Chief Executive Officer, Financial Derivatives Company Limited, Mr Bismarck Rewane, has emphasized the importance of building strong institutions if Nigeria must achieve the desired economic growth.
Bismarck Rewane Rewane gave this insight as to the keynote speaker at the 2019 Time Management and Productivity/Nigeria’s Employee of the Year Award Summit (TAMS/NEYA Summit) in Lagos.
The TAMS/NEYA summit is organised yearly by SB Telecoms, a provider of time and attendance management system solutions to organisations. Speaking on the theme, “Charting Nigeria’s Path to Growth”, Rewane listed three variables necessary for sustainable economic growth to include good leadership, sound policies and strong institutions, the most critical being strong institutions. IMF ranks Nigeria 2nd worst on use of Sovereign Wealth(Opens in a new browser tab) “There are three variables of economic growth.
These are good leadership, sound policies and strong institutions. Any two combinations of the three will still produce a level of growth. But where institutions are weak, whatever growth is achieved is not sustainable and will eventually come back to zero. “The presence of these trio factors guarantees our quality well-being but in the absence of quality leadership, sound policies and strong institutions become elusive and as a result, the economy crumbles,” Rewane said.
Rewane stated further: “GDP growth can be achieved if we fix our weak infrastructure. The power sector problem, for instance, continues to be a huge burden with the sector hampered by enormous debt overhang and the inability to attract fresh financing. But this can easily be corrected if the debts are converted to equities.”
Rewane, therefore, called on political and corporate leaders to show good leadership by installing sound policies and strong institutions as well as competent co-personnel to give the people quality life.