By Rukayat Moisemhe

President Bola Tinubu and other stakeholders have advocated sound corporate governance to reposition the nation’s economy toward steady growth.

The President, represented by the Minister of Budget and Economic Planning, Sen. Abubakar Bagudu, spoke at the 2024 Annual Directors Conference in Lagos.

The News Agency of Nigeria (NAN), reports that the conference organised by the Chartered Institute of Directors (CIoD) had the theme: “Good Governance as a Catalyst for Economic Recovery, Growth, and Development”.

Tinubu said that good governance was not merely a concept but an essential component to achievd the country’s desired development.

He said that economic recovery, growth and development deeply resonated with his administration’s vision for Nigeria.

The President said that he was committed to advancing robust corporate governance practices across all sectors of the Nigerian economy.

“Now is the time for innovative thinking and proactive governance to revive our nation’s aspirations to reincorporate our economy for the benefit of all citizens.

“This government has undertaken bold reforms vital to shaping a Nigeria reflective of our productive future.

“We have enhanced governance frameworks by implementing systems to benchmark, monitor and evaluate our ministerial performance; the idea is to ensure that quality is best and trusted to our nation’s future,” he said.

Tinubu urged directors, as guardians of leadership, vision, corporate integrity and strategies, to complement government’s support across all sectors of the Nigerian economy.

He said that the country must align its endeavours with global governance, technology and human development trends in its quest for economic recovery.

He reiterated that his administration was steadfast in nurturing an environment that would provide equal opportunity, ensure economic stability, improve business efficiency and enhance infrastructure to shore up industrial growth.

Mr Babajide Sanwo-Olu, Governor of Lagos State, in his remarks, said that as leaders, good governance was an economic imperative “even more than a moral obligation”.

The governor said that good governance was key to unlocking the nation’s potential, attracting vital investment, and creating opportunities for our citizens.

According to him, transparency, accountability, and trust are the cornerstones of any thriving economy with history showing that where these principles are absent, nations struggle.

“We have seen the devastating consequences of poor governance, where corruption and inefficiency stifle growth and erode trust in institutions.

“But history has also shown us that with strong governmental institutions, effective leadership, and an unwavering commitment to transparency, we can build a strong and thriving economy,” he said.

The governor stated that the state was deeply committed to embedding the values of good corporate governance in every facet of his administration.

He added that Lagos state had launched reforms to strengthen institutions, promote transparency, and ensure accountability across sectors.

Sanwo-Olu, however, stressed that the government alone could not achieve sustainable progress in advancing good governance, hence the need for collaboration with the private sector.

“By adhering to ethical business practices, investing in sustainable initiatives, and insisting on transparency in governmental dealings, we can create an environment that fosters transparency and economic stability.

“Together, we can bridge the gap between intention and action,” he said.

Alhaji Tijjani Borodo, President, CIoD, said that the conference was a flagship of the institute’s public engagement initiatives, where leaders from the private and public sectors addressed key issues affecting the economy, society and businesses.

Borodo said that the theme of the conference was particularly apt as economies across the globe were grappling with socio – economic challenges, adding that Nigeria was no exception.

He said that one key solution central to addressing the challenges as leaders was to champion the promotion of good governance.

According to him, economies with strong governance practices experience sustained growth and development.

“In Nigeria, we have seen encouraging signs in both the private and public sectors, where sound governance has played a key role in improving investor confidence and driving economic reforms.

“This has also rubbed on our neighbouring countries so there is more work to be done, and that is why we are here today.

“Together, we can create a brighter future for our nation, marked by transparency, accountability, and sustainable growth.

“Let us collaborate to drive Nigeria’s economic transformation and diversification through the lens of corporate governance,” he said.(NAN)

Edited by Kadiri Abdulrahman