FG Unveils New Governance Guidelines to Boost Economy
CEO, Financial Reporting Council of Nigeria, Rabiu Olowo-ARDNig
The Federal Government has introduced new corporate governance guidelines for the public sector, aiming to push Nigeria’s economy to $1 trillion by 2026. This announcement was made by Dr. Rabiu Olowo, Executive Secretary of the Financial Reporting Council, and Dr. Armstrong Takang, Chief Executive of the Ministry of Finance Incorporated, during a press briefing in Lagos.
Summit Announcement
The guidelines were announced in preparation for the upcoming National Corporate Governance Summit, themed “Institutionalizing Corporate Governance for National Transformation: The Imperative for Public-Private Sector Collaboration.” This summit will emphasize the importance of collaboration between government entities and private businesses to achieve sustainable development and economic growth. UK Eke, Head of IoDCCG and summit convener, stated that achieving a $1 trillion economy by 2026 is possible with proper corporate governance. He highlighted that good governance practices are key to enhancing shareholder value and corporate performance. Although President Bola Tinubu previously declared this goal at the 29th Nigeria Economic Summit, experts suggest a more realistic target of reaching N1 trillion by 2031.
Focus on Public Sector
Dr. Olowo emphasized the summit’s focus on improving corporate governance within the public sector, noting the successes already seen in the private sector. The new guidelines include a compliance checklist for Nigerian companies and a commitment to ethical governance in both the private and public sectors. Governance experts believe that strong public-private partnerships are crucial for achieving Nigeria’s $1 trillion economy goal. These partnerships will enhance service delivery and ensure sustainable growth.
Achieving a $1 trillion economy by 2026 is possible with the right corporate governance. Enhanced shareholder value and corporate performance are directly linked to good governance practices.” — UK Eke, Head of IoDCCG and summit convener.
Summit Objectives
The National Corporate Governance Summit aims to provide a platform for industry leaders, experts, and professionals to discuss trends, challenges, and best practices in corporate governance. It will also offer opportunities for networking and collaboration. Dr. Olowo mentioned the positive outcomes from the 2022 summit, which highlighted the need to improve governance practices in all Nigerian organizations. The biennial summit 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. It will feature renowned governance experts, including Vice President Kashim Shettima and MOFI Chairman Dr. Shamsudeen Usman, who will share their insights on effective governance practices.
The organizers stressed that sound governance is essential for sustainable economic growth. They are optimistic that the new guidelines and the summit will help Nigeria move closer to its ambitious economic goals.
