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Quality corporate service delivery remains Nigeria's biggest growth challenge    experts

The non-observance of best practices, due diligence, business ethics and corporate governance have been highlighted as some of the challenges confronting the growth of the Nigerian economy, experts at the maiden edition of the Nigeria Corporate Services Conference submitted. They argue that in Nigeria, business people, corporate organizations and individuals cut corners by shunning ethics […]


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The non-observance of best practices, due diligence, business ethics and corporate governance have been highlighted as some of the challenges confronting the growth of the Nigerian economy, experts at the maiden edition of the Nigeria Corporate Services Conference submitted.





They argue that in Nigeria, business people,
corporate organizations and individuals cut corners by shunning ethics for
reasons best known to them. This is worrisome and capable of derailing the
economy further.





At the conference with the theme, Building a Sustainable Economic Growth
through Quality Corporate Services Delivery
, organized by TenticP
Communications, the experts noted that contemporary economic development  at a time when observing global best
practices, due diligence, business ethics and corporate governance are being
amplified by stakeholders in both public and private sectors.





First to note this at the event is the Executive Chairman
of Federal Inland Revenue Services, Mr. Babatunde Fowler. According to him, a country's corporate governance system affects the
degree to which tax changes affect the growth (or not) of tax revenue.





Fowler, who was
represented by Mr. Abolade Kehinde, a Deputy Director at FIRS, posited that in
a good corporate governance environment, controlling shareholders will have too
little incentive to divert income to avoid tax especially when they are
accountable to other investors.





 Tax revenue
increases can only be sustainable when taxpayers adopt good corporate
governance, which is checked by strong enforcement policies. We also believe
that increased tax enforcement also leads to substantial organizational changes
in the targeted companies, changes that make managerial diversion more
difficult,   he said.





Supporting the FIRS's Boss, Mr. Muda Yusuf, Director
General, Lagos Chamber of Commerce and Industry, admitted that the discussion on
Quality Corporate Services Delivery is timely, because given the structure of
the Nigerian economy, at no other time is the conversation on quality corporate
service delivery in private and public sectors more appropriate than now.





 As
we work to transform our economy from being resource based to a
knowledge-based, innovation and technology driven economy for the good of all,
it is just right to begin to look at the issues of Quality Corporate Services
Delivery,   he said.





The LCCI boss, who served as the
keynote Speaker at the event, noted that life is all about services- at every
point you are either given a service or receiving one. It is theoretically and
empirically established that services can lead economic transformation through
direct, indirect, induced and second order/ productivity effects. 





He explained that withthe change in the structure of the Nigerian economy from a real
sector dominated system to services led economy, the services sector has become
the largest sector in the economy, contributing 52.62percent to GDP in 2018. It
also contributes the largest proportion of employment at 57.4 percent.





Having this enormous
human resource and the demographic advantage, Yusuf advised Nigeria must
focus on inculcating a culture of
professionalism and ethical conduct in its service vendors.





Meanwhile, in her
welcome address,Nahimah
Ajikanle-Nurudeen, Managing Director/Lead Strategist at TenticP Communications
Nigeria Limited, noted the importance of best practice, due diligence, business
ethics and corporate governance cannot be over-emphasised.





 As Nigeria
strives towards economic advancement, it is our challenge to promote corporate
governance within Nigeria business community because when a nation gets it
right by doing the right thing, the country can adopt and run with the
philosophy of best practices, it will significantly improve the healthcare,
education, governance, food security, social harmony and so on,   she said.





She added that Nigeria has made significant progress
in its services sector, becoming a one of the leading corporate service
providers in the continent of Africa.   Our banks have registered their
footprint in many African countries, we have a robust Business Process Outsourcing
(BPO) and others, providing diverse services to businesses and
governments.  These are immense economic
opportunities we must optimized and unleash for tangible, sustainable economic
deliverables,   Nahimah stressed.


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