Ighodalo identifies pillars of thriving economies

With Nigeria’s current poverty level, high unemployment rate, insecurity and other socio-economic problems, the country needs to strengthen its institutions and recruit visionary leaders for overall development, says chairman of Sterling Bank Plc, Mr. Asuwrinme Ighodalo.

Speaking on ‘Strong Institutions: The Backbone of a Thriving Economy’ at the May Day lecture of Silver Knights Club, Ibadan, Oyo State, Ighodalo said “when institutions function efficiently to promote desirable and progressive behaviour, they are said to be strong and potent for growth.”

Earlier, the club chief, Prof. Jide Owoeye, had remarked that “our concern today is about facing the great challenge of how to make Nigeria work. Sustainability of our social contract with the Nigerian state rests squarely on the extent to which this geographical expression can function efficiently.

“It is important that we begin this conversation by establishing a common understanding of what exactly institutions are, and what comprises the features of thriving economies. It will then be easier for us to ascertain the linkages between strong institutions and thriving economies.

“We may conclude that strong institutions are indeed the backbone of a thriving economy. We may, on the other hand, find a different type of correlation or we may find that there is no correlation or linkage whatsoever and that economic performance depends on other factors.”

According to him, the problem of Nigeria, which we must reverse in the next four years, is that those with vision never become leaders and those who become leaders do not have a national vision.

“Strong institutions support a thriving economy, but visionary leaders with a clear agenda design and create a thriving economy and a developed country.”