Doris Nkiruka Uzoka-Anite, Minister of Trade and Investment, delivered a keynote speech at the Chartered Institute of Directors Nigeria’s 2023 Annual Directors Conference, emphasizing the pivotal significance of corporate governance in driving economic diversification.
In her address, Minister Uzoka-Anite underscored that good corporate governance stands as a linchpin for fostering a stable and transparent business environment.
Such an environment, she highlighted, attracts investors and capital, enabling companies to expand operations and innovate, consequently reducing dependency on singular industries.
The Minister articulated that well-governed entities have a higher propensity to draw investors, facilitating access to capital—an essential element for business growth, creation of novel products, and service development.
Furthermore, she accentuated how effective corporate governance nurtures a culture of innovation, risk-taking, and long-term strategic thinking.
These attributes, she argued, are fundamental for propelling economic diversification by encouraging businesses to explore new realms and embrace calculated risks.
A critical aspect emphasized was the role of corporate governance in inequitable wealth distribution.
She reiterated that ensuring a fair sharing of economic gains is vital in mitigating income inequality and fostering social cohesion.
”Well-governed companies are more likely to attract investors and access capital, which enables them to expand their operations and create new products and services.
”In addition, good corporate governance promotes innovation, risk-taking, and long-term thinking, which are critical for diversifying the economy and reducing dependence on a single industry.
”Finally, good corporate governance helps to ensure that the benefits of economic growth are shared equitably, which is essential for reducing income inequality and promoting social cohesion,” she stated.
The Minister encapsulated the link between corporate governance and economic transformation, shedding light on its capacity to drive innovation, foster business expansion, and promote social equity.
