Directors advocate PPP to promote economic growth

The Chartered Institute of Directors (CIoD) Nigeria has advocated policies that promote good governance and economic growth, restating its commitment to deepen collaboration between private and public sectors.

The institute argued that this was pertinent as the journey through the road of economic recovery, growth and development would not be a smooth ride without the partnership between the government and business leaders.

President and Chairman of the Governing Council of CIoD, Tijjani Borodo, said this at the yearly director’s conference dinner tagged ‘Business Meets Government Dinner’, stating that all must work together for economic prosperity.

He said directors’ role as business leaders was to bring forth the innovation, agility, and capital necessary for growth, while the government, on the other hand, must create an enabling environment through policies that are clear, consistent, and supportive.

Noting that the nation was pivotal in Africa’s economic journey, the CIoD boss said with emerging technologies, shifting global dynamics and evolving market demands, the need for seamless cooperation between the private and public sectors has never been more urgent.

He said while the partnerships between government and private sectors play a decisive role in shaping the country’s future, the private sector, with its dynamism, innovation, and capacity for growth, must work in concert with government institutions to create an enabling environment for sustainable development.

“This is not just a goal; it is a necessity if we are to achieve our economic aspirations,” he said.
Borodo stressed that despite the pockets of growth as highlighted by the current administration, he said it was clear that the business environment remained challenged by policy inconsistencies, infrastructure deficits and bureaucratic bottlenecks.

“As we reflect on the state of our economy, one message becomes clear: neither government nor business can singlehandedly drive the transformation Nigeria requires,” he said.

While the International Monetary Fund (IMF) has projected a modest 3.3 per cent gross domestic product (GDP) growth for Nigeria in 2024, and 3.0 per cent by 2025 driven largely by the non-oil sector, Borodo said the growth was lower than projections for emerging markets and grossly insufficient to address the widening socio-economic gaps of our nation.

Also, he said inflation hovering around 32 per cent continues to defy measures to mitigate it; with weaker naira and rising food and energy prices being the main drivers.

However, he said despite government efforts to stabilise the economy, the inflationary pressures have significantly impacted the purchasing power of citizens, further raising the cost of living.

According to him, policymakers are focusing on policy measures to curb inflation and grow the economy for sustained development, but the effects are yet to bring substantial relief.