Trusted Institutions, Not Just GDP, Define National Development – Institute

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) has said that national development should be measured not only by economic growth but by the strength of institutions, ethical leadership and public trust, urging governance professionals to uphold integrity in both the public and private sectors.

The institute made the call during its 25th induction ceremony in Lagos, where it inducted 224 graduates and 445 associates into the profession.

Speaking at the ceremony, ICSAN President, Uto Ukpanah, said Nigeria’s current governance and economic challenges have made the role of chartered secretaries and administrators more important than ever.

She noted that the newly inducted members were joining the profession at a defining period in the country’s history, stressing that the resilience and sustainability of institutions depend largely on competent governance professionals.

“This ceremony is so much more than a formal confirmation, as it represents your initiation into a profession of the highest degree and an indispensable position in the governance architecture of any organisation,” she said.

Ukpanah urged the inductees to move beyond traditional administrative responsibilities and become custodians of ethics, transparency and accountability.

According to her, no nation can attain sustainable prosperity without strong institutions built on ethical leadership.

“While physical infrastructure may drive economic activity and technology fuels innovation, it is ethical leadership that inspires trust, strengthens institutions and guarantees sustainable peace,” she said.

She also encouraged the new members to remain accountable, digitally competent and globally relevant, noting that professionals who can effectively combine governance, compliance and strategic leadership will shape the future.

Delivering the keynote address, Prof. Veronica Ekundayo said the true measure of national development extends beyond Gross Domestic Product (GDP) to include the quality of institutions, the rule of law and the credibility of corporate and public records.

“National development should be measured not only by GDP, but by the quality of institutions, the strength of the rule of law, and the trustworthiness of corporate and public records,” she said.

Describing chartered secretaries as the silent but indispensable catalysts of corporate governance and national development, Ekundayo stressed that integrity remains the foundation of effective governance.

“The hallmark of a great Chartered Company Secretary is not merely what they know, but who they are. No matter how impressive the qualification, without integrity, governance becomes a costume rather than a culture,” she said.

Drawing lessons from countries such as Singapore, South Korea, Ireland and the United Arab Emirates, she said sustainable national development begins with transparent institutions, enforceable contracts and credible corporate records.

She added that Nigeria’s ability to attract foreign investment depends significantly on the integrity of its governance systems.

“When a foreign investor decides whether to put one hundred million dollars into Nigeria or Ghana, the difference is made by whether the companies can be trusted, whether their investments are safe, whether the corporate institutions are functional. That is your work. That is national development,” she said.

Ekundayo charged the new inductees to see themselves as custodians of documentary truth within their organisations, warning that any compromise in compliance or record-keeping could undermine corporate integrity, weaken investor confidence and ultimately slow national development.