Trust Deficit A Clog In Nig’s Business Environment- Expert

The federal government has been urged to partner the private sector in addressing the issue of trust deficit in Nigeria’s business environment.

The Chief Executive Officer, of Vet and Pay, Dr. Kenneth Ibe Kalu,  stated this at a town hall meeting with Nigerians in Diaspora with the  theme “Why trust issues in business and how to curb it” in Abuja.

Dr. Kalu emphasised on building trust and integrity in the business ecosystem to restore confidence in citizens and investors to participate in developing economies.

He argued that business advancement could be thwarted if there is lack of integrity in the system.

Dr. Kalu who stressed that, Dishonesty leads to lack of trust pointed out that high level of poverty, insecurity and low ethical values has destroyed trust in the business sector.

Dr. Kalu noted that to cure this malaise, various ideas should be devised and no useful suggestions should be neglected.

In his paper presentation, a guest speaker at the meeting, Professor Akpan Ekpo noted that in a competitive landscape, trust serves as the key differentiator.

He stressed that trust transforms speculative interest into long-term commitment and turns scepticism into a shared vision.

“it is evident that trust has become imperative in the business and investment nexus in any economy.”

“In Nigeria, a country rich in human and material resources, the establishment and maintenance of trust is not merely a moral obligation; it is a strategic requirement.”

“Nigeria is in a period characterised by rapid capital movement. Investors now possess a greater array of options, while diaspora communities are becoming more adept at assessing risk and opportunity”.

“Nigeria must acknowledge that regardless of the strength of our policies or the extent of our potential, advancement will be hindered if citizens, investors, and partners lack confidence in the system”.

“Transparency establishes this belief, consistent actions reinforce it, and inclusive engagement sustains it. Trust is fostered through clear processes, accountable leadership, and transparent outcomes.”

By Georgina Humphrey