Stakeholders canvass strong corporate governance for sustainable growth

To achieve inclusive and sustainable economic growth, Institute of Directors Centre for Corporate Governance (IoDCCG), in collaboration with the Financial Reporting Council of Nigeria (FRC) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has emphasized building strong corporate governance system, as well as dealing with structural weaknesses as critical ways to achieve strong and competitive economy in a sustainable way.

Speaking at the National Corporate Governance Summit (NCGS 2022), which had “Building a Strong and Virile Economy: The Role of Corporate Governance” as theme, in Lagos, the Chairman, (IoDCCG), Shuaibi Idris said putting government in a very challenging situation underscores the need to reflect and redirect our path with respect to building strong corporate governance system.

Idris said the summit aims to create awareness and enhance the knowledge of both private and public sector participants on the practical application of the principles and practices of corporate governance.

He cited the importance of corporate governance and its link towards creating a sustainable pathway for the nation’s economic growth and development.

He said leaders in various sectors of the Nigerian economy must be exposed to linkages and connections between strong corporate governance and outstanding performance in areas as wide-ranging as revenue enhancement, operational efficiency, image protection and reputation, brand attraction and sustainability.

However, he added that the objective of the summit is to critically examine Corporate Governance practices in key sectors of the Nigerian economy and Implement high-level corporate governance sensitization forums within the public and private sectors space.

He continued that strengthening corporate governance will serve as veritable tool for a wake-up call to corporate and public leaders on the imperatives of good governance for the growth and sustainability of our various institutions, adding that it will also Improve Corporate Governance familiarity, acceptability and reorientation in the public and private sectors of the nation’s economy.

On his part, former minister for industry, Trade and Investment, Dr. Okey Enelamah said the summit serves to better understand the role of corporate governance as a critical enabler of economic growth and sustainable growth and development.

The Ex-minister emphasised the importance of both private and public sector to building a strong economy.

Also at the event, the Governor of Lagos state, Babajide Sanwo-Olu, represented by the state’s Commissioner of Finance, Dr. Rabiu Olowo, urged organisations to embrace good corporate governance to achieve development.