NIM advocates robust institutions for economic growth

The Nigerian Institute of Management (NIM), a Chartered organisation, has stressed the need to build strong institutions to enhance economic growth.

Its President and Chairman of Council, Prof Olukunle Iyanda, who spoke at the 2018 Distinguished Management Lecture, in Victoria Island, Lagos, yesterday, however said strong institution is not built easily, as it involves a lot of time and efforts.

He said: “Strong and enduring institutions take time, commitment, sincerity, and determination to build. As such they cannot be built overnight or within the tenure or even the life time of a single strongman. For example, it took Lee Kuan Yew more than a decade in office to build lasting strong institutions that contributed tremendously to the transformation of Singapore from a third to a first world country within a generation.

“Strong institutions contribute more to development than strong men. Institutions are immortal while men are mortal. Strong men die while institutions often get stronger with age. Again, institutions are not animate beings, capable of having hidden agenda that contradict declared common objectives. Institutions ensure greater continuity and are less susceptible to individual manipulations and idiosyncrasies. It is not a surprise therefore that practically all developed countries are those governed by institutions and concepts, such as the rule of law rather than of men.”

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