Nigeria needs corporate governance to unlock AfCFTA gains– IoD

The Institute of Directors Nigeria (IoD) says strict adherence to corporate governance is necessary for the country to enjoy the benefits that the Africa Continental Free Trade Area (AfCFTA) has to offer.

The president of IoD, Ije Jidenma made this promise at a press conference in Lagos where she announced a year-long lineup of events and activities to mark its 40th anniversary which would be flagged off by a courtesy visit to President Muhammadu Buhari on March 16, 2023.

Describing the government as a partner in nation-building and human development, Jidenma emphasized the need for collaborative dialogue with the government at all levels.

“With the coming of African Continental Free Trade Area’s agreement, Nigeria needs good directors to be able to navigate the terrain at the continental level,” Jidenma explained.

Jidenma explained that the theme of the anniversary is “Celebrating 40 Years of Visionary Leadership and Corporate Governance,” which was deliberately chosen to bring to the limelight the various contributions of IoD Nigeria to enhancing the quality of corporate governance.

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The president of the IoD said most of the achievements of the institute were largely intangibles because they were geared toward creating behavioural changes among the workforce in Nigerian private and public sectors to do the right things.

She added that the institute would remain unrelenting in its quest to ensure that its impact would be felt more and more by collaborating not only with private sector organisations but with the public sector also through their permanent secretaries and directors.

“I will say that our achievements have been significant in the sense that people are beginning to understand that they have to run their organisations properly, and if they do not it will have consequences in terms of long-term sustainability and this is what we have been preaching.

“IoD has, over the past 40 years, made significant strides. It has worked closely with government, corporate organisations, bilateral chambers and diplomatic missions to raise the standards of governance and corporate leadership in the private and public sectors of our nation’s economy.

Also speaking at the conference, Samuel Akeju, chairman of the Institute’s 40th-anniversary planning committee and past president of the Institute said the programme will commence with a courtesy call of President Muhammadu Buhari, while a flag-off of the event will hold in Lagos in April 2023.

“As part of the programme, President Buhari would be invited alongside regulatory bodies and strategic key players across public and private sectors to interface on ways to harness the power of human resources and otherwise to contribute to the development of Nigeria,” he said.