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IoD seeks improved corporate governance to attract investments

IoD seeks improved corporate governance to attract investments

Ifeanyi Onuba, Abuja

The Institute of Directors, Nigeria, has called on the Federal Government to improve the level of corporate governance in public and private sector institutions in order to encourage investors to bring in fresh funds into the country.

It said there could not be substantial improvement in the investment inflows into the country without a fast economic growth entrenched in global best practices in both the public and private sectors.

The President/Chairman, Governing Council, IoD, Alhaji Ahmed Mohammed, stated these in a presentation made at the Annual Directors’ Conference, which was organised by the institute in Abuja.

In the presentation, which was made available to our correspondent on Sunday, Mohammed said there was a need for sound corporate governance in order to protect those that would invest their funds in the economy.

Nigeria recorded a total investment inflow of $4.14bn in the third quarter of this year based on figures released by the National Bureau of Statistics.

Mohammed, however, stated, “While investors need to be protected through regulation, it is also important to recognise that only good corporate governance attracts investments in the long term. This is what will enable organisations to attract financial and human capital, perform efficiently and generate long-term economic value for their stakeholders.

“It is obvious that only countries with strong corporate governance culture will attract more sustainable capital inflow and create more wealth than less compliant nations.”

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