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Building Institutions key to the advancement of Nations-Dr Obiageli Ezekwesili

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Thursday, October 19, 2017 5.00pm/Proshare WebTV 

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 society. 

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 governance”. 

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 its institutions. 

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 service. 

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”. 

Proshare Nigeria Pvt. Ltd.

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