Why Unemployment Is High — Ex-CBN Chief

A former Director of the Central Bank of Nigeria (CBN), Mr Titus Okunronmu, on Monday attributed the high unemployment rate in the country to poor corporate governance culture.

Okunronmu made this known in Lagos at a public lecture tagged: “Corporate Governance: A Veritable Tool for a Stronger Nigeria”, organised by the Institute of Chartered Accountants of Nigeria (ICAN).

He said the poor corporate governance culture in Nigeria had resulted in poor corporate budgeting and planning models.

“Our corporate governance culture is responsible for poor management of company’s resources and it is the root cause of lack of accountability.

“A company that fails in its accountability will surely fail in its human resource management.

“The output of corporate governance ought to raise the quality of life of citizens and to institute a conducive environment for labour and capital to work for us optimally,” Okunronmu said.

He said creating employment opportunities was as important as increasing Gross Domestic Product (GDP) as economic growth indicators.

According to him, the Niger Delta militancy, post-presidential election crises and the Boko Haram insurgency were fuelled by unemployment.

The Deputy Manager, Institute of Chartered Accountants of Nigeria (ICAN), Mr Biodun Adeyemi, also observed that the poor corporate governance culture was responsible for Nigeria’s high poverty level.

He said that corporate governance was a tool for sustainable development and could ensure viable growth of corporate outfits.

“Hardly will any company with a sound corporate governance system liquidate,“ he added.