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‘Parlous infrastructure, skills’ challenge bane of nation’s growth’

By Anthony Otaru, Abuja
26 October 2015   |   12:49 am
The multiple problems of economic diversification, infrastructural decay, educational and technological skills acquisition, unabating security breaches and the rule of law continues to challenge the nation have been re-echoed as the bane of Nigeria’s development.
IoD President, Yemi Akeju

IoD President, Yemi Akeju

The multiple problems of economic diversification, infrastructural decay, educational and technological skills acquisition, unabating security breaches and the rule of law continues to challenge the nation have been re-echoed as the bane of Nigeria’s development.

The President/Chairman of Council, Institute of Directors (IoD), Mr. Samuel Yemi Akeju, who made the disclosure in Abuja, during its 2015 yearly Directors Conference, said the development has worked against efforts of past governments to attract investment into the Nigerian economy,

Akeju said that Nigeria now needed to review, reflect and re-strategise on how best to move and ensure sustainable leadership position not only among the MINT countries, but the world economy at large.

At the end of the Millennium Development Goals period, it is clear that Nigeria did not meet most of the targets and is being rated 170 out of 183 countries in terms of conditions of doing business,” he said.
According to the IoD President, as the world transmits, Nigeria needs to review, reflect and re-strategize on how best to move and ensure sustainable leadership position not only among the MINT countries but in the world economy at large.

He said that IoD Nigeria has created an annual platform that brings together top level directors and business leaders for the purpose of thought sharing, corporate brainstorming on salient national and international economic and development issues with a view to proffering feasible solutions that would advance the cause of progressive development in Nigeria.

As the leading voice and prime advocacy Institute that promotes corporate leadership and professionalism in the Nigerian business environment and interfaces with government in forming friendly business policies, IoD Nigeria champions the entrenchment of corporate governance in Nigeria, our membership cuts across various sectors of the economy and profession”, the president noted.

He disclosed that the institute has concluded plans to entrench good corporate governance and best ethical standards in business and workplaces as well as to ensure sound management of resources in private and public institutions and organisations

In this regard, a plan of action is already in motion to get the Institute Chartered and make membership of IoD Nigeria a per-requisite for Board appointment in the country’s business environment”.

The Director-General of IoD in the United Kingdom, Simon Walker, said capitalism is the best way to transform a society.
”It is the engine of social progress. It generates all the wealth to pay for public goods and creating the technology that enables us to provide for the world’s burgeoning population, thanks to capitalism, life expectancy is up, infant mortality is down, education is richer, horizons are broader, environmental awareness is greater and global co-operation is possible,” he said.

He called on the Nigerian government to diversify the economy to improve its growth rate.
The Permanent Secretary, Ministry of Industries, Trade and Investment, Alhaji Ajiya Mamman, said the choice of the theme of the conference, ”Ensuring Sustainable Investment in Nigeria through Global Best Practices” is in consonance with the agenda of the present government.
”The reform that is ongoing using the Financial Reporting Council, an agency of this Ministry, as the vehicle of compliance is one of the testimonies that the Ministry is focused in making the country a great nation,” he added.

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