Administrative and management experts in Lagos have argued that Nigeria requires responsible governance and financial probity to achieve its economic ambitions, rather than simply pursuing a larger economy. Speaking at the 2026 Annual Directors Conference of the Chartered Institute of Directors Nigeria (CIoD), the speakers emphasized the need for an economy where capital is deployed responsibly, technology is governed ethically, and prosperity is shared more broadly across the population.
Otunba Oyebanji, President and Chairman of the Governing Council of the CIoD, stated that the institute is committed to ensuring that leaders in various positions act in the interest of Nigerians. He noted that achieving President Bola Tinubu’s proposal for a $1 trillion economy by 2030 requires a substantial acceleration in economic growth that cannot be achieved through fiscal policy alone. According to Oyebanji, this goal demands that economic and political leaders allocate capital productively, encourage enterprise, manage risks effectively, and create lasting economic value.
“Directors play an important role in building an inclusive economy. Micro, small and medium-scale enterprises account for 46.32 percent of Nigeria’s GDP and 87.9 percent of employment, according to the NBS/SMEDAN survey cited in PwCs 2024 MSME Survey.”
Oyebanji highlighted that national prosperity depends on strengthening micro, small, and medium-scale businesses through sound governance, access to capital, and expanded market opportunities. The conference, themed “Reimagining the Board Room for Inclusive and Sustainable National Prosperity in the New Economy,” addressed topics including strategic competitiveness, entrepreneurial growth, board accountability in the age of artificial intelligence, and ethical standards. He urged corporate leaders to equip themselves to anticipate risks and ensure that the pursuit of profit contributes to wider economic and social progress.
Dr. Waheed Olagunju, Chairman of the National Organising Committee, reminded boardroom leaders, policymakers, and investors that corporate success should contribute to broader national progress and improve the well-being of society. Olagunju argued that sustainable prosperity entails productive businesses, effective institutions, decent employment, and investment in human capital. He stressed that reimagining the boardroom is not merely about adopting new technologies or procedures, but about strengthening the quality of board deliberations, improving strategic judgment, and promoting ethical leadership.
Olagunju added that boards must consider how their decisions affect not only shareholders but also employees, customers, suppliers, and communities. He called for boards to respectfully challenge established assumptions, embrace diverse perspectives, and maintain a long-term view of organizational performance and national development. “Let us renew our commitment to responsible leadership, sound corporate governance and the pursuit of prosperity that is both inclusive and sustainable in the rapidly evolving new economy,” he said.
Emmanuel Ocholi, the conference Chairman, warned that decisions made in boardrooms have far-reaching consequences for businesses, institutions, and the Nigerian economy. He challenged industry leaders to examine whether their governance methods are adequate for current economic realities and whether their decisions are contributing to the kind of economy Nigeria aims to build. Ocholi noted that the environment in which these responsibilities are exercised has changed considerably, with technology altering business models, artificial intelligence changing decision-making processes, and global supply chains being reconfigured.
<small>Source: The Sun Nigeria — read the original story there.</small>
