Private sector crucial to Nigeria’s economic prosperity, Ezekwesili affirms

Oby Ezekwesili

For Nigeria to ensure the economic wellbeing of her citizens, there is a need for collaboration between the Federal Government and the private sector to boost the economy.

Speaking at the 25th Anniversary celebration of Phillips Consulting Limited (PCL), in Lagos, a former Minister of Education, and co-Founder, Transparency International, Dr. Oby Ezekwesili, said the private sector is the engine of growth in most thriving economies. She noted that the private sector drives growth, creates jobs, and pay taxes to government to enable it invest in public goods and services.

Ezekwesili argued that investment by private sector creates more room for growth, finds new sources of opportunities, attracts new investment, and expands the capacity of government to even do more.

According to her, Nigeria cannot achieve her full economic potential until it starts to pay attention to important matters such as sound policies, strong institutions, and efficient and effective private investment, which are crucial to social development.

In her presentation on the theme of the celebration, Building Great Institutions, the former minister, said profit or wealth creation should be the interest of the private sector, which is the engine of growth.

She added that firms should ensure that good corporate governance establishing a proper legal economic, social and institutional environment should be embraced because it permits businesses to achieve the progress and success they desire.

She said: “In order to build lasting private sector, corporate governance must be anchored on exactly the same ethos, values of good governance of societies that work,” and commended Folusho Phillips for endowing himself with knowledge that has formed the basis of the growth of economies in other countries.

Ezekwesili further observed that if Nigeria was run on the principles and practices deployed in building private institutions such as the Philips Consulting, it certainly will not face the prevailing challenges.

She called for the establishment of other Philips Consulting, as they represent a sign post to effective and efficient governance that have eluded Nigeria in the 57 years of its independence.

The Founder and Chairman, Phillips Consulting, Foluso Phillips, urged firms operating in Nigeria to improve the productivity of their employees by driving engagement, commitment, and motivation.

He identified some key drivers of engagement to include career opportunity, organisation reputation, pay package, brand alignment, innovation, recognition or reward as well as people and human resource practice, and a host of others.

He said organisations must adopt selective hiring, line manager leadership skills, mentoring, competitive salaries, comfortable working environment, flexibility of work, and open communication as key drivers of productivity.



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