During the Chartered Institute of Directors Nigeria (CIoD) Annual Directors Conference in Abuja, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighted President Bola Tinubu’s empathetic stance and dedication to minimizing the hardships arising from economic reforms for Nigerians. Edun assured that these reforms, despite their necessity, would take time before their benefits become tangible.
The conference, themed “Driving Nigeria’s Economic Transformation and Diversification: The Role of Corporate Governance,” served as a platform for discussing the crucial role of corporate governance in Nigeria’s economic development. Edun emphasised the diversification of the Nigerian economy and the imperative to augment foreign revenue sources to attain a positive trade balance and stabilise the currency.
“The agenda is to establish a stable economy surpassing population growth, maintaining low inflation, and securing stable foreign exchange rates to foster investments in productive sectors,” Edun outlined. He reiterated President Tinubu’s dedication to this cause and emphasised the ongoing efforts towards establishing a robust economy and fostering trust in investment opportunities.
Dr. Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, echoed the significance of ethical corporate governance as a cornerstone for diversification and economic advancement. She revealed the administration’s plans to create a robust monitoring and evaluation framework across government agencies to propel economic growth.
Dr. Ernest Ndukwe, Chairman of MTN Nigeria Communications Plc, emphasised the pivotal role of corporate governance in shaping both businesses and government. He stressed the urgent need for decisive action to transition from mere rhetoric on economic diversification to substantial actions, emphasising sectors like agriculture, manufacturing, technology, and services where Nigeria holds competitive advantages.
Ndukwe advocated for inclusive recruitment practices and investments in continuous learning to harness the potential of Nigeria’s youthful population, fostering innovation, economic resilience, and global competitiveness for a prosperous future.