By Emmanuel Elebeke

Chemical and Non-Metallic Employers’ Federation, CANMPEF, has urged the federal government and other stakeholders in the Nigerian economy to embark on  a total overhaul and implement appropriate policies towards revamping the nation’s ailing economy.

President of CANMPEL, Dr. Dele Makanjuola, while addressing members and guest at the Federation’s 32nd Annual General Meeting, AGM, in Lagos, lamented that lack of implementation of good economic reforms had remained the bane of Nigerian economic development.

He specifically attributed the challenge facing the nation’s manufacturing sector to lack of basic infrastructure such as power and absence of enabling environment and stressed the need for the of adoption of a holistic approach towards addressing the lingering  power sector problems.

Dr. Makanjuola, argued that this has had negative effect on the performance and growth of various industries, saying “the holistic approach to solving the power sector problem in Nigeria should be looked at including all legislations and policy frameworks affecting or working against efficient and effective power generation and distribution in the country.”

The reforms, Makanjuola said, should aim at engendering economic development, that would target improving the living conditions of people and above all, create a conductive environment for doing business in Nigeria, stressing that “it is about empowering people to participate and contribute constructively to the desired socio_economic objectives in a community or in a society.”

In his speech, the former Nigeria ambassador Dr. Christopher Kolade called on key operators in the nation’s manufacturing sector to focus on corporate governance, as it has been proved to be the only sure way to achieve greater productivity in any an establishment.

He charged managements of companies to adopt a more refined approach of running their companies by being the custodian of processes and standards; have competent view of the value they are adding to the economy in addition to good corporate governance strategy.

He warned against running a business without full compliance with the set standards, especially when the company is raking in huge profit, saying that such approach could jeopardise the future of a business. According to him, every business that wants to succeed must uphold business ethics in order to ensure mutual beneficial relationship with business stakeholders and partners.

To CANMPEF members, the former Nigerian ambassador urged them to always imbibe the culture of operating with a team spirit and information sharing among the board and management of an enterprise.

On why CANMPEF board must exist, Kolade said it will help to bring external perspectives into the business, usher in objectivity and control in member activities, and bring in constructive criticism and appraisal of the business and for accountability.

He however, said there should be succession for the post of CEO in every organization.