Economic growth: Stakeholders restate commitment to good corporate governance
Participants at the ongoing National Corporate Governance summit have called for renewed commitment to good corporate governance in the public and private sectors.
The participants who said this at the maiden edition of the National Corporate Governance Summit, on Monday in Lagos, stressed that good corporate governance was needed to attract foreign direct investment and local investment into the country.
The summit had, “Building a Strong and Virile Economy: The Role of Corporate Governance,” as its theme.
The summit was jointly organised by the 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).
It aims at creating awareness and enhance the knowledge of participants on the application of principles and practices of corporate governance towards creating sustainable pathway for the nation’s economic growth and development.
African Capital Alliance,Dr Okey Enelamah, Chairman, said, “one of the things that I think would come out of this is to understand better the role of corporate governance as a critical enabler of sustainable economic growth and development wherever it is applied.
“Whether it’s in corporate sector, academic sector or in broader polity, the consensus is that good corporate governance is a prerequisite for attracting foreign direct investment and local investment.
“I also believe that corporate governance embodies the efficient utilisation of resources and how capital works in a system in a way that produces sustainability.”
Chairman, IoD Centre for Corporate Governance,Alhaji Shuaibu Idris, said the theme of the summit was apt.
He said despite Nigeria being the largest economy in Africa since 2014, measured by Gross Domestic Product (GDP) size, the potential of its private sector had remained largely underexploited.
“The security challenges across the country, have further exacerbated production activities with attendant consequences on capacity underutilisation, unemployment and poor revenue generation,” he said.
Co-Chairman, National Organising Committee of the summit, Dr Seye Awojobi, said one of Nigeria’s basic priorities in the current economic dispensation should be the need to bring together the global concern and local perspective (Glocal).
“People talk about global today but we are talking glocal; what are the peculiarities in our own area and how do we use those global concepts to drive glocalisation that gives our economy its rightful place through corporate governance.
“Again, it then means that priority should be an issue on an increasing glocal process for that matter, on competitiveness, transparency, accountability, integrity and responsibility in our corporate culture, using the channel of corporate governance,” he said.
The Lagos State Governor, Mr Babajide Sanwo-Olu, said good corporate governance principle and practices remained major factors in the continuous growth and prosperity of the economy of the state.
“We have continued to ensure that good corporate governance is upheld and sustained in all areas of governance including revenue generation, policy implementation and governance process and procedures generally.
“Our commitment in this regard has continued to receive global acknowledgement as shown recently in the improved rating of our economy and future prospects.
“I have no doubt that the summit will address the issues in the various sectors of our economy and come up with recommendations on areas we need to improve upon in the application of corporate governance practices and principles,” he said.
The Governor was represented by Dr Rabiu Olowo, Commissioner for Finance, Lagos State.
