Lagos: Economic experts have urged corporate Nigeria to adopt deliberate corporate governance and sustainability strategies to drive long-term business growth and ensure continued survival. They made the call on Tuesday at the PEARL Awards Nigeria 30th Anniversary Corporate Summit with the theme: 'Built to Last: A Roadmap for Corporate Nigeria.
According to News Agency of Nigeria, Dr. Biodun Adedipe, Chief Consultant at B. A. Adedipe Associates Ltd., emphasized the need for Nigerian firms to build resilience and evolve into sustainable, multi-generational entities with global economic impact. He highlighted that organizations lasting beyond 100 years, whether by design or chance, generally earn the respect of stakeholders, analysts, and the wider public.
Adedipe pointed out that in 2020, the average lifespan of a company on the S and P 500 Index was slightly over 21 years, down from 32 years in 1965. This trend of declining corporate longevity is expected to worsen across the 2020s. He noted that only a few Nigerian companies have survived for 100 years or more, attributing this to poor business planning, weak capital structures, financial mismanagement, inconsistent policies, and ineffective corporate governance.
He stressed that Nigerian companies can endure if they make informed choices and implement them effectively. Adedipe cited Japan as a global example, with 14 firms over 1,000 years old and 33,000 over 100 years still operating or migrated abroad. He outlined seven pillars in the 'built to last' sustainability framework, including visionary leadership, good governance, operational resilience, digital innovation, succession planning, human capital development, and alignment with Environmental, Social, and Governance (ESG) principles.
Mr. James Faleke, Chairman of the Finance Committee in the House of Representatives, stated that Nigeria's economic future also hinges on corporate strength and resilience. Represented by Ben Faleke, Managing Director of Takol Ltd., he emphasized the importance of governance, innovation, and long-term strategies in institutions. Faleke assured that the National Assembly is committed to fostering a stable, predictable, and enabling fiscal environment for businesses, driving reforms for fiscal transparency, simplified tax systems, and incentives supporting long-term investment.
Faleke highlighted efforts to improve the ease of doing business and enhance corporate governance through updated regulatory frameworks. He stressed that thriving companies require strong legislative, judicial, and regulatory institutions built to last. The lawmaker commended PEARL Awards Nigeria for its three-decade dedication to corporate transparency and recognizing performance in the capital market.
Mr. Tayo Orekoya, President of PEARL Awards, explained that the event aims to objectively recognize excellence in Nigeria's capital market through data-driven assessments. He emphasized that integrity, fairness, and objectivity have remained the PEARL Awards' foundation, guided by a board of highly credible professionals. Orekoya reaffirmed PEARL Awards' commitment to expanding its influence across Africa, saying the vision remains strong and will be fulfilled.