The Nigerian economy is set for greater development with more focus on Strong institutions, as against the use of strong men.
This was the submission of the Nigerian Institute of Management, NIM (Chartered) at the 2018 Distinguished Management Lecture, in Victoria Island, Lagos, on Tuesday.
Prof Olukunle Iyanda, FNIM, the President and Chairman of Council, NIM however noted that strong institution is not built easily, as it involves a lot of time and effort to build it.
“Strong and enduring institutions take time, commitment, sincerity, and determination to build. As such they cannot be built overnight or within the tenure or even the life time of a single strongman. For example, it took Lee Kuan Yew more than a decade in office to build lasting strong institutions that contributed tremendously to the transformation of Singapore from a third to a first world country within a generation.”
Advocating further for institutions, Iyanda said “Strong institutions contribute more to development than strong men. Institutions are immortal while men are mortal. Strong men die while institutions often get stronger with age. Again, institutions are not animate beings, capable of having hidden agenda that contradict declared common objectives. Institutions ensure greater continuity and are less susceptible to individual manipulations and idiosyncrasies. It is not a surprise therefore that practically all developed countries are those governed by institutions and concepts, such as the rule of law rather than of men.
Read Also: ‘No rule of law without strong institutions’
Giving his lecture titled “The challenges of Institutional building”, the Chief Executive Officer of Centerspread Grey, Mr Moruf Kolawole Ayanwale, noted that advertising is a tough industry, with high mortality rate, such that the business can possibly die with the owner alive, and as such it is dangerous for a business owner to outgrow his/her business.
“No matter how successful you are, you must not outgrow your business. You must avoid the “I have arrived” syndrome, to remain in business. One interesting thing about success unlike failure in business is that you run the danger of being indolent and complacent, believing that the same template will deliver you success year after year. We made sure that at no point did we live beyond our means. We did not become “big men” and “socialites” overnight, the survival and continuity of the business was always paramount, so we invested more in the business.
Explaining his success story at Centrespread Grey, the Fellow of the Nigerian Institute of Management revealed “From the onset, we knew we needed input and direction from experienced minds in business and corporate management. We constituted a board under the chairmanship of Dr. Olawale Cole, and other eminent professionals across different fields of corporate endeavors.
Ayanwale advised new generation business owners to always keep their eyes on the ball, stay true to their visions, remain resilient and build for the future, and they should not forget to evolve with the times always, while staying professional in business.