Vice President Kashim Shettima has declared that Nigeria cannot realise its ambition of building a $1 trillion economy without strengthening corporate governance, regulatory compliance and institutional accountability. Speaking at the 3rd National Corporate Governance Summit organised by the Institute of Directors Centre for Corporate Governance (IoDCCG) in Lagos, Shettima said weak governance practices, poor compliance and regulatory failures remain significant obstacles to sustainable economic growth.
The summit, themed “Implementing Good Governance for Economic Acceleration: Consolidating Public-Private Partnership,” was organised in collaboration with the Financial Reporting Council (FRC), Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
Represented by the Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, the Vice President said the summit’s focus aligns with the administration’s Renewed Hope Agenda, which seeks to drive long-term economic transformation.
According to Shettima, while the Federal Government has introduced major reforms—including fuel subsidy removal, foreign exchange harmonisation and the restructuring of strategic sectors—lasting economic success depends on how effectively the private sector converts those policies into investments, employment opportunities and national wealth. He stressed that building a $1 trillion economy requires more than ambitious policies.
“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,” he said.
Shettima noted that Nigeria already has several governance frameworks, including the Nigeria Code of Corporate Governance, the Companies and Allied Matters Act (CAMA) and industry-specific governance codes issued by regulators such as the Central Bank of Nigeria (CBN), National Insurance Commission (NAICOM) and the Securities and Exchange Commission (SEC).
Despite these frameworks, he said many corporate failures in Nigeria have resulted from insider abuse, poor risk management, unethical practices and creative accounting rather than a shortage of innovative ideas. He added that the Federal Government is complementing private-sector reforms by restructuring state-owned enterprises through MOFI, improving public procurement systems and expanding the digitisation of government operations.
Managing Director and Chief Executive Officer of MOFI, Dr. Armstrong Takang, also underscored the importance of well-managed state-owned enterprises in driving Nigeria’s economic ambitions.
He challenged the argument that governments should avoid participating in business, pointing to China’s experience where central government-owned enterprises oversee assets valued at approximately $13 trillion while playing significant roles in infrastructure, manufacturing and technology. Takang argued that effective governance of public enterprises can become a powerful catalyst for national development and economic expansion.
Also speaking at the summit, ICSAN President and Governing Council Chairperson, Mrs. Uto Ukpana, described good governance as a strategic requirement rather than a routine administrative responsibility. She observed that Nigeria already possesses numerous policies but requires stronger leadership commitment, ethical conduct, regulatory consistency, effective oversight and greater accountability to translate those policies into measurable development outcomes.
Similarly, Mr. Urum Kalu Eke, Chairman of the Board of Governors of the IoD Centre for Corporate Governance, said strong governance frameworks enhance institutional strength, improve accountability, boost investor confidence and create conditions necessary for sustained economic growth. Stakeholders at the summit agreed that deeper collaboration between government and the private sector, supported by sound governance practices, will be essential if Nigeria is to achieve its long-term $1 trillion economy objective.
