The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has issued a clarion call to the federal government, urging decisive action to address the crippling challenges hindering the growth and prosperity of micro, small, and medium enterprises (MSMEs). ICSAN President, Funmilayo Ekundayo, emphasized the critical need for power sector reforms and macroeconomic stability as fundamental pillars for economic progress. The persistent instability of the national grid, characterized by frequent collapses, has emerged as a major impediment to business operations, stifling productivity and hampering economic expansion. This precarious energy situation demands immediate attention to unlock the potential of MSMEs, recognized as the engine of economic growth. Furthermore, the institute advocates for a strategic shift towards economic diversification, reducing reliance on oil exports and fostering a more resilient and sustainable economic framework.
ICSAN’s appeal for government intervention resonates deeply with the struggles faced by MSMEs, which constitute a significant portion of the Nigerian economy. These businesses, often operating on thin margins, are particularly vulnerable to disruptions in power supply. The unpredictable nature of the national grid forces them to rely on expensive alternative power sources like diesel generators, significantly increasing operating costs and eroding profitability. This precarious situation not only hinders their growth but also threatens their very survival, jeopardizing jobs and undermining the overall economic landscape. The call for diversification underscores the need to broaden the economic base, reducing dependence on the volatile oil market and creating a more resilient economy capable of withstanding external shocks. Investing in and supporting MSMEs across various sectors will be crucial for achieving this diversification, fostering innovation, and creating a more robust and dynamic economic ecosystem.
Beyond the immediate concerns of power and economic diversification, ICSAN champions good corporate governance as a cornerstone of sustainable development. Ekundayo highlighted the institute’s commitment to promoting ethical business practices and transparency, emphasizing their role in ensuring stability and fostering investor confidence. ICSAN’s proactive engagement with stakeholders, including partnerships with governmental and educational institutions, reflects their dedication to raising governance standards across all sectors. The signing of a memorandum of understanding with the National Institute for Legislative and Democratic Studies in conjunction with the University of Benin exemplifies their commitment to building capacity and promoting best practices in corporate governance. These efforts are essential for creating a conducive environment for business growth, attracting foreign investment, and driving economic progress.
Over the past year, ICSAN has made significant strides in advancing its mission, recording notable achievements in membership growth, strategic partnerships, and infrastructure development. The establishment of a new chapter in Kaduna State expands the institute’s reach and influence, further solidifying its presence across the nation. The ongoing refurbishment of the national secretariat and the ambitious plan for a new secretariat building underscore ICSAN’s commitment to providing a robust platform for its members and enhancing its capacity to serve the profession effectively. These investments in infrastructure and expansion demonstrate the institute’s dedication to strengthening its foundation and preparing for future growth.
Looking ahead, ICSAN envisions a dynamic future focused on delivering enhanced value to its members and contributing significantly to the nation’s economic development. The planned construction of a new secretariat, set to commence in the coming year, represents a significant investment in the future, providing a modern and well-equipped facility to support the institute’s expanding activities. This strategic investment not only caters to the growing membership but also positions ICSAN as a leading voice in the promotion of good corporate governance and professional development within the country.
ICSAN’s leadership team echoed the institute’s commitment to national development and emphasized the importance of fiscal discipline and technological advancement in achieving economic prosperity. Uto Ukpanah, the Vice President, reiterated the institute’s role in promoting good governance and professionalism as key drivers of national progress. Francis Olawale, the Honorary Treasurer, stressed the need for prudent fiscal management and accountability in government, advocating for a reduction in the cost of governance. He also highlighted the crucial role of technology adoption in attracting investments and boosting economic activity. Nkechi Onyenso, the Chairman of the Publicity and Advocacy Committee, reaffirmed ICSAN’s dedication to upholding corporate governance principles and ensuring transparency both within the institute and across the broader national landscape. This collective commitment to ethical practices and good governance further strengthens ICSAN’s position as a vital force for positive change within the Nigerian economy.
