Vice President Kashim Shettima has warned that Nigeria cannot achieve its goal of becoming a $1 trillion economy without strong corporate governance, transparency and strict regulatory compliance.
Speaking at the 3rd National Corporate Governance Summit in Lagos, Shettima said weak governance, poor compliance and unethical business practices could derail the country’s economic ambitions.
Represented by Tope Fasua, Special Adviser to President Bola Tinubu on Economic Affairs, the Vice President said the Federal Government had already laid the foundation for economic growth through reforms such as fuel subsidy removal, foreign exchange harmonisation and institutional reforms.
“The lofty mountain of a $1 trillion economy cannot be scaled on the shaky terrain of weak compliance; it requires a bedrock of flawless governance,” Shettima said.
He noted that while government policies are creating the right environment, it is the private sector’s responsibility to turn those reforms into investment, jobs and sustainable economic growth.
Shettima also expressed concern over past corporate failures caused by insider abuse, poor accountability, creative accounting and reckless risk-taking, stressing the need for stronger governance across both public and private institutions.
Other speakers at the summit, including officials from the Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), agreed that accountability, ethical leadership and consistent regulation are essential for Nigeria to achieve long-term economic growth.
