Corporate Governance in Nigeria

Discuss abouit the Global Challenges in Governance and Political.

Over the past few decades, the corporate governance has been facilitating the small and large organizations in maintaining the lawsuits in an efficient manner. The corporate governance is often associated with the public companies. However, the small business can also obtain the beneficial aspects due to the effective corporate governance. With the engagement of the effective corporate governance, public companies in the developed and developing countries have been improving the reputation in an effectual manner. In this context, the corporate governance of developed countries and developing countries have been analyzed in a detailed manner in context to the given lecture notes. In this reflective essay, I would like to analysis the given lecture notes in a descriptive manner.

In a provided article, the corruption, governance and political instability in Nigeria have been discussed in an efficient manner. By analyzing the particular article, I can assess that the need for the implementation of corporate governance in Nigeria is very much needed. The Nigerian state is full of corruption, poor governance, and political instability (Fagbadebo 2007). Due to the poor corporate governance, the particular country has been experiencing a lack of economic stability. Besides this, the particular issue has created intricacies in strengthening the national economic development. Nigeria is an underdeveloped country, and it is being affected due to its authoritative leadership style. In the particular region, the political uncertainty is one of the major issues, which is responsible for decreasing the economic stability. Most of the organizations established in the Nigeria follow the authoritative leadership style. Consequently, it has been creating intricacies for the particular countries in implementing the efficient corporate governance in an effective manner. Due to the increased corruption in the country, most of the investors have disagreed in establishing their business in the country. By analyzing the particular article, it can be assessed that the involvement of the effective corporate governance would be able to reduce such issues in an appropriate way.

Besides this, another provided article focuses on highlighting the impact of releasing the state control to the people’s hand. The particular article highlights the Big Society agenda.  According to David Cameron, the main idea is to rebuild the responsibilities in an efficient manner so that the people could take those responsibilities (Cameron 2011). According to the article, people should be provided more control over their lives. However, that is not applied into the volunteering. According to my point of view, the particular planning is adequately relevant for the decentralization of power and the public services. However, it can be argued that the modernization of public service is more noteworthy characteristics of Big Society agenda than the work process executing for enhancing the social action (Cameron 2011). On the other hand, by analyzing the article, I can identify that the most important principle for reforming the public service is to focus on the diversity. Without implementing the diversity program into the public services, the organization would not be able to experience the proper growth in an efficient manner. By providing the state control to the people, the government would be able to enhance the production of the business in an effectual manner. According to the article, the mission is to dismantle the Big Government so that the Big Society can be built in its place.

The Impact of Releasing State Control to People’s Hand

Besides this, another provided article by Grönlund (2005) focuses on the emerging electronic infrastructures. The particular article highlights the information and communication technology and its impacts on the governing sectors. The corporate governance needs to be implemented in an efficient manner in order to obtain the triumphs over legal issues. The concepts of electronic government and electronic democracy have a huge impact on the public sectors. Due to the particular process, the dealing with the services becomes easier. The particular article opens a discussion on the effectiveness of the emerging infrastructure in the governing sectors. In most of the developed and developing countries, the concept of e-government has become very popular due to its efficiency (Hughes 2012). Most of the business analysts have agreed with the fact that the focus of the E-Gov is to influence the process of making business across the large domestic market as well as in the international market. By analyzing the particular article, I can assess that the E-Gov is about to change in two distinct fields. Firstly, it is about to change the internal government operations. Secondly, it has been changing the process for improving the government steps towards a particular initiative.   By analyzing the corporate governance of the developed countries, it can be assessed that the European countries focus on developing their E-Gov process. E-democracy is a part of the E-GOV, and it is strictly followed in most of the developed countries.

With the involvement of the E-democracy system, the particular government tries to implement enhanced IT system into the process of improving the public participation in the democratic process (Alford and O’Flynn 2012). Hence, I can assess that the involvement of the IT systems into the democratic process would be the best possible solution for obtaining the triumphs over the legal and political issues. In most of the developed countries, the effective IT system has been implemented in the corporate governance process for creating transparency in an effectual manner. Without implementing effective and advanced technologies into the democratic process, the people would be able to choose the best solution in an effective manner.

The provided lecture notes have also highlighted the role of government in the public managing program. By analyzing the particular article, I can assess that the government has a variety of roles and responsibility in order to maintain the corporate governance. In most of the public sectors, the corporate governance has made a huge impact on achieving the goals and objectives of the organization (Farazmand 1999). As per my point of views, the developed and developing countries have been focusing on reforming their legislatures in order to strengthen the corporate governance in an efficient manner. Without implementing the legal framework to put into effect the contracts, the private business activities would not be able to achieve the goals and objectives of the business (Leigh 2003). Hence, I can highlight the fact that the good government has always been responsible for upholding the economic development in an effectual manner.

Emerging Infrastructure and Its Impact on Governing Sectors

According to the lecture note, the democratization is needed for enhancing the national economic development. With the involvement of the popular participation of the governments in developing countries, the corporate governance can be enhanced in an effectual manner. The National planning is needed for the enhancement of the corporate social responsibility. Apart from national planning, the participation of the public sector organization is needed for obtaining the growth in the process. By analyzing the national development planning, some characteristics can be identified. For example, the policy objectives of the government need to be related to the economic development. Besides this, the developing countries employ the macroeconomic model for forecasting the anticipated performance. Most of the developing countries including India had developed the national development planning. For example, in March 1950, the government of India had settled planning commission for formulating the plan for the balanced utilization of the country’s resources (Murphy 2010). However, there were several shortcomings of the National development planning. For instances, the data utilized for designing plans often identified as inaccurate. On the other hand, the shortcoming was involved in the analytical methods. By analyzing the provided lecture notes, I can identify the relationship between the development and governance. After analyzing the world history, I admit the fact that the Second World War indeed turned everything upside down. During that timeframe, the newly decolonized countries were getting on the path of development. For example, Russia had properly chosen the path of national development for which they become one of the strongest economic countries across the globe (Alutto and Belasco 1972). In most of the cases, the development of the nation depends on the initiatives taken by the government of the respective countries. The developed countries have always followed the legal framework in an efficient manner in order to achieve the national development within the targeted timeline. It has been seen that the impact of corporate governance not only focuses on the improving the reputation of the government organizations but also tries to enhance the national economic development. Throughout the particular study, I have utilized several articles as well as the lecture notes for understanding the corporate governance and its effectiveness in the national development. Hence, I come to a different point of views of the authors researched on the particular research topic. It clearly indicates that the developed countries including UK, USA, and European countries have been utilizing the enhanced strategies and improved technologies in order to improvise their corporate governance system. On the contrary, most of the developing countries including Asia countries have been focusing on the implementing effective legal framework for obtaining the efficient outcomes (Wollenberg et al. 2006). By analyzing the provided articles, it can be assessed that the role of government is noteworthy for enhancing the process in an effectual manner. Finally, I can conclude that both developed and developing countries obtain the effective corporate governance for decreasing the conflicts and frauds in the systems.

References:

Alford, J. and O’Flynn, J., 2012. Rethinking public service delivery: Managing with external providers. Palgrave Macmillan.

Alutto, J.A. and Belasco, J.A., 1972. A typology for participation in organizational decision making. Administrative Science Quarterly, pp.117-125.

Cameron, D., 2011. How we will release the grip of state control. Daily Telegraph, 21(2), p.11.

Fagbadebo, O., 2007. Corruption, governance and political instability in Nigeria. African Journal of Political Science and International Relations, 1(2), p.28.

Farazmand, A., 1999. Privatization or reform? Public enterprise management in transition. International Review of Administrative Sciences, 65(4), pp.551-567.

Grönlund, Å., 2005. Emerging electronic infrastructures: exploring democratic components.

Hughes, O.E., 2012. Public management and administration. Palgrave Macmillan.

Leigh, A., 2003. The rise and fall of the Third Way. AQ: Journal of Contemporary Analysis, pp.10-40.

Murphy, J., 2010. A toxic mix? Comparative efficiency and the privatization of sanitation services in India. Public Administration and Development, 30(2), pp.124-135.

Wollenberg, E., Moeliono, M., Limberg, G., Iwan, R., Rhee, S. and Sudana, M., 2006. Between state and society: local governance of forests in Malinau, Indonesia. Forest Policy and Economics, 8(4), pp.421-433.