Daily Trust (Abuja)

12 December 2012

Nigeria: Ex-CBN Director Gives Reasons for High Unemployment Rate

Mr Titus Okunronmu, a former director of the Central Bank of Nigeria (CBN), on Monday attributed the high unemployment rate in the country to poor corporate governance culture.

Okunronmu made this known in Lagos at a public lecture tagged,"Corporate Governance: A Veritable Tool for a Stronger Nigeria", organised by the Institute of Chartered Accountants of Nigeria (ICAN).

He said that the poor corporate governance culture in Nigeria had resulted in poor corporate budgeting and planning models.

"Our corporate governance culture is responsible for poor management of companies' resources and it is the root cause of lack of accountability.

"A company that fails in its accountability will surely fail in its human resource management.

"The output of corporate governance ought to raise the quality of life of citizens and to institute a conducive environment for labour and capital to work for us optimally," Okunronmu said.

He said creating employment opportunities was as important as increasing Gross Domestic Product (GDP) as economic growth indicators.

According to him, the Niger Delta militancy, post-presidential election crises and the Boko Haram insurgency were fuelled by unemployment.

The Deputy Manager, Institute of Chartered Accountants of Nigeria (ICAN), Mr Biodun Adeyemi, also observed that poor corporate governance culture was responsible for Nigeria's high poverty level. NAN

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