• As ex-minister advises govt on subsidy removal
Former Head of State, Gen. Abdulsalami Abubakar (rtd) and Minister of Industry, Trade and Investment, Adeniyi Adebayo, have harped on good governance to stabilise the economy.
They spoke at an event to kick-start the 40th-anniversary of Institute of Directors (IoD) Nigeria at the weekend in Lagos, with the theme, ‘Celebrating 40 Years of Visionary Leadership and Corporate Governance’.
Abubakar, who was represented by one-time Minister of Health, Prof. Debo Adeyemi, described good governance as a critical factor in eradicating poverty and promoting development.
He said from past elections, one could assert the indivisibility of the Nigerian state, shared prosperity based on private sector-led growth and an electoral process anchored on rule of law.
The erstwhile Nigerian leader charged IoD on national advocacy that ensures the media, political players and all stakeholders appreciate the need to uphold corporate governance that encourages free, fair and credible elections.
Adebayo, in his remarks, commended the institute for being a reliable partner and promoter of ease of doing business in the country.
He said the relationship has engendered sustainable friendly business environment.
His words: “Your commitment to excellence sets the right example for others to follow, particularly as you help directors fulfil their responsibilities in the corporate space.”
IoD president, Dr. Ije Jidenma, said the institute has metamorphosed into an organisation that advances professional competence, integrity and enterprise.
She promised that the organisation would continue to act as a catalyst to assist Nigeria in achieving economic growth.
“IoD would continue to partner with strategic institutions to achieve its goals and reinforce integrity, sobriety, meritocracy and accountability across board,” she said.
SIMILARLY, erstwhile Minister of Finance, Dr. Kalu Idika Kalu, said as a nation, the citizenry must put in more efforts to sustain the economy.
He said given the projected population growth, the country, by 2050, must triple production, be more united, disciplined and organised to achieve its goals.
Addressing subsidy removal, Kalu advised government to undertake the move in phases after due consideration of macroeconomic parameters that impact standard of living.
Kalu advised: “Removal of subsidy must be done in a way that doesn’t disrupt general pricing and human activities, otherwise, the dynamic system cannot handle the price hiccups if it is just done suddenly.
“There are macroeconomic variables that must be corrected for the subsidy removal to scale through and government has to touch all essential levels of the economy, and not just shut subsidy support to consumers.
“Discussion should move beyond palliatives to issues of resources allocation, improvement in domestic production and distribution to ensure that issues that impede to productivity are tackled before subsidy removal.”
