Despite the current economic gains by the current administration, the Chartered Institute of Directors Nigeria (CIoD) said inflation and the high cost of living continue to significantly impact households’ disposable incomes.

The institute, in its message on ‘Nigeria at 65: A Nation on the Path to Stardom’, said most Nigerians have yet to experience the impact because growth has not translated to improved income and prosperity.

It stated that the legacy challenges have continued to undermine the wheel of the nation’s collective progress. President and Chairman of Council, CIoD, Adetunji Oyebanji, highlighted challenges of insecurity disrupting lives and businesses, infrastructure gaps limiting competitiveness, and governance deficits in both the public and private sectors that have continued to erode trust.

Stating that they are not insurmountable problems, he said they required deliberate action rooted in accountability, transparency, and ethical leadership. He acknowledged the bold reform actions taken by the incumbent government upon assumptions in 2023 to confront the petroleum subsidy conundrum, fragmented foreign exchange markets, and embark on electricity reforms in addition to sectoral intervention programmes that are repositioning the economy on a path to recovery for inclusive growth and sustainable development.

According to him, the current economic stability is providing impetus for fresh investments and expanding opportunities for young Nigerians to explore new frontiers, innovate, and be globally competitive.

The CIoD boss said the country’s 65th independence anniversary should not only be about years counted, but about a turning point, where leaders and citizens alike choose governance over impunity, accountability over corruption, and unity over division.

Noting that the institute consistently canvassed the promotion of standard governance practices and responsible leadership in the management of public resources and private enterprises, Oyebanji reiterated its stand as a partner in the Nigerian project, working alongside government, the private sector, and civil society to build a nation worthy of its potential.

According to him, good governance is not only the foundation of strong institutions, but it is also the bedrock of national development.

“We hereby call on all Nigerians, leaders and followers, public servants and private citizens, young and old, to rise to the challenge of positioning our nation on a path to stardom. Let us not only celebrate independence; let us live it, every day, in our values, in our choices, and in our leadership,” he said.