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The Federal Government has been advised to adopt technological tools to address issues bordering on corruption in Nigeria.
This, formed the highlights at the Vantage Forum, organised by the Elevation Church, in partnership with The Guardian and others with the theme: “New Frontiers, New Possibilities” aimed at assisting both private and public sectors to unlock the economic potential.
The Managing Director/Chief Executive Office, Systemspecs, John Obaro, who spoke on: Building an Innovative and Enduring Business in the Nigeria Economy, stressed the need for government and business owners to use technology to tackle issue of corruption in various business operations in the country.
According to him, the principal responsibility of government is to ensure that public funds are spent judiciously, while public goods and services are adequately provided.
There is therefore a convergence of opinion on the obvious fact that there exists high cost of governance in Nigeria.
Obaro, who was the guest speaker at the occasion, maintained that government must be run and cost must be incurred, while the effective and efficient deployment of the available and limited resources remained the key challenge. He added that inability of governments at all levels to address the issue has and will continue to impact on the development of the nation socially and economically.
“The relationship between government spending and economic growth can be maintained in the positive direction. Therefore, a rise in the level of cost of governance hampers the pace of economic growth and development.
“Opinion on the way forward on managing cost of governance however differ, with some recommending outright cut in government spending, a deliberate realignment of capital to recurrent expenditure ratio in the Nigerian yearly budget as well as downsizing of the civil service.”
According to the Founder, Leap Africa, Ndidi Nwuneli, who spoke on the “Components of Compelling Business Model that Scale” said a business model articulates the logic and provides data and other evidence that demonstrates how a business creates and delivers value to customers. It also outlines the architecture of revenues, costs, and profits associated with the business enterprise delivering that value.”
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