FRC, MOFI reveal how Nigeria can achieve $1tr economy

The Financial Reporting Council (FRC) and the Ministry of Finance Incorporated (MOFI) identified how President Bola Tinubu can achieve its $1 trillion economic projection.
They identified corporate governance in both public and private institutions as a catalyst to achieving this goal.
Consequently, FRC and MOFI unveiled the draft code of corporate governance for the public sector which provides rules on how board members and directors should approach governance in their respective organisations.
The draft was unveiled at a press briefing held in Lagos State on Monday ahead of the upcoming national corporate governance summit to be held by FRC in conjunction with MOFI and the Institute of Directors Centre for Corporate Governance (IoDCCG).
The summit, expected to be held later this month, is themed,
“Institutionalising Corporate Governance for National Transformation: The Imperative for Public Private Sector Collaboration.”
The FRC said the summit would highlight the significance of fostering partnerships between government entities and private businesses to drive sustainable development, enhance service delivery, and promote economic growth.
In his address at the briefing, Urum Eke, the chairman of IoDCCG, said the importance of imbibing corporate governance in both public and private institutions to act as a catalyst to achieving the $1 trillion economy cannot be over-emphasized.
He said: “For us, we are looking at an issue of $1 trillion, and one of those things that will enable it is the right corporate governance.
“As we begin to entrench the right corporate governance, then we’re going to enhance shareholder value because it has been proven, that has a direct positive connotation, between corporate governance and corporate performance.
“If you look at corporate failures, whereas on account of technical insolvency, you have to put corporate governance at the centre to understand why the business crashed.”
On his part, FRC’s chief executive officer, Rabiu Olowo, said the theme of the summit was apt because of the importance of the public sector.
“It is high time that corporate governance also looks into the public space.
He said: “We have enjoyed the success of corporate governance in the private sector and that’s why the summit will expose to the public the work that the financial reporting council is doing to come up with a code of corporate governance for public institutions.
“The summit is designed to be a distinguished and impressive gathering of minds examining changes, trends, challenges, and best practices in corporate governance in Nigeria with a focus on the impact on national transformation.
“It serves as a premier platform that assembles practitioners, industry leaders, experts, and professionals to discuss critical issues that shape the governance landscape in public and private organizations while offering unmatched networking opportunities that promote knowledge exchange, brand recognition, and collaboration.”
By: Babajide Okeowo
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