The Coordinating Minister of the Economy Mr. Wale Edun has spotlighted corporate governance as a key lever in President Tinubu’s push to build a $1 trillion economy, urging state-owned enterprises to meet global standards of transparency, ethics, and performance.
The Minister described the newly launched MOFI Scorecard as a benchmark, aimed at boosting investor confidence and unlocking long-term value in public institutions.
Speaking at the Ministry of Finance Incorporated (MOFI) Corporate Governance Forum in Abuja, the Minister described the newly launched MOFI Scorecard as a benchmark for institutional health, designed to position state-owned enterprises (SOEs) for investment, growth, and long-term value creation. Edun stated that, “This scorecard is not just a document, it’s a test, “adding that “Strong governance attracts capital, builds trust, and delivers real economic returns.”
The two-day forum, titled “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” convened CEOs, regulators, and development partners to explore how stronger governance can unlock the value of Nigeria’s public assets. Highlighting institutions like NNPC Ltd, Mr. Wale Edun stressed the need for state-owned enterprises to be investor-ready, as the government shifts its focus from debt-financed budgets to growth driven by equity.
He also highlighted encouraging macroeconomic trends, including declining food and fuel prices, as early signs of a stabilizing economy. MOFI Chairman Dr. Shamsudeen Usman emphasized that the scorecard will be implemented through independent assessments, including for MOFI itself. “We are not asking others to do what we haven’t already done,” he noted.
The MOFI CEO, Dr. Armstrong Takang, outlined a rollout that includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards. Supported by the World Bank, the initiative represents a shift in Nigeria’s approach to managing public wealth, placing governance at the heart of economic growth, resilience, and investor trust.
Mohammed Manga, Director, Information and Public Relations stated that the launch of the governance scorecard reflects the Federal Government’s strong commitment to economic transformation. He emphasized that moving forward, transparency, accountability, and growth will be the core principles guiding state-owned enterprises.
