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NACC Breakfast Meeting
November 28, 2018 @ 8:00 am - 5:00 pm
The Nigerian American Chamber of Commerce (NACC) recently held its Breakfast Meeting on the 28th of November. Dr Lazarus Angbazo, CEO General Electric and President, American Business Council (ABC), who spoke at the November Edition of the Breakfast Meeting stated that American companies spent about N1.5 billion on Corporate Social Responsibility (CSR) projects in Nigeria in 2017. Theme of the meeting was: “Beyond Business: The Social Impact of American Businesses in Nigeria.” According to him, ‘the notion of social impact goes beyond philanthropy and volunteerism, saying that value chain development through SMEs is the way to lift a country economically. Asides providing direct employment in Nigeria, American Companies are actively developing SMEs to be part of the supply chain, because SMEs cannot grow without the experience, capacity and off take support of global companies. American Companies also get to spread inclusivity in the economy because local companies will hire from their local communities and they will specialise in that area; that is the way to think about long term sustainable industrialisation,” he said. Also, Brent Omdahl, the U.S Commercial Counsellor to the U.S Consulate, stated that the advice of U.S Government to potential and existing companies to Nigeria and Africa was to utilise the solution-based approach in their investment strategy. Omdahl said that investment should not be profit centered alone, but on impacting the socioeconomic landscape of the host economies through value addition, job creation, technology transfer and skills upgrade. Mr Adil Farhat, the Managing Director, Procter & Gamble, stated the company had been in Nigeria for over 25 years and working assiduously to ensure that its various brands have positive socioeconomic impact on all sectors of its operation. P&G has trained over 100 SME operators in business development, products expansion and profit enhancement strategy to boost SME development.