Nigeria can’t scale $1trn economy on shaky terrain of weak governance — Shettima

By Nkiruka Nnorom

LAGOS—Vice President Kashim Shettima has said Nigeria cannot achieve its $1 trillion economy target on the shaky terrain of weak compliance, regulatory laxity and ethical ambivalence, declaring that only a bedrock of flawless corporate governance could sustain the nation’s economic ambition.

Speaking at the 3rd National Corporate Governance Summit organised by the Institute of Directors Centre for Corporate Governance, IODCCG, in Lagos yesterday, Shettima said the theme, “Implementing Good Governance for Economic Acceleration, Consolidating Public-Private Partnership,” aligned directly with President Bola Tinubu’s Renewed Hope Agenda.

The summit was organised in collaboration with the Financial Reporting Council, FRC; Ministry of Finance Incorporated, MOFI, and Institute of Chartered Secretaries and Administrators, ICSAN.

Represented by Tope Fasua, Special Adviser to President Tinubu on Economic Affairs, Shettima said while government reforms, such as subsidy removal, FX harmonisation and unbundling of strategic sectors, created the macro-economic foundation, it was the private sector that must translate policy into tangible goods, sustainable jobs and national wealth.

He said: “Under this administration, our focus is on building a resilient, competitive and $1 trillion economy, driven by enterprise, systematic investments and comprehensive institutional reforms.

“However, we must confront an undeniable truth. The lofty mountain of a $1 trillion economy cannot be scaled on the shaky terrain of weak compliance; it requires a bedrock of flawless governance.”

Citing Nigeria’s robust framework, including the Nigeria Code of Corporate Governance, CAMA, and sector codes by the CBN, NAICOM and SEC, the vice president lamented that the country’s history was littered with the ghosts of spectacular corporate failures caused by insider abuse, creative accounting and reckless risk-taking, rather than lack of ideas.

He added that government was matching private sector efforts with reforms of state-owned enterprises through MOFI, a clean-up of public procurement and digitisation of government processes.

Speaking in the same vein, Dr. Armstrong Takang, MOFI’s Managing Director\CEO, said state-owned enterprises, SOEs, and robust corporate governance were critical to achieving Nigeria’s $1 trillion economy target.

He argued against the notion that government had no business in business, citing China, where central government SOEs manage at least $13 trillion in assets and play major roles in infrastructure, technology and manufacturing globally.

Mrs. Uto Ukpana, President\Chairman, Governing Council of ICSAN, noted that good governance was a strategic necessity and not just an administrative obligation if Nigeria must achieve sustainable economic growth.

She stressed that Nigeria didn’t lack policies but argued that the journey from policy to performance required leadership commitment, ethical conduct, effective oversight, regulatory consistency and a culture of accountability across both public and private institutions.

Mr. Urum Kalu Eke, Chairman, Board of Governors, IoD Centre for Corporate Governance, speaking, said: “When corporate governance is entrenched, institutions become stronger, accountability becomes the norm, investors confidence grows, and the economy is better positioned to achieve sustainable growth and long-term national development.”

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