The Chartered Institute of Directors (CIoD), has declared that addressing structural constraints and promoting inclusive growth would diversify the economy and enable Nigeria to navigate through the complexities of the global economic landscape.

President CIoD, Mr. Tijjani Mohammed Borodo, stated this during the institute’s 40th Annual General Meeting (AGM) in Lagos where he argued that, “fostering regional integration and promoting intra- African trade could unlock new opportunities for economic development and reduce Nigeria’s reliance on external markets.”

Borodo said, “diversifying the economy from oil dependency, enhancing infrastructure development, improving the business environment, and investing in human capital would be critical for unlocking Nigeria’s full economic potential and ensuring sustainable development in the years to come.”

He added: “One of the key economic realities in present-day Nigeria is the dependence on oil exports.  However, the volatility of global oil prices poses a significant challenge to Nigeria’s economic stability. As fluctuations in oil prices can have a direct impact on government revenues, foreign exchange earnings, and overall macroeconomic stability.”

According to him, some of the recent, “government policies such as fuel subsidy removal and devaluation of the Naira amidst other controversial policies forms have led to harsh economic realities for the country.

“Furthermore, Nigeria grapples with structural issues such as inadequate infrastructure, high unemployment rates, and a large informal sector” despite being endowed with abundant natural resources and a sizable skilled workforce.  

“Considering these economic realities, there is a pressing need for policy reforms and strategic interventions to promote sustainable and inclusive economic growth in Nigeria.

“This includes diversifying the economy away from oil dependency, investing in critical infrastructure, enhancing the business environment to attract private investment, and strengthening social safety nets to support the most vulnerable segments of society.”

Borodo also said that the institute has been engaging with key ministries and agencies of the government as an integral component of its stakeholders’ engagement strategy.

According to him, the governing council of the CIoD would carry out advocacy visits to critical ministries and agencies like the Federal Ministry of Industry, Trade and Investment, the Federal Ministry of Education, the Securities and Exchange Commission, Corporate Affairs Commission and the Financial Reporting Council of Nigeria.