Good governance catalyst for economic recovery, growth — CIoD

The Chartered Institute of Directors (CIoD) has called for good corporate governance practices across all sectors of the Nigerian economy as a critical catalyst for economic recovery,  growth and development.

President of CIoD, Alhaji Tijjani Borodo, made the call at a news conference to announce the institute’s 2024 Annual Directors Conference, on Monday in Lagos.

The 2024 edition of  the directors conference is scheduled for Oct. 30 and Oct. 31 in Lagos.

It will be opened by President Bola Tinubu.

Borodo said the conference’s theme  – Good Governance as a Catalyst for Economic Recovery, Growth and Development –  underscored the critical role corporate governance played in advancing economic transformation and national development.

He said that it was essential to recognise how sound governance practices would foster accountability, sustainability and innovation in organisations and the nation in general.

He described good governance  as  good business which should be upheld by  industries, individuals, businesses and other entities.

“Good corporate governance must be a guiding principle as we navigate the complex landscape of economic recovery.

“It facilitates identification of opportunities, supports talent retention, and ensures that vital sectors such as agriculture, energy and technology can effectively contribute to a diversified economy.

“By championing good governance, we unlock the potential for sustainable development that benefits all citizens,” he said.

The CIoD president said that Nigeria had population, landmass and resources and would advance fast  with good governance.

He added that following the economic reforms of the Federal Government, good governance would be critical to take the country further in its goal of economic recovery and growth.

“Processes by the government in handling the country’s economic issues are steps in the right direction. However, the government must listen to the cries of citizens.

“The theme of the annual directors conference holding at Eko Hotels is not an abstract concept; rather, it has real-world implications for economic growth and social progress.

“As a leader in advocating sound corporate governance in Nigeria, CIoD Nigeria remains steadfast in its mission to promote global best practices in governance and ethical leadership,” he said.

Mrs Fatumata Coker, Chairperson, National Organising Committee of the conference, said that the conference would focus on how corporate governance could be leveraged to support economic recovery, growth and development.

Coker said the media’s cooperation was key in helping the institute  to promote best practices in governance and driving the conversations that would shape the future of Nigeria’s economy.

She said the opening ceremony of the conference would be chaired by Mr Mutiu Sunmonu, Chairman, Julius Berger Nig. Plc., while the keynote address would be delivered by Prof. Attahiru Jega, a former Chairman, Independent National Electoral Commission.

“The event’s theme is informed by the current economic situation.

“While the transformation happening is not sitting well with everyone, governance is there to support economic growth and stability as it takes away the biases and impediments to economic growth.

“Good corporate governance understands governing factors that would address the challenges hampering business growth recovery and development.

“We are honoured to have an array of distinguished plenary speakers and discussants such as Mr Babatunde Raji Fashola (SAN), Mr Babajide Sanwo-Olu, Governor of Lagos,” she said.

Mrs Toluwaleke Salu, Head, Subsidiary Management, Marketing and Corporate Communication, First Bank of Nigeria Ltd., said the bank aligned with advancing good corporate governance in Nigeria.

Salu said the bank’s sponsorship of the conference was in alignment with its commitment to championing and entrenching good corporate governance across all sectors of the Nigerian economy.

“We are dedicated to investing in initiatives that drive advocacy of good governance in private and public sectors to drive growth and development of the economy,” she said.