Coordinating Minister of the Economy, Wale Edun, has declared that corporate governance is a critical component in the pursuit of the Tinubu administration to achieve a $1 trillion economy.
He therefore encouraged state-owned enterprises to align with global standards for transparency, ethics, and performance.
The minister, on his official X handle on Tuesday, unveiled the corporate governance scorecard of the finance ministry, which serves as an essential benchmark for assessing institutional health.
This tool is designed to prepare state-owned enterprises for investment, growth, and sustainable value creation.
“This scorecard is more than just a document; it represents a crucial assessment. Robust governance attracts capital, fosters trust, and results in meaningful economic returns,” Edun stated.
The minister revealed that he spoke at a two-day forum with the theme: “Ensuring value creation in state-owned enterprises through better corporate governance,” held in Abuja.
The forum had in attendance chief executive officers, regulators, and development partners to explore how enhanced oversight can unlock the potential of the country’s public assets.
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Citing organizations like NNPC Limited, Edun emphasised the need for state-owned enterprises to be ready for investors, particularly as the government pivots from debt-driven budgets to strategies centered around equity-based growth.
He also pointed out encouraging macro-economic indicators, such as declining food and fuel prices, as positive signs of an emerging stabilization in the economy.
Chairman of the Ministry of Finance Incorporated, Dr. Shamsudeen Usman assured that the scorecard will undergo independent assessment, including the evaluation of the finance ministry itself.
“We are committed to leading by example and not asking others to adhere to standards we haven’t met,” he noted.
