Sanwo-Olu: Strong institutions, transparency key to Nigeria’s Economic Resilience

Lagos State Governor, Babajide Sanwo-Olu, has urged Nigerians, particularly Lagosians, to promote values that drive good governance.

He emphasised that such efforts will help create an economic environment that empowers and uplifts citizens.

He noted that strong institutions, effective leadership, and a steadfast commitment to transparency are essential to building a thriving economy.

Sanwo-Olu made these remarks on Wednesday at the 2024 Annual Conference of the Chartered Institute of Directors, held at Eko Hotels and Suites in Lagos, with the theme: “Good Governance as a Catalyst for Economic Recovery, Growth, and Development.”

“Good governance is not just a moral duty; it is an economic necessity. It unlocks a nation’s potential, attracts vital investments, and creates opportunities for citizens. Transparency, accountability, and trust are the foundations of any thriving economy,” Sanwo-Olu said.

“Where these principles are lacking, nations struggle, and corruption stifles growth. However, with strong institutions and effective leadership, we can build a resilient economy.”

Highlighting Lagos State’s dedication to these values, Sanwo-Olu said, “We are committed to embedding transparency and accountability in all sectors. Our reforms aim to strengthen institutions and build the capacity of public servants to drive meaningful economic progress. Yet, the private sector must also play a crucial role by upholding ethical practices, investing in sustainable initiatives, and ensuring transparency in all dealings.”

Former INEC Chairman, Prof. Attahiru Jega, who delivered the conference lecture, called for reforms in the process of leadership recruitment, stressing that many current leaders are inadequately prepared for governance.

Jega urged Nigerians to focus on nurturing democratic governance to foster long-term, people-centred development, rather than solely embracing governance models promoted by external organisations like the World Bank.

“We must critically evaluate the measures suggested to us to avoid inadvertently creating long-term issues while chasing short-term gains,” Jega advised.

Also speaking at the event, Alhaji Tijjani Borodo, President and Chairman of the Council of the Chartered Institute of Directors, highlighted the Institute’s dedication to promoting corporate governance across Nigeria.

Chairman of the occasion, Mr. Mutiu Sunmonu, further stressed that integrity is the foundation of good governance and ethical corporate practices.