For Sustainable Economy Actualisation, Nigeria Must Immense Economic Opportunities- Yusuf
By Pelumi Olaleye
Director General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf said before the actualisation of a sustainable economy, Nigeria must immense economic opportunities.
He said this at the maiden edition of the Nigeria Corporate Services Conference organized in Lagos by TenticP Communications.
Themed: ‘ Building A Sustainable Economic Growth Through Quality Corporate Services Delivery’.
In a keynote address titled Ethics, the backbone of quality corporate services for economic growth, Mr. Muda Yusuf, Director General, Lagos Chamber of Commerce and Industry, said the Conference was timely, because given the structure of the Nigerian economy, at no other time is the conversation on quality corporate services delivery in private and public sectors more appropriate than now as the country works to transform the economy from being resource-based to a knowledge-based, innovation and technology-driven economy for the good of all.
Yusuf said services are increasingly important for their direct contribution to Gross Domestic Product (GDP), exports and employment, maintaining that with the change in the structure of the Nigeria economy from a real sector dominated system to services led economy- services sector has become the largest sector in the economy, with its share of GDP 52.62 percent in 2018, in addition to the sector also contributing the largest proportion of employment at 57.4 percent.
According to him, Nigeria has made significant progress in its services sector, becoming one of the leading corporate service providers in the continent of Africa- our banks have registered their footprint in many Africa countries, we have a robust Business Process Outsourcing (BPO) and others, providing diverse services to businesses and governments. These are immense economic opportunities we must optimize and unleash for tangible sustainable economic deliverables.
He said that going by the enormous human resource available to the country and the demographic advantage, focus must be shifted on inculcating a culture of professionalism and ethical conduct in service vendors, adding that though many private sector operators have embedded ethical principles in their operations, there was need for a national consensus on ethical conducts within the countrys corporate and public service space, as this will improve the global competitiveness of the Nigerian economy.
Yusuf therefore, recommended among others, that:
Nigeria must commit to abiding by the established rules, regulations and code of conducts in her corporate and public endeavours and must make doing things right her national priority. Citizens mindset should be changed from the entitlement based to a service focus.
There is need for a formalized ethics regime which would ensure that all stakeholders know and understand the rules and expectations.
There is a need to promote greater awareness of ethics and the code of ethics in the public and private sector, as this is the best way of promoting ethical behaviour. The National Orientation Agency (NOA) and private sector institutions should step up and sustain enlightenment campaigns for standard ethical behavior.
Sanctions should be given to unethical and unprofessional conduct with sufficient penalty for unethical practices to deter deviation from ethical behaviour.
Adding that Nigeria should endeavour to promote professionalism in the public and corporate sector should be promoted and to this end, service vendors in the public and private sectors must be encouraged to join a professional body that is related to what they do.
Inculcating a culture of best practices and ethical conduct should start from the base, a bottom up approach that entails inclusiveness. Ethics modules should be introduced as a course in all tertiary institutions in Nigeria for early exposure to ethics and ethical behaviours amongst students who would be the corporate and public sector leaders of the future so that they can appreciate the benefits of ethics and professionalism early in life.