CIoD President: Good Governance Must Guide FG’s Economic Recovery Efforts

•Says Tinubu’s reforms painful, but necessary

Dike Onwuamaeze

The President of the Chartered Institute of Directors (CIoD) Nigeria, Mr. Tijjani Borodo, has advised that sound governance must be the guiding principle behind the federal government’s efforts to achieve economic recovery.

Borodo, stated this yesterday during a press conference to announce the institute’s upcoming 2024 Annual Directors Conference with the theme, “Good Governance as a Catalyst for Economic Recovery, Growth, and Development,” which would take place from Wednesday, October 30 to Thursday, October 31, 2024, in Lagos.

He said: “The theme for this year’s conference underscores the critical role that corporate governance plays in advancing economic transformation and national development.

“In the face of ongoing economic challenges, it is essential that we recognise how sound governance practices foster accountability, sustainability, and innovation within our organisations in particular and our nation in general.”

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

“It facilitates the 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.”

Borodo, also attributed the collapse of federal government-owned refineries to a lack of governance in their operations.

He said: “Let us be very honest. We are supposed to have about four refineries in the country. But none of them is working. And I will tell you that it is a question of governance.

“If there had been true governance in running these refineries we would not be where we are now.

According to him, “governance is everything. Good governance is good business. Whatever you do as an industry, business or government, you need to have good governance. The moment you have good governance, believe me, the chances of success are there.

“We believe that good governance is key to the success of any government and any economy.”

Commenting on the economic reforms of President Bola Ahmed Tinubu’s administration, Borodo said that some of the reform measures are painful but necessary.

He said: “They are not too nice or too pleasing to us. But that is what it takes to be a transformative government. Some of the problems are there but the government is tackling them squarely. There are lots of pains. We agree.

“It may be painful but the government has looked at two key issues: the issue of petroleum subsidy and foreign exchange. These are the determining efforts that will make or mar this economy.

“As we have said, this government has made bold decisions tackling these issues.

“I want to believe that the processes and policies the government is taking regarding the economy now are steps in the right direction.

“We need to be a little more patient and at the same time the government should be listening to the cries of Nigerians to make amends while on this journey.”

He also said the conference would be declared open by President Bola Tinubu while the opening ceremony would be chaired by the Chairman of Julius Berger Nigeria Plc, Mr. Mutiu Sunmonu.

He added that the keynote address would be delivered by the former Chairman of INEC, Prof Attahiru Jega.