Vice President Kashim Shettima has said Nigeria’s ambition of building a $1 trillion economy cannot be achieved without strong corporate governance, warning that weak compliance, poor regulation and ethical shortcomings could undermine the country’s economic progress.
Speaking at the 3rd National Corporate Governance Summit in Lagos, organised by the Institute of Directors Centre for Corporate Governance (IoDCCG) alongside the Financial Reporting Council (FRC), Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators (ICSAN), Shettima said the summit’s theme aligns with President Bola Tinubu’s Renewed Hope Agenda.
Represented by the President’s Special Adviser on Economic Affairs, Tope Fasua, the Vice President said government reforms—including the removal of fuel subsidy, foreign exchange harmonisation and the restructuring of key sectors—have laid the groundwork for economic growth. He, however, stressed that the private sector must convert these policies into investments, employment opportunities and lasting national prosperity.
Shettima noted that while Nigeria already has regulatory frameworks such as the Nigeria Code of Corporate Governance, the Companies and Allied Matters Act (CAMA) and sector-specific codes issued by the CBN, NAICOM and the SEC, past corporate failures caused by insider abuse, accounting irregularities and excessive risk-taking highlight the need for stronger compliance.
He added that the Federal Government is also reforming state-owned enterprises through MOFI, improving public procurement processes and expanding the digitisation of government services.
Also speaking at the summit, MOFI Managing Director and Chief Executive Officer, Dr. Armstrong Takang, said well-managed state-owned enterprises and sound corporate governance are essential to achieving Nigeria’s $1 trillion economy target. He cited China’s government-owned enterprises, which manage assets worth about $13 trillion, as an example of how public enterprises can drive economic development.
ICSAN President and Chairman of its Governing Council, Mrs. Uto Ukpana, described good governance as a strategic requirement for sustainable growth. She said Nigeria’s challenge is not the absence of policies but ensuring effective implementation through committed leadership, ethical conduct, regulatory consistency and accountability.
Chairman of the IoD Centre for Corporate Governance Board of Governors, Mr. Urum Kalu Eke, said stronger corporate governance would improve institutional performance, boost investor confidence and support long-term economic development.
