Vice President Kashim Shettima has declared that Nigeria’s ambition of becoming a $1 trillion economy cannot be achieved without strong institutions, ethical leadership and effective corporate governance, stressing that sustainable economic growth depends on accountability and regulatory discipline. Shettima made the remarks at the Corporate Governance Summit held in Lagos, where government officials and industry leaders examined the role of governance in accelerating economic development.
Represented by the Special Adviser to President Bola Tinubu on Economic Affairs, Tope Fasua, the Vice President addressed participants at the 3rd National Corporate Governance Summit organised by the Institute of Directors Centre for Corporate Governance (IoDCCG).
The event, themed “Implementing Good Governance for Economic Acceleration, Consolidating Public-Private Partnership,” was organised in collaboration with the Financial Reporting Council (FRC), the Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN). According to Shettima, the objectives of the summit align with President Bola Tinubu’s Renewed Hope Agenda, which seeks to transform Nigeria into a more resilient and competitive economy.
The Vice President said the Federal Government has introduced major economic reforms, including fuel subsidy removal, foreign exchange harmonisation and the restructuring of strategic sectors to lay the foundation for long-term growth. He, however, maintained that government policies alone would not deliver the desired economic transformation. Shettima said the responsibility now rests largely on the private sector to convert policy reforms into productive investments, employment opportunities and sustainable wealth creation.
He warned that poor regulatory compliance, weak corporate ethics and ineffective governance have historically undermined economic progress, arguing that Nigeria’s aspiration of building a $1 trillion economy requires institutions founded on transparency and accountability.
The Vice President noted that Nigeria already possesses a comprehensive legal and regulatory framework for corporate governance through instruments such as the Nigeria Code of Corporate Governance, the Companies and Allied Matters Act (CAMA), and sector-specific regulations issued by agencies including the Central Bank of Nigeria, the National Insurance Commission and the Securities and Exchange Commission.
Despite these frameworks, he said the country has witnessed several corporate failures caused by insider abuses, financial manipulation and poor risk management rather than a shortage of innovative ideas. He added that the government is complementing private sector reforms through improvements in state-owned enterprises, public procurement reforms and increased digitisation across government operations.
Speaking at the Corporate Governance Summit, the Managing Director and Chief Executive Officer of MOFI, Dr. Armstrong Takang, described state-owned enterprises as strategic assets capable of driving national development when properly managed. He cited international examples, including China’s state-owned enterprises, which he said control trillions of dollars in assets and play significant roles across multiple sectors of the economy.
Also speaking, the President and Chairman of the Governing Council of ICSAN, Mrs. Uto Ukpana, described good governance as a strategic necessity for sustainable economic growth. She argued that Nigeria’s challenge lies less in policy formulation and more in effective implementation through ethical leadership, regulatory consistency, strong oversight and institutional accountability.
Similarly, Chairman of the Board of Governors of the IoD Centre for Corporate Governance, Urum Kalu Eke, said entrenched corporate governance strengthens institutions, boosts investor confidence and creates the foundation for long-term national development.
