The Chartered Institute of Directors Nigeria (CIoD) said there is a pressing need for policy reforms and strategic interventions to promote sustainable and inclusive economic growth.

Noting that understanding the economic realities requires a comprehensive analysis of both domestic and global factors, the institute said addressing the current challenges through sound economic policies and strategic best practices, eradication of corruption and good governance interventions could help the country to achieve sustainable development.

President and Chairman of Governing Council, CIoD Nigeria, Tijjani Borodo, said this during the institute’s 40th yearly general meeting held in Lagos.

He said Nigeria’s economic prospects would depend on its ability to navigate the complexities of the global economic landscape while addressing structural constraints and promoting inclusive growth.

According to him, diversifyi ng the economy from oil dependency, enhancing infrastructure development, improving the business environment and investing in human capital would be critical for unlocking Nigeria’s full economic potential and ensuring sustainable development in the years to come.

Borodo said while the Nigerian government has implemented various fiscal and monetary measures to mitigate the impact of the pandemic, the recovery remains fragile, with lingering uncertainties in the global economic outlook and domestic policy responses.

He said there is a need for diversifying the economy away from oil dependency, investing in critical infrastructure, enhancing the business environment to attract private investment and strengthening social safety nets.

The CIoD chief stressed that fostering regional integration and promoting intra-African trade could also unlock new opportunities for economic development and reduce Nigeria’s reliance on external markets.

On the nation’s fiscal landscape, Borodo said Nigeria must implement a sustainable debt management strategy that focuses on both debt reduction and responsible borrowings.

According to him, this will require a combination of measures, including expenditure rationalisation, revenue diversification and economic growth initiatives.

Notwithstanding the challenges posed by the prevailing economic and social conditions globally, he said the institute has demonstrated resilience and achieved notable progress in its expansion.

According to him, despite the complexities of the current economic climate, the leadership has sustained its active engagement and influential contributions within the Nigerian business community, maintaining prominence.

The Director-General and Chief Executive Officer, Bamidele Alimi, highlighted the activities that held sway during the period and how the tough operating environment affected businesses and created instability in market prices.