Low trust, integrity thwarting business growth in developing economies—-Dr. Kalu

By David Adanu

The Chief Executive Officer, of Vet and pay, Dr. Kenneth Ibe Kalu, has expressed strong emphasise on building trust and integrity in the business ecosystem to restore confidence in citizens and investors to participate in developing economies.

Dr. Kalu, who spoke at a townhall meeting with Nigerians in Diaspora worldwide with Topic: why trust issues in business and how to curb it, argued that business advancement could be thwarted if there is lack of integrity in the system.

According to him, “Permit me to start by drawing example why we witness low trust and lack of integrity in developing countries compare to developed counterpart.”

He said, “There is a case study from Luke 16;1-13, the parable of the unjust or pertinent steward.

“What are the issues for determination here from this bible reference?

“The servant’s appointment were to be terminated due to probable mismanagement of the Master’s company and not fraud.

“On Tip-Off, the servant became smart and went on to commit the actual fraud to secure himself.

“His Master commended him upon discovery of his smart move.

“The servant may have learnt dishonesty from his Master.”

Dr. Kalu submitted that, “Dishonesty leading to lack of trust is situational, lets consider from three perspectives.”

The three perspectives he pointed out include”High level of poverty, insecurity and low ethical values.”

Dr. Kalu while finding solution to the debacles noted that, “To cure this malaise, we should devise various ideas while not neglecting any useful suggestions from this august body.

“The ultimate solutions will involve government at all levels, the family uint and systems.”

Public Private Partnership, PPP, “Our humble systemic solution using Vetandpay, an escrow application may be a useful contribution.

“Types of Escrows; auto purchase, procurement, E-commerce, Service based, property, trader, staff payment.

Others include project monitoring and verification.

In his remarks, Akpan H. Ekpo submitted in the changing dynamics of global commerce, governance, and innovation, it is evident that trust has become imperative in the business and investment nexus in any economy.

He said, “Trust cannot Unlike manufactured, mandated, or acquired through borrowing. It requires earning, investment, and careful preservation.

“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.

In a competitive landscape, trust serves as the key differentiator. This process transforms speculative interest into long-term commitment and turns scepticism into a shared vision.

“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.”