ICSAN advocates good governance framework for viable Nigeria
The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has advocated a proper governance framework that would set the agenda for an economically, socially, politically strong and viable Nigeria.
To achieve this, the institute said it was about adopting effective mechanisms and measures to satisfy the current social and narrower expectations of shareholders.
Speaking at the institute’s 44th Annual Conference in Lagos, Managing Partner, White Wall & Lysi and GreenDoor Africa, Olatunji Ope, who mentioned that Nigeria was not yet configured for economic development, said the country needed quality leadership built on competence, capacity and character.
Speaking on the theme, “Entrenching the Right Governance Framework For Economic Development and Sustainability”, Ope, who emphasised the importance of governance to economic development, mentioned that developing and growing economy; better global credit rating and investor confidence; low cost of capital and ease of doing business, citizen confidence, patriotism and support; and improved standard of living and value of life were critical.
He harped on education, industry and shared social values as three major factors necessary for the foundation of a nation’s growth. He said: “Collective action will enable a system of incentives and actions, shared standards, strong monitoring and control, social capital and motivations that ensure the development and adoption of sound corporate governance in Nigeria.
“The beauty of collective action is that it is self reinforcing mechanism, the quality of government or regulatory oversight will motivate companies to self regulate, and therefore, the economy to grow.”
In his welcome address, President of ICSAN, Bode Ayeku, said the theme was apt as it reflected the realties that the nation’s economy is undeniably challenged on many fronts.
He said not only has socioeconomic enterprises suffered its fair share of the debilitating effects of the global COVID-19 pandemic, the locally brewed #EndSARS protest aggravated the problem with the destruction of valuable assets and infrastructure worth trillions of naira.
He said: “At the moment, we are experiencing shrinking of socioeconomic enterprises, rising inflation, fall in the value of Naira, low capacity utilisation in the real sector and retrenchment among others. All these are aggravating the already very high rate of unemployment and the negative economic indices affecting national growth.”
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