Nigeria’s economy sustained by services sector —ICSAN

The Institute of Chartered Secretaries and Administrators of Nigeria, ICSAN, has attributed the growth recorded recently in the Nigerian economy to the expansions in the services sector, particularly in the financial and telecommunications industries.

Outgoing President of the Institute, Mrs. Funmi Ekundayo, disclosed this during her valedictory media parley held in Lagos.

Ekundayo noted that despite persistent macroeconomic challenges, including rising inflation, high cost of living, unemployment and infrastructure deficits, the economy has continued to show resilience.

She stated: “Overall, I would say the Nigerian economy is growing steadily, driven by the services sector. As a nation, we must intensify efforts to diversify and reduce over-dependence on crude oil exports.”

According to her, recent reforms initiated across all tiers of government are beginning to yield positive results in some sectors, even as she called for greater momentum in implementation.

Ekundayo further emphasized the critical role of corporate governance in fostering sustainable development across the country. “Nigeria cannot make real progress without elevating and embedding governance principles across all sectors, especially those prone to inefficiencies and corruption,” she said.

She stressed the need for governance frameworks that cut across all industries, warning that systemic weaknesses in any sector could derail national progress.

Her words: “ICSAN has made very significant contributions to national development in several areas. One and topmost would be promoting the ethics of good corporate governance. By promoting transparency, accountability, and professionalism, ICSAN helps to foster economic growth, because our members in all spheres of economic environment help to ensure accountability, compliance and risk management.

“Those are the kind of values that you need as an organization to continue to contribute positively to the economy. So promoting good governance is definitely one of the top ways in which ICSAN has continued to contribute to national development.

“Capacity building is also another area. Through all our education and training programmes, ICSAN has continued to build capacity of individuals and also organisations. As we train individuals, we also help organisations with implant trainings. We enable them to compete globally through our different, very topical and relevant topics that are very germane to economic development.”