Nigeria Needs Strong Corporate Governance to Reach $1 Trillion Economy — Shettima

Vice President Kashim Shettima says Nigeria’s ambition of becoming a $1 trillion economy can only be achieved through strong corporate governance, warning that poor compliance and weak regulatory standards could undermine the country’s economic transformation.

Shettima made the remarks at the 3rd National Corporate Governance Summit in Lagos, organised by the Institute of Directors Centre for Corporate Governance (IoDCCG) in collaboration with the Financial Reporting Council (FRC), Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators (ICSAN).

Represented by Special Adviser on Economic Affairs, Tope Fasua, the Vice President said the Tinubu administration has introduced key reforms, including subsidy removal, foreign exchange harmonisation and strategic sector reforms, to create a favourable economic environment.

He, however, maintained that sustainable growth depends on effective governance.

“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 observed that despite Nigeria’s robust legal and regulatory framework, several corporate failures have stemmed from insider abuse, creative accounting and excessive risk-taking rather than a lack of innovation.

He also highlighted ongoing government reforms, including the restructuring of state-owned enterprises through MOFI, cleaner public procurement processes and the digitisation of government services.

Supporting the Vice President’s position, MOFI Managing Director Dr. Armstrong Takang said state-owned enterprises and strong corporate governance are vital to achieving the country’s economic target, while ICSAN President Mrs. Uto Ukpana urged greater leadership commitment, accountability and ethical conduct to translate policies into measurable economic growth.

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