The American Business Council Nigeria (ABC) in partnership with the Center for International Private Enterprise (CIPE) has unveiled a Private Sector Development for Democracy Forum (PSDdF) to strenghten democracy.

The Chief Executive Officer (CEO), American Business Council, Mrs Margaret Olele, made this known at a media parley on Thursday in Lagos.

According to her, the PSDdF is a coalition of private sector organisations, civil society organisations, think tanks, and media partners committed to perfecting Nigeria’s democratic systems and strengthening institutions.

This partnership, Olele stated, would support the rule of law and contribute to a sustainable and thriving business environment in Nigeria.

She explained that the PSDdF’s mission was to facilitate strategic broad-based collaboration between stakeholders in the private sector, civil society, and policymakers to improve democratic institutions within Nigeria for shared prosperity.

“It is an opportunity for private sector, politicians and government to engage collaboratively and move things forward democratically and economically.

“Only about six per cent of the world’s countries are truly democratic so we still have some trajectory towards getting to where we need to be.

“This forum shows how to bring all minds together such as think tanks, academia, Organised Private Sector to set the tone for a more stable economy,” she said.

The Country director, CIPE, Mrs Lola Adekanye, stated that the quality of governance determined 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 was Africa’s governance and economic success.

She stated that as Nigeria excels in innovation both in the technology and entertainment spaces, Nigeria could excel in governance.

“Private sector has an important role to play in strengthening democracy as business cannot thrive where governance is not stable so it is important for private sector to be interested in democracy strengthening.

“This aligns with the CIPE vision for a world where democracy delivers the freedom and opportunity for all to prosper.

“Nation building and democracy strengthening is a continuum and what makes this unique is that for every given period, there are priority areas to focus on.

“Nigeria has too many opportunities to become a leading economy and this must be harnessed guided by the opportunity to strengthen democracy to have a ripple effect on the economy,” she said.

Mr Yemi Candide-Johnson, the Chairman, Steering Committee, PSDdF, stated that the merger of economic progress and government was crucial, hence the need to strengthen democracy, governance and rule of law.

“This friendly partnership is needed to focus attention on creating progress, continuity and safety of our society,” Candide-Johnson said.