Vice President Kashim Shettima has said Nigeria’s ambition of building a $1 trillion economy can only be achieved through strong corporate governance, warning that weak regulatory compliance and poor ethical standards could undermine the country’s economic goals.
Speaking at the 3rd National Corporate Governance Summit in Lagos, Shettima said good governance remains essential to driving sustainable economic growth and attracting investor confidence. The summit focused on promoting stronger public-private collaboration to accelerate national development.
Represented by the Special Adviser to the President on Economic Affairs, Tope Fasua, the Vice President said the summit’s theme aligns with President Bola Tinubu’s Renewed Hope Agenda, which seeks to transform Nigeria’s economy through institutional reforms and increased private sector participation.
According to him, government initiatives such as fuel subsidy removal, foreign exchange reforms and the restructuring of key sectors have laid the foundation for economic expansion. However, he stressed that the private sector must convert these reforms into investments, employment opportunities and long-term national prosperity.
Shettima maintained that achieving a $1 trillion economy requires a solid culture of transparency, accountability and corporate discipline, adding that weak governance has contributed to several corporate failures in the past through insider abuse, poor financial practices and excessive risk-taking.
He also noted that the Federal Government is strengthening governance within state-owned enterprises through ongoing reforms, improved public procurement systems and the digitisation of government operations.
Also speaking at the event, the Managing Director and Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, said state-owned enterprises have an important role to play in Nigeria’s economic growth. He argued that, when properly managed, government-owned businesses can contribute significantly to national development, pointing to China’s experience as an example.
The President and Chairman of the Governing Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), Mrs. Uto Ukpana, described corporate governance as a strategic requirement for sustainable economic progress rather than a mere administrative responsibility.
She said Nigeria already has numerous policies in place but emphasized that translating them into measurable results depends on committed leadership, ethical practices, effective oversight and consistent regulatory enforcement.
Chairman of the Board of Governors of the Institute of Directors Centre for Corporate Governance, Urum Kalu Eke, also stressed that strong corporate governance promotes accountability, strengthens institutions, boosts investor confidence and supports long-term national development.
