Executive Secretary, Association of Accountancy Bodies in West Africa (ABWA), Dr Abel Asein, has said the economic development of Nigeria is dependent on the quality of its leadership, governance, and management of its resources.
Asein noted that the developmental challenges in Nigeria are not due to lack of human and natural resources, but largely to lack of commitment by most of its leaders to the ideals of good governance, which include integrity, accountability, transparency, and commitment to the public good.
He stated this in his presentation at the third annual colloquium in honour of Dr (Prince) Oyebade Oyedepo to mark his 60th birthday, recently.
The colloquium, with the theme, ‘Leadership and Good Governance: Catalysts for Nigeria’s Economic Growth and Development,’ also doubled as the launch of Oyebade Oyedepo’s autobiography titled, ‘Finance Professional in Unending Adventures.’
Asein explained that the development of any nation is measured based on improvement in the quality of life of a people in terms of access to education, healthcare facilities, potable water, good roads, shelter, decrease in child mortality rate, improved life expectancy rate, security of lives and property, among others.
He said the aggregation and realisation of these, encapsulated in the 17 Sustainable Development Goals (SDGs), will lead to economic development and growth.
Asein also noted that leadership and adherence to good governance practices play major roles in accelerating economic growth and development beyond just having natural resources and technology.
He averred that good leadership will enhance the choices made by countries and their progress on the development ladder.
While making reference to Acemoglu & Robinson (2012), Asein said, “Poor countries are poor because those who have power make choices that create poverty. They get it wrong, not by mistake or ignorance but on purpose.”
Using the development indicators of per capita income (SDG 8), life expectancy (SDG 3), percentage of public health expenditure to GDP (SDG 3), and percentage of public education expenditure to GDP (SDG 4), Dr Asein compared and analysed data between Nigeria and Rwanda over 24 years, spanning 1999-2022.
He also did a brief tenure-by-tenure performance analysis of the different administrations in Nigeria for the 24 years under review.
From the empirical analysis, Asein found that quality of leadership positively and significantly affects the macroeconomic management of these two countries, eliciting varying degrees of trust both from the citizens and the international community.
A communiqué signed by Dr (Mrs) Chioma Obianuju Ojukwu, a lecturer with the Department of Accounting, University of Port Harcourt and rapporteur-general of the event, the participants, among other things, concluded that “Since no nation can develop beyond the abilities and capabilities of its leaders, Nigerians must change their attitude to political governance and how they recruit their leaders.
“The choice of leaders must be driven by competence, capacity, character, and verifiable track records of commitment to public interest. Merit should inform our choice of leaders rather than parochial factors like tribe, religion, pecuniary gains, etc. because good people abound in the country and all tribes.
“Leaders should objectively follow due process and carry everybody along irrespective of gender, tribe, race, religion, and level of education.
“Government should make a deliberate decision to restructure the country. Rather than the present bicameral legislature, a unicameral legislature with part-time legislative members was also advocated to cut costs of governance.
“Leaders should be futuristic in their plans and policies. They should always look at possible issues that can come up from the new policies they are making and how they can be solved before they announce and implement these new policies.”
In attendance at the event, among over 80 participants, were the chairman of session and President, Nigerian Economic Society, Professor Adeola Adenikinju, who was represented by his wife, Professor Yinka Adenikinju; Chairman, Oyo State Anti-Corruption Agency (OYACA), Honourable Justice Eni Esan (Rtd); the immediate past chairman of Ibadan and District Society of the ICAN (Chairman) and chairman, planning committee of the event, Sir Abiodun Adedeji.
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