Thursday, October 19, 2017
Former Minister of the Federal Republic of
Nigeria, Dr Obiageli Ezekwesili has asserted that building institutions was key
to the advancement and development of any nation in the globe.
She shared this as the keynote speaker at
the October, 2017 breakfast meeting of the Nigeria-South Africa Chamber of
Commerce breakfast meeting in Lagos, which focused on the theme “Building
Institutions: Governance, Succession and Service”.
Ezekwesili described good governance as a
critical component in the socio-economic development of nations, believing it
is a major factor in driving the competitiveness of a nation.
The former Vice-President World Bank
(Africa Region) listed accountability and transparency as the major
characteristics of good governance.
The Senior Economic Adviser for the Open
Society Forum noted that the bedrock for good governance was the rule of law.
She stressed that the constitution was the best guide for ensuring an equitable
Emphasizing the value of robust
institutions, Dr Ezekwesili said public institutions were agencies of
transformation and collaboration and nations who had such performed
better in socio-economic reforms and human development indices.
Looking at the private sector the
Chartered Accountant and distinguished Nigerian acknowledged the fact that it
plays a strong in building institutions, through corporate governance.
According to her “There is a nexus between good governance and corporate
Assessing Nigeria, the public policy
analyst decried the fact that the nation was made indolent by the commodity
called crude oil. Ezekwesili was concerned with the fact that Africa’s largest
economy has not been consistent in strengthening market economy reforms through
Giving a comparative analysis between
Nigerian and China, she said the latter has been consistently pushing
institutional market reforms which has uplifted millions from poverty, while
Nigeria since 1999 (4th democracy era) failed in sustaining
far-reaching market and socio-economic reforms.
The financial expert advised the Federal
Government to review its economic policy direction, and encourage private
sector participation and market based economic reforms. She made a strong case
for the independence of institutions in the country like the Central Bank.
Ezekwesili speaking on the state of the
nation, called for shared values that will move the country forward.
Considering the fact that the breakfast
meeting was sponsored by Phillips Consulting, a leading professional services
firm, Dr Ezekwesili commended the organization for 25 years of excellent
She extolled the qualities of Mr Foluso
Phillips, the Chairman of Phillips Consulting, and described him as a quintessential
leader who from the private sector has driven “Policy Entrepreneurship”. Related News