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

The Financial Reporting Council (FRC) and the Ministry of Finance (MOFI) identify how President Bola Tinubu can achieve his $1 trillion economic projection.

They identified corporate governance in public and private institutions as a catalyst for achieving this goal.

Therefore, the FRC and MOFI launched a draft corporate governance code for the public sector that provides rules on how board members and directors should implement governance in their respective organizations.

The draft was launched at a press conference held in Lagos State on Monday ahead of a national corporate governance summit to be hosted by the FRC in collaboration with MOFI and the Institute of Directors Centre for Corporate Governance (IoDCCG).

The summit, which is expected to be held later this month, will have the theme,
“Institutionalizing Corporate Governance for National Transformation: The Imperative of Public-Private Sector Collaboration.”

The FRC said the summit would highlight the importance of fostering partnerships between government agencies and private businesses to drive sustainable development, improve service delivery and stimulate economic growth.

In his remarks at the briefing, Urum Eke, chair of the IoDCCG, said the importance of embedding corporate governance in public and private institutions to act as a catalyst in achieving a $1 trillion economy cannot be overemphasized.

He said: “For us, we are dealing with a $1 trillion problem, and one of the things that will enable that is proper corporate governance.

“When we start implementing proper corporate governance, then we will increase shareholder value because it has been proven, it has a direct positive connotation between corporate governance and company performance.

“If you look at corporate failure, whether it is due to technical insolvency, you have to put corporate governance at the centre to understand why the business failed.”

Meanwhile, FRC chief executive Rabiu Olowo said the summit’s theme was apt because of the importance of the public sector.

“It is time for corporate governance to also pay attention to public spaces.

He said: “We have enjoyed success in corporate governance in the private sector and that is why this summit will present to the public the work being done by the financial reporting council to produce a code of corporate governance for public institutions.

“The Summit is designed to be an impressive gathering of leading thinkers examining changes, trends, challenges and best practices in corporate governance in Nigeria with a focus on their impact on national transformation.

“Serves as the premier platform that brings together practitioners, industry leaders, experts and professionals to discuss critical issues shaping the governance landscape in public and private organizations while offering unparalleled networking opportunities that foster knowledge exchange, brand awareness and collaboration.”

By: Babajide Okeowo

FRC, MOFI reveal how Nigeria can achieve $1 trillion economy first appeared on Latest Nigeria News | Top Stories from Ripples Nigeria.