The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has advised entrepreneurs and small business owners to integrate governance principles into their business operations from the outset to ensure long-term survival.
The institute said structures such as decision-making protocols, internal accountability mechanisms and good financial records were essential for sustainable growth and would help strengthen governance within their organisations.
Outgoing President/Chairman of the Governing Council, ICSAN, Funmi Ekundayo, said this during her valedictory media parley in Lagos, where she reeled out her achievements during her two years of stewardship as helmsman of the institute and projections for growth.
Noting that governance should be viewed not as a burden but as a strategic enabler of business success, she said that putting such structures in place would attract investors’ confidence.
According to her, conducting regular internal reviews and observing legal and tax obligations from the onset will also help them to be law-abiding and will enable them to defend themselves for regulatory breaches.
“No matter how small you start, it is important to have these structures in place. As you continue to grow the business, you will see that investors will have the confidence to put their money in your business,” she said.
While she projected a positive economic outlook for Nigeria, Ekundayo said this was due to the government’s ongoing macroeconomic reforms.
She said sustaining the country’s economic growth and revenue generation would require concerted efforts in reform implementation and effective budget execution.
Noting that the Nigerian economy has displayed a lot of resilience, right in the face of several challenges, she said that with sustained political will and support from the government, the reforms are expected to gain momentum and deliver a lasting impact in the country.
In all these, the ICSAN chief said Nigeria must imbibe good governance and compliance culture to drive economic stability and improve its growth outcomes.
While she acknowledged the challenges of inflation, high living costs, unemployment and infrastructure gaps, Ekundayo, however, expressed optimism for economic resilience within the finance, telecommunications and trade sectors.
Ekundayo emphasised the importance of diversifying the economy beyond oil and expressed optimism that current policy reforms if consistently implemented, would lead to long-term recovery.
The ICSAN urged the citizens to continue to be resilient for a positive horizon and a more prosperous Nigeria where the different reforms would have taken shape.
“Government has been doing a whole lot with regards to reforms, but the largest room in this world is the room for improvement. We must improve the narrative as regards the country’s macroeconomic indicators and the government must address inflation figures and continue with the right reforms in place to stabilise the economy.
“In a bid to diversify away from oil exports, the government must do better in the area of mechanised agriculture and provide the necessary support, such as power and other essential infrastructure for micro, small and medium enterprises and manufacturing. We must develop the country’s human capital, spur innovation and ensure productivity is on the high side to create new economic growth opportunities,” she said.
Giving a highlight on the institute’s contribution to economic reforms and national development, she said: “In response to increasing demand for transparency across all sectors, ICSAN has actively positioned itself as a thought leader through strategic advocacy, intellectual engagement, and capacity development.
“Our approach has been to lead by example as an institute and to also serve as a critical voice in national and public governance discourse.”
