Waheed Olagunju, former acting managing director of Bank of Industry (BoI), has called on the federal government and private sector operators to strengthen their partnership for economic development.
Olagunju, who chaired the National Organising Committee of the 2026 Annual Directors’ Conference of the Chartered Institute of Directors Nigeria, made the call at the Business Meets Government Dinner, the closing event of the two-day conference.
He said that closer collaboration is essential to driving investment, creating jobs and achieving sustainable economic growth in Nigeria.
The conference, which focused on the theme, “Reimagining the Board Room for Inclusive and Sustainable National Prosperity in the New Economy”, brought together business leaders and institutional stakeholders to examine the changing demands of corporate leadership and governance.
According to him, rapid technological advancement, changing economic conditions and increasing demands for accountability had made it necessary for directors and institutional leaders to reconsider traditional approaches to decision-making and leadership.
“Corporate governance should not be measured solely by the financial performance of individual companies but also by its contribution to stronger institutions, responsible investment, employment generation and the broader economy.
“Government has the responsibility to create an enabling environment through sound policies, effective institutions and critical infrastructure,” he said.
“The private sector, in turn, drives investment, innovation, enterprise development and employment creation. Our national aspirations can only be realized when these responsibilities are pursued through mutual trust, sustained dialogue and purposeful collaboration,” he added.
To illustrate the economic benefits of such cooperation, Olagunju pointed to the reforms introduced in 1986, particularly the liberalisation, deregulation and privatisation of key sectors of the economy.
He said the telecommunications industry provided a clear example of how government policy decisions could open up previously restricted sectors, attract foreign investment and create opportunities for businesses.
According to him, the privatisation of telecommunications and the establishment of the Nigerian Communications Commission created the regulatory framework that paved the way for the auction of Global System for Mobile Communications licences.
Olagunju specifically cited IHS Towers, which grew from opportunities in the telecommunications infrastructure market to become a global operator.
“All these would not have been possible without government’s decision to liberalize, deregulate, commercialise and privatise,” the chairman said.
“These were applied across government-controlled sectors and state owned enterprises especially the adoption of private sector management practices,” he added.
The chairman urged policymakers and business executives to draw lessons from those reforms by prioritising policies that encourage enterprise development, attract long-term investment and widen access to economic opportunities.
