PSDdF pushes economic prosperity for Nigeria’s democracy

The Private Sector Development for Democracy Forum (PSDdF), a coalition of private sector organisations, civil society organisations, think tanks, and media partners, will begin to push for the perfection of Nigeria’s democratic system.

Unveiled by American Business Council Nigeria in partnership with the Centre for International Private Enterprise (CIPE) following the inaugural meeting of the Steering Committee held recently, PSDdF will also focus on strengthening institutions that support the rule of law and contribute to a thriving business environment in Nigeria.

A 2022 Economist Intelligence Unit (EIU) survey, which rated the state of democracy across 167 countries on five measures including electoral process and pluralism, the functioning of government, political participation, democratic political culture, and civil liberties; disclosed that more than a third of the world’s population lives under the authoritarian rule while just 6.4 percent enjoy full democracy.

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To push for a better narrative, ABC and CIPE came up with this initiative.

Speaking at a media unveiling event held in Lagos recently, Margaret Olele, CEO of the American Business Council, said she is very excited about the initiative.

“The Council has served as a vehicle to drive trade and investment in Nigeria and foster economic development through US–Nigeria partnerships. The Council also engaged the Vice-presidential candidates of the four leading parties before the 2023 elections to share expectations of the private sector.

“Constructive and not prescriptive dialogue at various levels of engagement from the private sector and allies can contribute to the nation’s democratic trajectory,” she said.

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She said the mission of the PSDdF is to facilitate strategic broad-based collaboration between stakeholders in the private sector, civil society, and policymakers with the vision and commitment to improving democratic institutions within Nigeria for shared prosperity.

Also, Lola Adekanye, country director of CIPE, said the quality of governance determines the growth potential of any country and region.

“As an important country in the African region, Nigeria’s governance and economic success is Africa’s governance and economic success. Therefore, as Nigeria excels in innovation both in the tech and entertainment spaces, it also can excel in governance,” she said.

She further disclosed that the initiative aligns with CIPE’s vision for a world where democracy delivers the freedom and opportunity for all to prosper.

She expressed optimism about the opportunity to collaborate with some of the best, brightest, and greatest minds on the PSDdF towards achieving the vision.

PSDdF’s structure will consist of a steering committee, forum members, and organising partners and they will be instrumental in holding annual conventions, participating in research and having a high-level delegation participation at annual meetings.