The Federal Government has launched new guidelines for corporate governance in the public sector, aimed at moving the country towards a $1 trillion economy by 2026.
The guidelines were announced by Financial Reporting Council Executive Secretary Dr Rabiu Olowo and Chief Executive of the Ministry of Finance Incorporated, Dr Armstrong Takang, at a press briefing in Lagos on Monday, ahead of the National Corporate Governance Summit, according to The Punch.
The summit, which is slated for later this month, is called “Institutionalising Corporate Governance for National Transformation: The Imperative for Public-Private Sector Collaboration,” and it will cover the significance of collaborations between public and private sectors in promoting sustainable development and economic expansion, according to a statement from the organisers.
“Achieving a $1tn economy by 2026 is possible with the right corporate governance,” said the Head of IoDCCG and convener of the summit, UK Eke. “Enhanced shareholder value and corporate performance are directly linked to good governance practices.”
Recall, President Bola Tinubu, had announced at the 29th Nigeria Economic Summit in Abuja last October that
Nigeria’s economy could reach $1 trillion by 2026.
Although it may be an ambitious objective, analysts think growing Nigeria’s economy to N1 trillion by 2031 is a more achievable ambition.
Olowo pointed out that the public sector’s involvement in corporate governance was the summit’s main topic.
“We have seen the success of corporate governance in the private sector. It is time to extend these principles to public institutions,” he said.
The new guidelines include a compliance checklist for Nigerian companies and a commitment to ethical governance in both the private and public sectors.
Strong public-private partnerships, according to experts in governance, would be essential to helping Nigeria reach its $1 trillion economic target, improve service delivery, and maintain sustainable growth.
Olowo emphasized the 2022 summit’s conclusions, which emphasized the necessity of enhancing governance procedures across all Nigerian organizations.
Experts will gather to discuss trends, challenges, and best practices in corporate governance at the biennial event, which is organized by the Institute of Directors Centre for Corporate Governance, Financial Reporting Council of Nigeria, Ministry of Finance Incorporated, and Institute of Chartered Secretaries and Administrators.
Renowned governance experts, including Vice President Kashim Shettima and Chairman of MOFI, Dr Shamsudeen Usman, will share their insights and experiences on effective governance practices.
