The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has urged the federal government to prioritize power sector reforms and address macroeconomic challenges to support micro, small, and medium enterprises (MSMEs) and drive economic growth.
Speaking at a press briefing in Lagos, ICSAN President Funmilayo Ekundayo emphasized the crippling effects of unstable electricity on businesses, particularly MSMEs. “The frequent collapse of the national grid significantly hampers economic growth and stifles MSMEs. Addressing these power challenges is critical to oiling the wheels of economic development and enabling businesses to thrive,” she said.
Ekundayo also called for the diversification of Nigeria’s economy, stressing the need to reduce dependence on oil exports. She highlighted the importance of strengthening support for MSMEs, describing them as the backbone of the economy. “Supporting MSMEs will stabilize the economy and ensure sustainable growth,” she noted.
The ICSAN president highlighted the institute’s achievements over the past year, including significant progress in promoting good corporate governance. “Good governance is necessary for economic stability. We have forged relevant partnerships with stakeholders, increased membership by over 300, and established our first charter in Kaduna State,” Ekundayo said.
She also disclosed that the institute signed a memorandum of understanding with the National Institute for Legislative and Democratic Studies in collaboration with the University of Benin. In addition, ICSAN is refurbishing its national secretariat and has plans to begin constructing a new secretariat in 2025, expected to be completed within three years.
Uto Ukpanah, ICSAN Vice President, reiterated the institute’s dedication to promoting governance and professionalism to enhance national development. Similarly, Francis Olawale, ICSAN’s Honorary Treasurer, stressed the need for fiscal discipline, urging the government to reduce governance costs and embrace technology to attract investors and boost the economy.
Nkechi Onyenso, Chairman of ICSAN’s Publicity and Advocacy Committee, reaffirmed the institute’s commitment to transparency and corporate governance, emphasizing its role in fostering accountability within the association and across the nation.
ICSAN’s leaders collectively called for urgent reforms and strategic action to address Nigeria’s pressing economic challenges and unlock its full potential.
