The American Business Council Nigeria in partnership with the Center for International Private Enterprise (CIPE) has announced the launch of Private Sector Development for Democracy Forum (PSDdF) following the inaugural meeting of the steering committee held on the 5th of December 2023.
The PSDdF is a coalition of private sector organizations, civil society organizations, think tanks, and media partners committed to perfecting Nigeria’s democratic systems and strengthening institutions that support the rule of law and contribute to a sustainable and thriving business environment in Nigeria.
According to the organisers, ABC and CIPE, as conveners will hold a media parley on December 7 at 2pm (WAT) to formally announce the initiative. The venue of the event will be the American Guest Quarters, (GQ Lagos), Queens Drive, 16 Oyinkan Abayomi Dr, Ikoyi, Lagos.
The 2022 survey compiled by the Economist Intelligence Unit (EIU), which rated the state of democracy across 167 countries based on five measures: electoral process and pluralism, the functioning of government, political participation, democratic political culture, and civil liberties; discovered that more than a third of the world’s population live under authoritarian rule while just 6.4% enjoy full democracy.
Speaking about the event, the CEO of American Business Council, Margaret Olele
said she is very excited about the initiative. “The Council has served as a vehicle to drive trade and investment in Nigeria and foster economic development through US–Nigeria partnerships. The Council also engaged the Vice-presidential candidates of the four leading parties before the 2023 elections to share expectations of the private sector. Constructive and not prescriptive dialogue at various levels of engagement from the private sector and allies can contribute to the nation’s democratic trajectory”.
The mission of the PSDdF is to facilitate strategic broad-based collaboration between stakeholders in the private sector, civil society, and policymakers with the vision and commitment to improving democratic institutions within Nigeria for shared prosperity.
Country director of CIPE, Lola Adekanye said the quality of governance determines the growth potential of any country and region. Adekanye said as a strategically important country in the African region, Nigeria’s governance and economic success is Africa’s governance and economic success therefore as Nigeria excels in innovation both in the tech and entertainment spaces, Nigeria can excel in governance. She notes that this aligns with CIPE’s vision for “a world where democracy delivers the freedom and opportunity for all to prosper”. She is very optimistic about the opportunity to collaborate with some of the best, brightest greatest minds on the PSDdF towards this vision.
PSDdF’s structure consists of a steering committee, forum members, and organizing partners. These three arms will be instrumental in holding annual conventions, participating in research and having a high-level delegation participation at annual meetings, the organisers said in a press statement.
