National President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dele Oye, has reiterated the need to prioritise transparency, accountability, and the rule of law in the nation’s governance to drive sustainable growth and development.
Oye also stated the critical role of commercial arbitration in driving economic growth and attracting investments, noting that with adequate investment in the arbitration infrastructure, the nation could create and sustain an environment that fosters economic prosperity for all Nigerians.
The NACCIMA boss spoke at the International Chamber of Commerce Nigeria (ICCN) Dance and Dinner, with the theme, “Good Governance: Panacea for Peace and Prosperity.”
He said: “Nigeria has made significant strides in recent years toward achieving sustainable economic development and peaceful coexistence among its component units, and there is still much room for improvement in this regard.
“The importance of good governance cannot be over-emphasised, as it serves as the foundation on which society’s ideals of peace and prosperity are built. Without effective governance, the potential of our great nation will remain untapped, hindering progress, and stifling opportunities for growth.”
“Good governance plays a critical role in the development and progress of any nation, and Nigeria is no exception. It encompasses the institutions, processes, and systems through which authority is exercised, and public affairs are managed.”
Oye stated that the country has encountered significant challenges towards achieving good governance, noting the challenges have hindered the country’s progress and development. He identified corruption, political instability, weak institutions and inadequate service delivery, as some of the challenges.
“To address these challenges, successive Nigerian Governments have taken several commendable steps aimed at improving governance and combating corruption. These are: Establishment of anti-corruption agencies, electoral reforms, civil society engagement, and institutional reforms,” he said.
