FG Unveils Governance Scorecard to Accelerate $1tn Economy Vision

FG Unveils Governance Scorecard to Accelerate $1tn Economy Vision

JOEL OLADELE, Abuja

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun has spotlighted corporate governance as a key lever in President Bola Ahmed Tinubu’s push to build a $1 trillion economy, urging state-owned enterprises (SOEs) to meet global standards of transparency, ethics, and performance.

Speaking at the MOFI Corporate Governance Forum in Abuja on Monday, the Honourable Minister described the newly introduced MOFI Scorecard as a vital benchmark for institutional health—designed to position SOEs for investment, growth, and long-term value creation.

“This scorecard is not just a document—it’s a test. Strong governance attracts capital, builds trust, and delivers real economic returns,” Edun said.

The two-day forum, themed “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.

Referencing entities like NNPC Ltd, Edun noted that SOEs must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth. He also pointed to positive macro signals and falling food and fuel prices—as early signs of a stabilising economy.

MOFI Chairman, Dr. Shamsudeen Usman confirmed that the scorecard will be enforced through independent assessments, including MOFI itself.

“We are not asking others to do what we haven’t already done,” he said.

MOFI CEO, Dr. Armstrong Takang, outlined a rollout that includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards.

Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth—with governance now central to growth, resilience, and investor confidence.

The introduction of the governance scorecard is a testament to the Federal Government’s commitment to transforming Nigeria’s economy. As the country moves forward, one thing is clear: transparency, accountability, and growth will be the guiding principles for the SOEs.