The Chartered Institute of Directors of Nigeria (CIoD) has called on relevant stakeholders to invest in human capital to enhance productivity.

The institute said the need was urgent, with global Gross Domestic Product (GDP) varying widely in regions like Europe and North America, which continue to enjoy higher living standards, while Africa lags.

The disparity, the directors said calls for Nigerian businesses to focus on creating products tailored to local needs and invest in human capital to enhance productivity.

Outgoing President and Chairman of the Governing Council, CIoD, Tijjani Borodo, said this while giving his report and two-year scorecard at the institute’s 41st yearly general meeting, in Lagos.

He pointed out that technological innovation, particularly from Asia, was significantly shaping global economic growth, thereby, highlighting the importance of digital transformation and strategic partnerships for Nigeria’s future competitiveness.

As 2025 keeps unfolding, Borodo urged directors to closely monitor shifts in global trade, particularly in Asia, and be cautious of risks such as fluctuating commodity prices.

According to him, Africa’s emerging markets present new opportunities, but Nigeria must diversify its economy, focusing on sectors like agriculture and renewable energy to reduce its dependence on oil and secure long-term growth.

The CIoD boss said that by leveraging global trends and emphasising internal development, Nigerian firms could effectively navigate the evolving economic landscape.

Noting that Nigeria’s economy in 2024 displayed a blend of growth opportunities and significant challenges, Borodo said that by focusing on internal economic diversification, investing in human capital, and fostering technological innovation, Nigeria can position itself to lead Africa’s economic growth in the coming years.

Meanwhile, the yearly general meeting witnessed the election of the Managing Director/Chief Executive Officer of 11PLC, Adetunji Oyebanji, as its 19th President and Chairman of the Governing Council.

Oyebanji, a fellow of the institute, is an astute boardroom executive who has served the institute in several key capacities, including as first and second Vice President, chairman of the finance and general-purpose committee, and chairman of the membership and branch development committee.

A graduate of Economics from the University of Lagos and an MBA alumnus of Bayes Business School, London, he has held senior executive roles at Mobil Oil Nigeria Plc.

As a former Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), he played a pivotal role in shaping Nigeria’s Petroleum Industry Act and has received several recognitions, both locally and internationally.

The AGM also saw to the election of other office bearers, including the first Vice President, Amina Oyagbola, and Second Vice President, Lamis Dikko.