FG launches governance scorecards to enhance $1trn economy vision
By Matthew Denis
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has underscored the importance of corporate governance as a crucial factor in President Bola Ahmed Tinubu’s ambition to build a $1 trillion economy. He urged state-owned enterprises (SOEs) to meet international standards of transparency, ethics, and performance.
A statement from Mohammed Manga, Director of Information and Public Relations, on Tuesday quoted the Minister during his address at the MOFI Corporate Governance Forum in Abuja.
Edun described the newly introduced MOFI Scorecard as a critical benchmark for the health of institutions—aimed at positioning SOEs for investment, growth, and long-term value creation.
“This scorecard is not just a document—it’s a test,” Edun remarked. He further explained that strong governance attracts capital, builds trust, and yields tangible economic returns.
The two-day forum, themed “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 potential of Nigeria’s public assets.
Referencing entities such as NNPC Ltd, Edun pointed out that SOEs must be ready for investors as the government shifts from a debt-heavy budget to one focused on equity-based growth. He also noted positive macroeconomic indicators, such as falling food and fuel prices, as early signs of an economy on the path to stabilisation.
Dr Shamsudeen Usman, Chairman of MOFI, confirmed that the scorecard would be enforced through independent assessments, including evaluations by MOFI itself.
“We are not asking others to do what we haven’t already done,” he said.
Dr Armstrong Takang, CEO of MOFI, outlined the implementation plan, which includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards.
Supported by the World Bank, the initiative signals a shift in how Nigeria manages its public wealth, with governance now at the core of the country’s growth, resilience, and investor confidence.
The introduction of the governance scorecard highlights the Federal Government’s commitment to transforming Nigeria’s economy. As the country progresses, it is clear that transparency, accountability, and growth will serve as the guiding principles for SOEs.