Transparency Key to Sustainable Economic Growth – ICPC

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has identified transparency as a critical factor for achieving sustainable economic growth and development in Nigeria.

The chairman of ICPC, Musa Aliyu (SAN), said this at the Anti-Corruption Day of the Corporate Affairs Commission’s 35th anniversary celebration in Abuja.

Mr Aliyu, represented by the commission’s spokesperson, Demola Bakare, said transparency was no longer a fashionable governance concept but a core determinant of development outcomes worldwide.

He said evidence from various jurisdictions showed that countries that grew sustainably were those that deliberately built systems in which rules were clear, information was accessible, and institutions were accountable.

According to him, Nigeria’s development challenges are largely linked to weak transparency and accountability, which have enabled the abuse of corporate entities, illicit financial flows, tax evasion and diversion of public resources.

Mr Aliyu said that development occurred largely through businesses, markets and institutions.

He stressed that the role of the CAC in regulating company registration, disclosure and compliance was therefore indispensable.

Mr Aliyi said the work of CAC in strengthening corporate transparency directly contributed to investor confidence, revenue mobilisation and Nigeria’s standing in the global economy.

The ICPC chairman said Nigeria had made significant progress in strengthening its legal framework for transparency through instruments such as the Companies and Allied Matters Act (CAMA) 2020 and the Beneficial Ownership Regulations.

He described CAC’s Beneficial Ownership Register as a major reform that had positioned Nigeria as a continental leader in ownership disclosure and anti-corruption enforcement.

Mr Aliyu also highlighted other transparency pillars, including the Public Procurement Act, the asset declaration regime and the Freedom of Information Act, as critical tools for promoting accountability and development.

He, however, said transparency laws alone were not sufficient, stressing the need for effective implementation, enforcement and a strong institutional culture.

Mr Aliyu called for stronger inter-agency collaboration, increased public use of transparency data, and greater private-sector and citizen ownership of transparency reforms.

According to him, transparency is a national choice that underpins trust, economic growth and sustainable development.

(NAN)