Some ministers have emphasised the need for good corporate governance culture across the public and private sectors to build strong institutions for economic growth and development.

They spoke at the flag-off ceremony to commemorate the Institute of Directors (IoD) 40th anniversary on Friday night in Lagos.

Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, stated his recognition of the role of the institute as a pillar promoting sound principles of corporate governance in the private sector.

Adebayo stressed the need for collaboration with the private sector to develop strong corporate governance codes and values in Nigeria to advance the economy.

“Your commitment to excellence sets the right example for others to follow particularly as you help directors fulfil their responsibility in the corporate space.

“You have been a valid partner of the ministry; working together to promote Ease of Doing Business in Nigeria and while we have reduced many barriers to a sustainable business environment, much is still left undone and the IoD would play critical role in achieving further change,” he said.

Gen. Abdulsalami Abubakar, former Head of State, described good governance as the most important factor in eradicating poverty and promoting development.

Abubakar, represented by Prof. Debo Adeyemi, former Minister of Health, stressed that good governance in public sector would lead to economic, social and political stability, attract investors and build confidence and trust.

He urged the institute to pay attention to public sector, saying some of the solutions to the county’s challenges was in good governance.

“It is my hope that before the next election cycle, IoD would have created a national advocacy that ensures the media, political players and all stakeholders appreciate the need to uphold good corporate to guarantee citizens free, fair and credible elections.

“From past elections, one can conclude on the indivisible of the Nigerian state, shared prosperity based on private sector led growth and free electoral process based on the rule of law.

“Good governance are factors to achieve the objectives of the Nigerian state and it must be promoted in the public sector in the same way as the private sector across the three tiers of government to greatly facilitate the transformation of our country into a good nation,” he said.

Mrs Onikepo Akande, a former Minister of Industry, lauded the institute for its profound impact on the private sector in upholding and promoting sound corporate governance in Nigeria.

Akande reiterated her commitment to continue to be guided by the principles of good governance enunciated by the institute and urged the leadership of the IoD to continue to drive the vision of its founders.

Dr Ije Jidenma, President, IoD, said the institute at 40 years had metamorphosed into that organisation that advances professional competence, integrity and enterprise.

Jidenma said the IoD would continue to act as a catalyst through its membership across all sectors to drive Nigeria to the desired level of economic growth and development.

“IoD would continue to partner with strategic institutions to achieve its goals and would continue to reinforce integrity, sobriety, meritocracy and accountability across board in the society,” she said.

Dr Kalu Idika Kalu, a former Minister of Finance, said as a nation, we were only as good as the quality of our institutions and stressed that citizens must employ efforts to sustain and not destroy what was inherited.

Kalu said that in view of the projected population growth, the country by 2050 must triple its production and be more united, more disciplined and more ordered to achieve its goals.

Addressing subsidy removal, Kalu advised government that such decision must be done in phases after ensuring that the necessary macroeconomic parameters that would impact standards of living are tackled.

“Removal of subsidy must be done in a way that doesn’t disrupt general pricing and human activities; otherwise, the dynamic system cannot handle the price hiccups if it is just done suddenly.

“There are macroeconomics variables that must be corrected for the subsidy removal to scale through and government has to touch all essential levels of the economy and not just shut subsidy support to consumers.

“Discussion should move beyond palliatives to issues of resources allocation, improvement in domestic production and distribution so issues that impede to productivity have to be tackled before subsidy is removed,” he said.

Source: News Agency of Nigeria