FG, Private Sector Urged to Deepen Governance Reforms
Government institutions and private sector organisations have been urged to accelerate governance reforms as experts warn that stronger corporate governance is essential to unlocking Nigeria’s economic potential and attracting long-term investment.
The call was made ahead of the third National Corporate Governance Summit, where business leaders and governance professionals stressed that accountability, transparency and ethical leadership must become central pillars of both public administration and corporate management if Nigeria is to realise its ambition of becoming a $1 trillion economy.
Speaking at a pre-summit media briefing in Lagos, Chairman of the Board of Governors of the Institute of Directors Centre for Corporate Governance (IoDCCG), U.K. Eke, said governance reforms must go beyond policy formulation and translate into measurable action across all sectors.
According to him, strengthening governance structures in government agencies, state-owned enterprises and private organisations will not only boost investor confidence but also improve institutional performance and service delivery.
The stakeholders called for reforms that promote board independence, regulatory compliance, financial transparency and effective risk management, noting that these principles are critical to building resilient institutions capable of driving sustainable economic growth.
They also argued that while recent economic reforms have laid the groundwork for recovery, weak governance remains a major obstacle to competitiveness. Challenges such as poor institutional oversight, procurement irregularities, inadequate accountability and inconsistent enforcement of regulations continue to undermine investor confidence and limit economic progress.
The experts urged policymakers, regulators and business leaders to work collaboratively in strengthening governance frameworks and ensuring that existing laws and corporate governance codes are effectively implemented.
The National Corporate Governance Summit, jointly organised by the Institute of Directors Centre for Corporate Governance (IoDCCG), the Financial Reporting Council of Nigeria (FRC), the Ministry of Finance Incorporated (MoFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), is expected to develop practical strategies for improving governance standards across both the public and private sectors.
Participants expressed confidence that sustained governance reforms and stronger collaboration between government and businesses would foster greater transparency, improve Nigeria’s investment climate and lay the foundation for long-term economic growth and national development.
