The Federal Government has unveiled a transformative governance scorecard aimed at propelling Nigeria towards its ambitious goal of a $1 trillion economy, according to the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
This new initiative will hold state-owned enterprises (SOEs) accountable to global standards of transparency, ethics, and operational excellence, as part of the ongoing economic reform process.
Addressing participants at the MOFI Corporate Governance Forum in Abuja, Edun emphasized that the newly introduced MOFI Scorecard is more than a mere document—it represents a critical benchmark for institutional health and a powerful tool to drive investment, growth, and long-term value creation.
He stressed that effective corporate governance is key to attracting capital, building trust, and delivering tangible economic results.
Director of Information and Public Relations, Mohammed Manga in a statement indicated that the two-day forum, with the theme Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance, brought together CEOs, regulators, and development partners to explore how enhanced oversight can unlock the full potential of Nigeria’s public assets.
He quoted Edun to have highlighted that the government’s shift from a debt-heavy budget towards equity-based growth is a game-changer for SOEs, with entities like NNPC Ltd needing to position themselves for greater investor confidence and global competitiveness.
Chairman of the MOFI, Dr. Shamsudeen Usman, reiterated that the scorecard will be backed by independent assessments, including those conducted by MOFI itself, ensuring that the government leads by example in implementing robust governance.
MOFI CEO, Dr. Armstrong Takang, outlined a comprehensive rollout plan that includes third-party evaluations, remediation plans, and public recognition through the MOFI Excellence Awards, all of which will incentivize better performance across Nigeria’s SOEs.
With the support of the World Bank, this governance initiative marks a pivotal shift in Nigeria’s approach to managing public wealth, positioning governance as the central pillar of economic resilience, growth, and investor confidence.
This initiative not only sets a high standard for Nigeria’s public sector but also signals the government’s firm commitment to creating a more transparent, accountable, and growth-oriented economy.
The road to a $1 trillion economy is now firmly anchored in governance excellence, which will be critical for Nigeria’s future prosperity.