Chamber of Commerce
A Chamber of commerce may be defined as the association or organization of businessmen, from different commercial fields or various lines of business, in an urban area who come together to protect their business interests.
There are some differences between trade associations and chambers of commerce which are;
1. Trade associations are formed by individuals in the same type of trade while chambers of commerce are formed by businessmen from different commercial fields like industry, banking, transport, insurance, advertising, trade, etc.
2. Also, trade associations are regionally based while chambers of commerce have national, colouration.
Both trade associations and chambers of commerce are formed with the main motive of protecting and promoting the interests of their members. Chambers of commerce are found in the urban areas in Nigeria such as Lagos, Kaduna, Enugu, Owerri, and Port-Harcourt.
Aims and Objectives of Chamber of Commerce:
1. To protect members’ business from danger.
2. To keep their members informed of new developments.
3. To regulate the activities of members and to help discipline the erring ones.
4. To ensure that members present themselves as good ambassadors of their professions.
5. To assist the public in the selection of the best candidates during elections.
Functions of Chamber of Commerce:
1. They promote home and international trade through organizing trade fairs.
2. They act as watchdogs in the protection of trade and industry by protesting vehemently against any obnoxious laws on their trade.
3. They act as arbitrators in any dispute between their members and other organizations or groups.
4. They help to disseminate information to their members on any latest development in their field or specialization.
5. Wage negotiation is also a function of trade associations. They make use of industrial actions to press for a wage increase for their members.
6. They promote welfare services e.g. rendering free medical, legal and any other service to members of the public.
7. They educate members on government legislation.
Structure of Chamber of Commerce:
The chamber of commerce occupies a position of considerable authority. It has a council of elected members who represent their individual group interests. It is a central association in which the twenty-six chambers of commerce in Nigeria are afflicted. Some of the state chambers of commerce are;
1. Aba chamber of commerce and industry
2. Kaduna chamber of commerce and industry
3. Lagos chamber of commerce and industry
4. Onitsha chamber of commerce and industry
5. Owerri chamber of commerce and industry among many others
Bilateral Chambers of Commerce:
Bilateral chambers of commerce maintain commercial liaison between members in the countries having bilateral trade relations. Some of these in Nigeria are;
1. African-American Institute
2. Franco-Nigerian Chamber of Commerce and Industry (FNCCI)
3. Nigerian-American Chamber of Commerce (NACC)
4. The Nigerian-Belgian Chamber of Commerce (NBCC)
5. US-Nigeria Trade Council
Multi-Lateral Chambers of Commerce:
These are chambers of commerce of international trade associations to which chambers of commerce of member countries are federated. They are;
1. Federation of African Chambers of Commerce.
2. Council of International Chambers of Commerce (CICC).
Differences between Chamber of Commerce and Trade Association
|Chamber of Commerce:||Trade Association:|
|1.||It is not restricted to a particular |
business or trade.
|It is restricted to members who are engaged |
in the same line of business or trade.
|2.||They have a national and international |
|They are regionally based.|
1. What is chamber of Commerce?
2. State three reasons for the establishment of chambers of commerce.
3. State five functions of chamber of commerce.