NIM harps on innovation, human capital development to unlock wealth

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The Nigerian Institute of Management Chartered (NIM) has stressed the importance of exploiting technological innovations and human capital development to unlock the wealth of nations.

The measures, the institute said, cuts across corporate, fiscal, monetary, financial, physical, and intangible assets.

Delivering a lecture at the 60th anniversary of NIM, themed: ‘Celebrating 60 Years of Management Excellence: Poised for More!’ Chief Executive Officer, Economic Associates, Dr Ayo Teriba, said there was the need to preserve wealth in the face of fast-paced, pervasive, and disruptive technological advancements.

Noting that the fragmentation of global trade showed declining output and exports of manufacturing and industrial goods, increasing Trade in Value Added (TIVA) and Globalisation of Value Chains (GVCs), he explained that the race for rapid technological innovations, global talent, and global liquidity is redefining what is tradable and opening new types of gains from trade, TIVA, and GVC.

According to him, the subnational impact points should be on how to exploit technological innovations, human capital, and global liquidity to enhance the wealth of states, cities, and townships with possession-based, place-based, product-based, and people-based strategies.

He added that sectorial impact points should be on how to exploit rapidly expanding techno-economic possibility frontiers by synchronizing the adoption of emergent technologies across techno-business, techno-social, and techno-political spheres.

President and Chairman of Council, NIM, Patience Anabor, said in the past 60 years, the Institute has actively been fulfilling its mandate by bequeathing an enduring professional management practice to the nation.

She said the institute had been at the forefront of capacity building in critical sectors of the economy, adding, “NIM has done very well in this direction as it has successfully delivered professional management, capacity building, consultancy, re-engineering and human capital development solutions to many organisations in public and private sectors of the economy, which it collaborates with both locally and internationally.”