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IoD tasks FG to consolidate reforms, attract investment

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The Institute of Directors (IoD) Nigeria has charged Federal Government to consolidate on the ongoing reforms in order to attract investment into critical sectors of the economy.

Some of the reforms included the removal of fuel and electricity subsidies, massive programme on harmonisation of citizens’ data, implementation of security reforms and sanitisation of the business environment.

The directors said the reforms were pertinent, considering the impact of the coronavirus pandemic that presented an opportunity to reset the economy.

President and Chairman of Council, IoD, Chris Okunowo, who stated this at the institute’s yearly general meeting, said the urgency of the reforms must be prioritised in the next decade.

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He also urged that state governments must be encouraged to explore and exploit the opportunities and resources in their respective states.

Considering the devastating impacts of poverty and unemployment across several parts of the country, Okunowo, said the government needed to deepen the conversation for achieving an inclusive economic recovery.

According to him, this is critical as it is at the heart of the survival of the nation.

Noting that good corporate governance, ethical behaviour and integrity had remained at the forefront of discourse, the IoD boss maintained that Nigeria had continued to put in more efforts to entrench best practices in the directorship and management of companies, organisations and institutions.

He disclosed that the fight against corruption and mal-administration became more pronounced as the government began to strengthen various legal frameworks to encourage compliance.

He acknowledged the government’s implementation of the Economic Sustainability Plan and the Medium Term Expenditure Framework (2021-2025), to diversify the economy and ensure growth in non-oil exports.

With this, he said: “Nigeria is showing what recovery can mean for countries that have been most impacted by the pandemic and its resultant economic and security crises. We expect that as the government focuses on building an enduring business environment through renewable capacity, women and youth empowerment, climate-smart agriculture and overall economic diversification, we can be hopeful for a Nigeria that is on the path to becoming a strong nation.”

In his performance review, Director-General and Chief Executive Officer of IoD Nigeria, Bamidele Alimi, said the institute reviewed its operational model to accommodate the implications of the environment, adding that management ensured that the decision-making process was subjected to prevailing economic and business realities.

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