Vice President Kashim Shettima stated that Nigeria’s goal of reaching a $1 trillion economy is unattainable without strict regulatory compliance and ethical standards. During the 3rd National Corporate Governance Summit in Lagos, represented by economic adviser Tope Fasua, Shettima emphasized that while the government has laid the groundwork through reforms like fuel subsidy removal and foreign exchange alignment, the private sector remains the primary engine for creating wealth and jobs.
Shettima noted that while Nigeria possesses a solid framework through the Nigeria Code of Corporate Governance and CAMA, the nation has suffered from past corporate collapses linked to mismanagement and unethical accounting practices. He affirmed that the administration is actively working to modernize state-owned enterprises through the Ministry of Finance Incorporated and improve public procurement processes.
Supporting this view, MOFI CEO Dr. Armstrong Takang dismissed the idea that government should avoid business, pointing to China’s successful state-owned enterprise model. Additionally, leaders from ICSAN and the Institute of Directors emphasized that effective oversight and institutional accountability are not merely administrative duties but essential requirements for sustainable national development and increased investor confidence.
