Nigeria: Corruption weakens economy, dampens investors’ confidence – ICPC

WorldStage Newsonline– Corruption has the capacity of weakening the economy and dampening investors’ confidence, according to Prof. Bolaji Owansanoye, Chairman, Independent Corrupt Practices Commission (ICPC).

Delivering a keynote address on Friday at a one-day conference on “Governance, Leadership and Ethics: How to Build a Thriving Economy’’ in Lagos, Owansanoye said that the task of building the economy was a collective one. .

The conference was organised by the Integrity Organisation, with support from MacArthur Foundation and ActionAid.

“The task of building the economy lies in our hands, it does not only involve those few people who have the reins of governance in Nigeria, but is a collective task,’’ Owansanoye said.

The ICPC chairman noted that building a strong economy and lifting the nation out of economic depression required strong and ethically minded individuals.

According to him, corrupt people and bad governance have a devastating effect on the economy.

He, however, urged Nigerians to rise up and challenge the position of corrupt individuals in the country.

The professor noted that the country required adequate judicial and ethical structures to woo investors.

“For our economy to grow, investors are key, without putting adequate structures in place, investors will continue to avoid coming to Nigeria,’’ Owansanoye said.

He noted that although philosophers differ in their definition of corruption, the vice has had devastating effects in the private and public sectors of the nation.

“In the private sector, it can devastate a company and its share holders and cause investors financial losses.

“In the past in the public sector, corruption led to increase in the cost of governance, aggravated poverty and prevented the delivery of government projects and the gains of democracy,’’ Owansanoye said.

He said that leaders should be seen to have the ability to promote integrity and be guided by ethical principles, while he frowned against the culture of silence in the face of corruption and crime.

“The synergy required in the fight against corruption is collective, We must break the culture of silence that permeates our society.

“We all have a duty to report crime,’’ Owansanoye said.

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