IoD Reaffirms Commitment to Corporate Governance Despite Harsh Terrain

Gilbert Ekugbe 

The Institute of Directors (IoD) Nigeria has restated its commitment to good corporate governance despite the harsh business environment in the country, reaffirming that the Institute would remain resolute in its determination to creating value for its members.

The president and Chairman of Governing Council, Mrs. Ije Jidenma, at its 2022 annual Directors’ dinner and awards in Lagos,  said so far, the Institute has contributed to the Nigerian business community by ensuring that its views are conveyed to the government for the entrenchment of good corporate governance in the country.

According to her, touted as a year of recovery, especially from the global recession occasioned by the pandemic, 2022 was approached with a lot of optimism as all indicators and projections were cautiously positive, but stated that for a world that was just recovering from two years of economic downturn, the Russian-Ukraine war was the last straw which completely threw all positive projections into the doldrum. 

She said the food and energy crisis that trailed the war adversely affected the global economy, especially countries with fragile economic frameworks such as Nigeria’s

In her words: “For Nigeria, the consequences were dire, especially as it brought about a serious energy crisis as a result of the colossal rise in the cost of refined petroleum products, especially diesel, which fuels most of our industrial installations. What should have been an advantage for us as an oil-producing nation, became a disadvantage because of our complete reliance on the importation of finished petroleum products.”