The urgent need to promote good corporate governance practices in Nigeria was one of the major issues discussed at the second edition of Blakey’s national economic conference.
At the conference, which held in Lagos under the theme, ‘Good governance: pathway to progress,’ it was stated that with good corporate governance practices, organisations can improve their reputation, attract investors, and ensure that they are managed in a responsible and ethical manner.
Speaking on, “Building integrity: The role of good corporate governance in promoting transparency and accountability in Nigeria’s public and private sectors’’, Tony Chinwe defined corporate governance as the framework of rights, responsibilities, procedures, and relationships that guide how an organisation is directed, controlled, and held accountable.
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While stating that good corporate governance is essential for promoting transparency, accountability, and integrity in organisations, Chinwe said: “In Nigeria, where corruption and lack of transparency pose significant challenges, good corporate governance can play a crucial role in promoting sustainable development and trust among stakeholders.”
Despite the importance of good corporate governance, he said Nigeria faces several challenges, including corruption, weak regulatory framework, lack of awareness and understanding, and inadequate enforcement mechanisms.
According to him, these challenges can hinder the adoption and implementation of good corporate governance practices, making it essential to address them through effective policies and regulations.
He, however, stressed the need for all to work together to promote good corporate governance practices in Nigeria’s public and private sectors and ensure that organisations are managed in a way that promotes sustainable development and trust among stakeholders.
Speaking earlier, the convener of the conference, Blakey Okwudili Ijezie said that good governance was the engine of development, emphasising that, “Where governance is visionary, transparent, and accountable, nations rise. Where it is weak, corrupt, and rudderless, even the most resource-rich countries falter.
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“I have often said that Nigeria’s problem is not lack of potential, it is the failure to unlock that potential through strategic leadership and institutional reform.”
For him, governance should be rooted in inclusion, engaging youth, women, diaspora, traditional institutions, and civil society.
“Nigeria will not change by default. It will change by design. And that design must be rooted in good governance, the true advantage of nations that rise,” Ijezie added.
