transact through an agent or an online facility since 1996. Third Star’s goal and objective is to develop and implement an enterprise architecture platform for the organization that is more streamlined and leaned with consistent policies and procedures throughout the company. A consolidated, centralized and standardized single version of the business structure and a modernize technology that can provide ease and flexibilities to their new and existing customers, in addition to their support staff and management teams.
Nigeria was colonized by the world leader at the time; Britain, and was claimed as a colony in 1914. Although both Britain and the Royal Niger Company had been claiming parts of Nigeria as a protectorate, their control over Nigeria was achieved through both peace treaties and military actions. Europe didn’t officially recognize Britain’s control over Nigeria until after the Berlin Conference which gave Britain full right to Nigeria, and Britain hastened to forcefully control the area after civil war in Nigeria over the slave-trade threatened to disrupt their interests. Britain was interested in the palm-oil trade of Nigeria, which was controlled by The Royal Niger Company along the Niger river. Once Britain claimed Nigeria, it set about
The Royal Bank of Canada (RBC) is a blue-chip financial services company, and the largest of its kind in Canada. The bank is considered a blue-chip company due to its relative low-risk as an investment. With over 16 million public and private clients in over 35 countries, the bank has a secure international financial holding. They serve a wide fiscal demographic; with wealth management services for investments and high net worth clients in North America, and general personal/commercial banking services available for the general market ("Royal Bank of Canada"). As well as being an internationally recognized brand, RBC has weathered extreme economic strain, for example, during the crash of the American housing bubble in 2008 RBC boasted a 9 month high in their stocks ("Corporate Profile"). This evidence indicates a history of financial security and future stability.
The World Bank Group is a cluster of five international organizations which provide advances to meagre countries. World Bank is the largest prominent and recognized development bank in the world and it is acting as the onlooker in the United Nations Development Group. It is located in Washington, D.C. It has financed the developing countries and as well the countries which were undergoing major economic change during 2012 with an enormous amount of $30 billion. Basically, it tends to follow the mission statement which is to trim down poverty.
The World Bank is a specialized agencies of the United Nations. Their stated purpose is to reduce poverty through low-interest loans, interest-free loans at banking and economic aid to developing nations. It is consist of 185 members. This organization was created in 1944 and it is headquartered at Washington, DC, United States.
A COUNTRY STUDY OF NIGERIA By Shannon Baize History 105 H: Interpreting the African Past Professor: Albert Rutayisire Old Dominion University, April 14, 2015 Location of Nigeria on African Map Map of Nigeria Table of Contents INTRODUCTION………………………………………………………………………... 5 HISTORY OF Nigeria……...………………………………………………………….. …5 Pre-Colonial History………………………………………………………………………6 Colonial History…………………………………………………………………………... 6 Post-Independence History to Present……………………………………………………
Introduction Pramuka Savings and Development Bank (PSDB) was incorporated in 1997 as the first private savings bank in Sri Lanka. Mr. Rohan Perera was the founder of Pramuka Bank and was the founder and chief executive officer of Seylan Bank previously. After resigning from Seylan Bank, Mr. Perera applied for license to incorporate a commercial bank from Central Bank Sri Lanka. But Central Bank only gave license to operate a Savings and Development Bank. But that was also a debatable topic.
Dangote is one of the largest and most successful companies in Africa. The company is owned by the famous billionaire Aliko Dangote .The business is controlled by a great management team which consists of the President Ali`ko Dangote, Vice president, Sani Dangote, Executive director, Abdu Dantata, chief operating officer, Okakunlew Alake and other group directors. It has a reputation for outstanding business operation and products ‘quality. (Dangote, 2013) .The headquarters is in the western part of Nigeria, Lagos. The company’s enterprises include salt, sugar, cement, flour, pasta, real estate, noodles, fertilizer, spaghetti, oil, gas, steel, macaroni, logistics and poly products and runs in fourteen African countries. The following are their brands:
The largest petroleum-producing nation in Africa is Nigeria. The petroleum company is the main contributing factor of the GDP in the West African nation, which is also the continents, most noticeable and populous reserves. Since Nigeria was under British control it has suffered socio-economic and political adversities for decades. Corrupt domestic militias and complicity of multinational corporations have rid the nation of its natural resources. The same corporations that are ridding the land and exploring the resources have hypocritically identified Nigeria as a major concern with regard to human rights and environmental degradation. The petroleum business in Nigeria dynamically impacts its economy so much that “oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue, as well as generating more than 40% of its GDP.” Just to be reminiscent on this fact, the petroleum business accounts for almost the entire exporting business of a country so it raises the question of, where is the income going and how is it bring redistributed?
... Niger Delta Region of Nigeria. Journal of Leadership, Accountability and Ethics, 8(3), 77-88. Retrieved September 22, 2011, from ABI/INFORM Global. (Document ID: 2349548361).
An Economic History of West Africa. New York: Columbia UP, 1973. Print.
Corruption can be defined as the use of entrusted power to accumulate public wealthy for personal benefit. Corruption is not peculiar to any country, continent or state; it is sure a global issue which is an endemic to all government all over the world. However, corruption is prevalent in the Niger delta region of Nigeria; public officers in this oil producing state of Nigeria are corrupt. Consequently, it has defied the Niger delta from developing politically and economically which has left the states reputation in a mess. Radicalization of youths, abject poverty and -political instability are the three leading effects of corruption in the Niger delta region of Nigeria.