Confab underscores Nigeria’s need for robust governance model

For Nigeria to attain sustainable development and economic prosperity, governance professionals have highlighted the urgent need for a robust governance model that builds on existing strengths while addressing its developmental challenges.

They argued that this could be achieved by exploring the core principles of good governance by critically assessing the country’s current governance landscape and proposing targeted reforms.

Professor Fabian Ajogwu of the Lagos Business School in a paper presented at the 48th yearly conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) on ‘Reassessing the Governance Dynamics in Nigeria’s Transition to Enduring Development and National Prosperity,’ said good governance must be at the forefront of envisioning a prosperous future.

Achieving this, he said involved the country establishing a government that is transparent, accountable and responsive to its people’s needs. He said it also included reforming institutions to ensure they operate effectively and serve the public interest and potential, thereby enhancing Nigerians’ overall quality of life.

Ajogwu, who is also a Senior Partner at Kenna Partners, said that achieving Nigeria’s full potential requires a concerted effort from all sectors of society vis-a-vis government, businesses, civil society, and citizens must work collaboratively to address the country’s multifaceted challenges, such as poverty, inadequate infrastructure and governance issues.

According to him, Nigeria needs to diversify its economy, develop its infrastructure and invest in its human capital to achieve sustainable growth, especially given its youthful population.

“Nigeria’s path to enduring development and national prosperity lies in its ability to implement and sustain good governance practices. By learning from successful models, adapting global best practices to the Nigerian context, and fostering a culture of accountability and transparency, Nigeria can overcome its current challenges and realise its immense potential as a leading nation in Africa and the world,” he said.

On economic disparities and insecurity, Ajogwu said Nigeria faces significant economic inequality, with a large gap between the wealthy and the poor, including security challenges that have led to the loss of lives, hindered economic development, and eroded the public’s trust in the government’s ability to protect its citizens.

He said the wealthiest person in Nigeria could earn thousands of times more in one day than the poorest 10 per cent of Nigerians spend on basic needs in a year.

Quoting figures, he said in 2018, a report showed that the top 20 per cent of the population had 42 per cent of the national income, while the bottom 20 per cent had only seven per cent.

According to him, “This inequality breeds resentment and can lead to social unrest, as marginalised communities feel excluded from the benefits of national wealth. The lack of equal access to quality education, healthcare and employment opportunities further exacerbates these inequities.”

President/Chairman of Council, ICSAN, Funmi Ekundayo, spoke on the imperative to reassess the nation’s governance dynamics by redefining the socio-political and economic paradigm through the holistic entrenchment of sound governance principles in governance at all levels.

“This has proven to work for other nations, which have passed through our current experience and there is no gainsaying the fact that if we learn from the past and honestly desire to move forward by doing the needful, which is reassessing and improving our governance mechanism, we too shall embark on the journey of enduring progress and national prosperity,” she said.