Economic experts will discuss Nigeria’s challenges to
By Henri Uche
Concerned by Nigeria unprecedented debt burden and other myriad problems plaguing the country, the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and other stakeholders are expected to discuss Nigeria’s challenges with the aim of prioritizing solutions at its 2022 annual conference.
At a recent press conference in Lagos, ICSAN Vice President Ms. Funmilayo Ekundayo revealed that industrialists, administrators, management experts and other economic eggheads would be delighted to examine issues negatively affecting Nigeria.
With the theme: “National Debt Burden: Causes, Effects and Realistic Economic Solutions”, the ICSAN Vice President maintained that the act of borrowing has never been a crime anywhere in the world, but the problem has been the borrower’s inability to manage these loans profitably and with identical repayments as they mature.
According to her, Nigeria’s debt of over 41 trillion naira has not really reflected in the lives and well-being of Nigerians, hence the need to do some soul-searching and take more informed decisions about the management of public financial resources, instead of increasing the burden of undue debt for the next generation. .
“Borrowing is not bad at all, it is part of the budgetary policy decisions of the government at all levels to meet certain salient needs in the immediate future or in the future. The problem is poor debt management as is the case in Nigeria.
“If we get the right mix in place when we borrow, we get the right results because prudent debt management drives economic growth and development, while the wrong use of it can be very precarious for us. any country”,
She affirmed that ICSAN would consciously collaborate with specific professional bodies with the aim of offering lasting solutions to the debilitating socio-economic and political condition of Nigeria as essential stakeholders in the Nigerian project. “We have worked with some professional bodies in Nigeria and we will not abandon this course. We are bringing the gospel of corporate governance and corporate social responsibility to selected secondary schools and other institutions, as it is our culture to do,” she added.