Vice President Kashim Shettima has said Nigeria cannot realise its ambition of becoming a $1 trillion economy without strengthening corporate governance, regulatory compliance and institutional accountability.
Speaking at the 3rd National Corporate Governance Summit held in Lagos, Shettima stressed that weak governance, poor compliance and ethical lapses remain major obstacles to sustainable economic growth.
Represented by the Special Adviser to the President on Economic Affairs, Tope Fasua, the Vice President said the summit’s theme, “Implementing Good Governance for Economic Acceleration: Consolidating Public-Private Partnership,” aligns with President Bola Tinubu’s Renewed Hope Agenda.
The event was organised by the Institute of Directors Centre for Corporate Governance (IoDCCG) in partnership with the Financial Reporting Council (FRC), the Ministry of Finance Incorporated (MOFI), and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
Shettima noted that the Tinubu administration has introduced major economic reforms, including the removal of fuel subsidies, foreign exchange market harmonisation and the restructuring of key sectors to create a stronger macroeconomic foundation.
According to him, while government is laying the groundwork through reforms, the private sector must drive economic expansion by creating jobs, increasing investments and generating national wealth.
“Our goal is to build a resilient, competitive and $1 trillion economy powered by enterprise, strategic investments and institutional reforms. But this ambition cannot be achieved on the shaky foundation of weak compliance and poor governance. It requires a culture of transparency, accountability and ethical leadership,” he said.
The Vice President acknowledged that Nigeria already has several governance frameworks, including the Nigerian Code of Corporate Governance, the Companies and Allied Matters Act (CAMA), and industry-specific regulations issued by the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC).
However, he observed that many corporate failures in the country have resulted not from a lack of innovation but from insider abuse, financial mismanagement, creative accounting and excessive risk-taking.
Shettima added that the Federal Government is also strengthening governance within public institutions through reforms of state-owned enterprises under MOFI, improvements in public procurement processes and the digitisation of government operations.
Also speaking at the summit, the Managing Director and Chief Executive Officer of MOFI, Dr. Armstrong Takang, said efficient state-owned enterprises backed by sound corporate governance are essential to achieving Nigeria’s economic aspirations.
He rejected the argument that governments should not participate in business, citing China as an example where state-owned enterprises manage assets worth about $13 trillion and play leading roles in infrastructure, manufacturing and technology.
President and Chairman of the Governing Council of ICSAN, Mrs. Uto Ukpana, described good governance as a strategic requirement for sustainable economic development rather than merely an administrative responsibility.
She said Nigeria’s challenge is not the absence of policies but the effective implementation of those policies through ethical leadership, regulatory consistency, strong oversight and accountability across both public and private institutions.
Chairman of the Board of Governors of the IoD Centre for Corporate Governance, Mr. Urum Kalu Eke, also emphasised the importance of corporate governance, stating that stronger institutions, improved accountability and increased investor confidence are critical ingredients for long-term economic growth and national development.
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