The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has emphasized the critical role of strong corporate governance in driving economic development, enhancing investor confidence, and ensuring sustainable national growth.
Speaking on Wednesday, the President and Chairman of the Governing Council of ICSAN, Mrs. Uto Ukpanah, stated that while economic policies, infrastructure development, and political leadership remain important pillars of national progress, the success of these efforts largely depends on the quality of governance within institutions.
According to her, many of Nigeria’s developmental challenges are not the result of a lack of ideas, policies, or resources. Rather, they stem from weaknesses in governance structures across both public and private organizations.
“Where governance is effective, progress is inevitable. However, weak governance often leads to poor outcomes,” she said.
Mrs. Ukpanah explained that corporate governance refers to the systems, structures, processes, and ethical standards through which organizations are directed and managed. She noted that sound governance promotes transparency, accountability, fairness, and responsibility in decision-making.
She further stressed that the relationship between good governance and national development cannot be overstated. Economies thrive when institutions operate efficiently, manage risks effectively, and act in the best interests of stakeholders.
The ICSAN President also highlighted the importance of governance in attracting investment. According to her, investors are more willing to commit resources to environments where governance standards are strong and regulatory frameworks are respected.
Conversely, she warned that poor governance often breeds inefficiency, corruption, and economic decline, ultimately undermining development efforts and public trust.
ICSAN therefore called for stronger governance practices across all sectors of the economy, noting that improving institutional accountability and ethical leadership remains key to unlocking Nigeria’s full economic potential.
