Shettima says strong governance key to Nigeria’s $1tn economy target

Vice President Kashim Shettima says Nigeria cannot achieve its target of becoming a $1 trillion economy without strong corporate governance, regulatory compliance and accountability.

Speaking at the 3rd National Corporate Governance Summit in Lagos, Shettima, represented by the President’s Special Adviser on Economic Affairs, Tope Fasua, said the country’s economic reforms must be supported by sound governance to deliver sustainable growth.

He noted that while the Federal Government had introduced reforms such as the removal of fuel subsidy, foreign exchange harmonisation and the restructuring of key sectors, the private sector must convert these policies into jobs, investment and economic prosperity.

Shettima warned that weak compliance, poor regulation and unethical practices had contributed to corporate failures in the past, stressing that strong governance remains essential to building investor confidence and achieving long-term development.

Also speaking, the Managing Director of the Ministry of Finance Incorporated (MOFI), Armstrong Takang, said well-managed state-owned enterprises and effective corporate governance were critical to attaining the country’s economic goals.

Similarly, Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) President, Uto Ukpana, described good governance as a strategic necessity for sustainable growth, while Chairman of the Institute of Directors Centre for Corporate Governance, Urum Kalu Eke, said sound corporate governance strengthens institutions, promotes accountability and boosts investor confidence.