FOR Nigeria to enhance its global competitiveness and realise the Vision 2020 project, there is a need for the country to address corporate governance issues, both within the public and private sectors of the economy.These were the words of the President of the Institute of Directors (IOD), Thomas Awagu, while addressing journalists in Lagos, few days ago.He added that to stregthen the resolve against sharp practices in the public and private sectors, there was need for directors to embrace corporate governance ethics, while government needs to empower its anti-corruption agencies.According to him, 'by virtue of IoD's strategic positioning in the Nigerian business community and as the big voice in the organised private sector, it is advocating the entrenchment of corporate governance ethics in key sectors of the economy, in order to fast-track sustainable economic growth and development, as well as, the realisation of the country's Vision 2020 objectives.'There is a need for strict adherence to the provisions of corporate governance ethics in order to ensure sanity, as well as safety of investments in the Nigerian public and private sectors.''The institute seeks the inclusion of directors in both Nigerian public and private sectors to ensure proper checks and balances.'Government has a role to play in making sure that the fight against corruption is not lost. There is need to strengthen the institutions instead of preaching and teaching moral values. The laws are there but the institutions are not properly empowered to execute their functions.'On the institute's effort to enhance capacity building for its members, he said: 'We at IoD believe that a lot of hope exists for the nation's inherent potentials and resources. It is our conviction that the afore-mentioned challenges present a need for us to explore ways of making our country more competitive on the global scene and attract necessary investments and create jobs.'He however, noted that practice of having independent directors in organisations should be promoted in order to aid effective corporate governance practice in the private sector.On the institute's planned programme of events for 2012, Awagu said that the IoD United Kingdom convention and the Nigerian event scheduled to hold later in the month will aid sharing of experiences that will fast-track the growth and development of businesses and growth across the globe.'The event is in line with the mission of the IoD to work with the government and relevant stakeholders to address the challenges in the economy with a view to enhancing the reform efforts in the different sectors of the economy.'The events are structured to engage delegates and business leaders from within and outside the UK in an open dialogue to review achievements, identify and discuss constraints to progress, agree on issues that need immediate response and decide on how all stakeholders can effectively contribute towards addressing identified challenges,' he added.On his part, the Director General of the Institute, Mr. Akin Ajayi said that the programmes of the institute are designed to enhance its synergy with the public sector.He said, 'change is difficult to accept irrespective of its nature. It takes setting a new path of life for people to accept. We are hoping that the institute's advocacy will pay off in the long run.
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