The launch of Clean Business Practice Initiative by the Federal Government is a good initiative for industrial growth, the Nigerian-British Chamber of Commerce, has said.
The President of the chamber, Mr Adeyemi Adefulu, told newsmen in Lagos that the initiative would check corporate corruption in Nigeria.
The Tide source reports that President Goodluck Jonathan, with the support of the Nigerian private sector, launched the initiative at the just-concluded World Economic Forum in Abuja.
Adefulu said that the initiative would boost mutual trust among Nigerian entrepreneurs and their foreign trade partners.
“Lack of trust has been a major concern for Nigerian entrepreneurs involved in international trade.
“The negative perception that Nigerians are fraudulent often makes foreigners skeptical about doing business with indigenous entrepreneurs.
“The initiative will not only boost confidence in our business terrain, it will also compel entrepreneurs to inculcate integrity and ethics into business practices,” he said.
He urged the government to penalise any business organisation that failed to comply with its principles.
“We should ensure that this initiative yields positive results.
“It should not only be a statement of philosophy, but a system that works.
“This will serve as a deterrent to business organisations and entrepreneurs that are neck-deep in fraudulent business practices,” he said.
Executive Secretary, Nigerian-Israel Chamber of Commerce, Mr Jude Arinze, told reporters that the initiative would involve the private sector in dealing with the issue of corruption.
Arinze further said that the fight against corruption should not be the sole responsibility of the government, but that of all stakeholders.