Economic diversification will reduce reliance on oil exports – ICSAN
The President and Chairman of Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mrs Funmi Ekundayo, has commended the government’s recent reforms, describing them as necessary steps towards improving the economy across all sectors. While acknowledging the significant economic challenges Nigeria currently faces, she expressed optimism in the reforms as they […]
The President and Chairman of Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mrs Funmi Ekundayo, has commended the government’s recent reforms, describing them as necessary steps towards improving the economy across all sectors.
While acknowledging the significant economic challenges Nigeria currently faces, she expressed optimism in the reforms as they begin to gain traction.
Ekundayo made these remarks at the fourth edition of ICSAN’s presidential press parley, which also served as her valedictory meeting, marking the end of her tenure as the first female president of the institute.
She acknowledged the macroeconomic hurdles that Nigerians have faced, such as inflation, unemployment and infrastructure deficits.
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However, she expressed optimism of the economy bouncing back, noting that sectors like finance, telecommunications, and trade were playing very significant roles in driving growth.
She also emphasised the urgent need to diversify the economy to reduce “our overtly huge reliance on crude oil exports only,” suggesting this would further strengthen the country’s resilience and expand opportunities for growth.
Ekundayo emphasised the transformative role of chartered secretaries and administrators in shaping the nation’s development.
“Chartered secretaries and administrators are uniquely equipped to serve as catalysts for sustainable development.
“The training they receive is rooted in the principles of corporate governance, compliance, law, ethical leadership and institutional management,” she said.
Ekundayo underscored the significance of their expertise in addressing governance failures, particularly in a country where such lapses often derail developmental goals.
She described ICSAN members as “gatekeepers who guide their boards to build their management on the right governance structures which ensure that the organisations have good ethical standards, which would in turn build public trust in their brands.”
Reflecting on her tenure, Ekundayo acknowledged the weight of leadership and the strategic responsibilities it carried.
Among her key achievements, she highlighted the building of the new ICSAN secretariat, a N3.5 billion legacy project.
She described the development as a major infrastructural milestone, while noting that fundraising remains a significant challenge. “As a not-for-profit organisation, we gain our income mostly from our activities, some of our trainings, and direct subscription from our members, which is barely enough to cover operational expenses,” she said.
She added that strategic partnerships with stakeholders and well-meaning Nigerians had been crucial to sustaining the initiative.