The American Business Council Nigeria in partnership with the Center for International Private Enterprise (CIPE) has announced the launch of the Private Sector Development for Democracy Forum (PSDdF) which would, among other things help foster economic development in the country.

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.

The launch follows the inaugural meeting of the steering committee held on Tuesday.
According to the organisers, ABC and CIPE, as conveners, will hold a media parley today, December 7 to formally announce the initiative. The event venue will be the American Guest Quarters (GQ Lagos), Queens Drive, 16 Oyinkan Abayomi, 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.

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Speaking about the event, Margaret Olele, CEO of the American Business Council, expressed excitement about the initiative, which, according to her, aims to improve democratic institutions within Nigeria for shared prosperity and economic development.

“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.

Lola Adekanye, Country Director of CIPE, observed that 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 explained that this aligns with CIPE’s vision for “a world where democracy delivers the freedom and opportunity for all to prosper”. She also expressed optimism about collaborating with some of the best, brightest, and greatest minds on the PSDdF towards this vision.

“PSDdF’s structure comprises 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.