Kolawole: Good Corporate Governance will Attract FDI into Nigeria

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Tobi Soniyi

President of the Institute of Chattered Secretaries and Administrators of Nigeria (ICSAN), Mr Samuel Kolawole has said that good corporate practice will enhance foreign direct investment flows into Nigeria.

Speaking with THISDAY, Kolawole said this informed the decision of the institute to intensify training for its members across the country saying that research had shown that good corporate governance boosts investors confidence.

He also called on government to continue with the push to make doing business in Nigeria easier in order to boost the nation’s comparative advantage. According to him, a nation with a solid good governance principles attracts foreign investors.

He said his organization welcomed the release of the Nigerian Code of Corporate Governance because it would ensure that organizations were run properly.

The Financial Reporting Council (FRC) of Nigeria recently released the Nigerian Code of Corporate Governance (‘the Code”) on January 15, 2019.

The code highlights key principles that seeks to institutionalise corporate governance best practices in Nigerian companies. Kolawole urged members of the institute to continue to promote good corporate governance in order to help grow the nation’s economy.

He also argued that one of the ways to diversify the economy was and to encourage industries to grow, you have to ease how business is done in Nigeria.

“If it is not easy to register and run businesses in the country the idea of diversification will remain a mirage. That is the essence of the ease of doing business”, he added.

He explained that foreign investors make comparison before taking decision on which countries to invest him.
He said:”If they go to other countries where it is easier for them to invest, they will not come to a country where it is difficult to do business.”

He noted that Nigeria’s position on the ease of doing business ranking pointed to the fact that a lot still needed to be done to make the country an investors’ haven.