NCG Summit: Shettima Seeks Stronger Public-Private Partnership to Accelerate Nigeria’s Economy

Ayodeji Ake

Vice President Kashim Shettima has declared that Nigeria’s ambition of building a $1 trillion economy will only be realised through the implementation of sound governance across both the public and private sectors.

Represented by the Special Adviser to the President on Economic Affairs, Dr. Tope Kolade, the Vice President made the assertion at the 2026 National Corporate Governance Summit, themed “Implementing Good Governance for Economic Acceleration: Consolidating Public/Private Sector Partnership,” organised by the Institute of Directors Centre for Corporate Governance (IoDCCG) in collaboration with the Financial Reporting Council of Nigeria (FRC), the Ministry of Finance Incorporated (MOFI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), held recently in Lagos

Addressing government officials, regulators, board chairmen, corporate executives and governance experts, Shettima said the Tinubu administration had already embarked on sweeping reforms, including foreign exchange liberalisation, tax reforms and fuel subsidy removal, stressing that sustainable economic growth would only come when governance standards improve across every sector.

“This government is big on reforms. Whether you’re talking about foreign exchange, tax reform or subsidy reform, so many reforms are already ongoing. But the upshot of today’s discussion is that public sector reforms must also meet private sector reforms. Good governance on both sides, from the public and the corporate side, is what will take Nigeria forward,” Kolade said on behalf of the Vice President.

He noted that beyond macroeconomic reforms, the government has rolled out industrial and investment policies while pursuing reforms in the power sector to create a more competitive economy.

Rather than focusing on short-term economic targets, the Vice President urged Nigerians to embrace innovation and adapt to emerging global realities, particularly the rapid evolution of artificial intelligence and changing labour markets.

“The world is changing. Artificial intelligence is transforming industries, and Nigerians must begin to think differently and prepare for the future,” he said.

On transparency and investor confidence, Shettima said increased public scrutiny and ongoing anti-corruption efforts would strengthen accountability and improve Nigeria’s investment climate.

He, however, challenged the nation’s continued emphasis on attracting foreign investors, insisting that domestic investment deserves equal attention.

“We tend to over-focus on foreign investors. What about domestic investment? Nigerians are investing massively across the country. We should encourage our people to reinvest their wealth here because the returns on investment in Nigeria remain among the best anywhere in the world,” he added.

The Vice President also emphasised that Nigeria must move beyond exporting primary commodities by embracing industrialisation and greater economic complexity, while encouraging young Nigerians to leverage innovation and technology to drive future growth.

Chairman of the summit, Kyari Abba Bukar, said good corporate governance remains the strongest safeguard against institutional failure, warning that many Nigerian businesses collapse after the death of their founders because governance structures were never institutionalised.

“It is very difficult to build institutions but very easy to destroy them. One of the biggest threats to institutions is executive malfeasance, but strong corporate governance provides the checks that ensure sustainability and enable organisations to outlive their founders,” Bukar said.

According to him, governance reforms must be anchored on institutions rather than personalities if they are to survive political transitions and leadership changes.

“If you want companies to outlive you as an entrepreneur or founder, corporate governance must become part of the organisation’s DNA. It should never be about personalities but about building enduring institutions,” he stated.

Delivering the keynote address, Chairman of Nigerian Breweries Plc, Mrs. Juliet Anammah, argued that Nigeria should pursue “economic rebirth” rather than merely economic growth.

She said achieving upper-middle-income status would require a deliberate transition from isolated industries to full-scale industrialisation driven by stable governance.

“We need strong governance that survives many decades. Economic rebirth means moving Nigeria from a lower-middle-income country to an upper-middle-income economy, and that can only happen through industrialisation supported by effective governance,” she said.

Anammah stressed that government and the private sector have complementary responsibilities, with government providing public goods such as infrastructure, education and technical skills, while businesses drive innovation, investment and productivity.

On artificial intelligence, she advised corporate boards to adopt AI strategically to improve productivity and operational efficiency rather than viewing it as a disruptive threat.

“The question organisations should ask is where AI can help improve productivity and efficiency. Every organisation will have different opportunities depending on its business,” she noted.

Chief Host of the summit and Chairman of the Board of Governors of the IoD Centre for Corporate Governance, Mr. U.K. Eke, said this year’s summit deliberately shifted the national conversation from discussing governance principles to implementing them.

“We have spent enough time identifying governance challenges. The next step is implementation. Around the world, sustainable economic growth is driven by institutionalising corporate governance across both public and private organisations,” he said.

Eke disclosed that participants at the summit were expected to develop a common implementation framework that would ensure policy continuity, stronger regulatory enforcement and measurable governance outcomes.

He also stressed the need to recruit competent individuals into leadership positions based on merit rather than political considerations.

“If Nigeria truly wants to build a one-trillion-dollar economy, we must put the right people in the right positions. We must eliminate bias, embrace diversity and recruit leaders based on competence. Best-performing institutions across the world are built by the best people, not necessarily by their owners,” he said.

According to him, the partnership between the IoD Centre for Corporate Governance, FRC, MOFI and ICSAN would ensure that recommendations from the summit translate into measurable reforms through improved reporting standards, stronger board oversight, policy consistency and effective consequence management.

Participants agreed that embedding transparency, accountability, ethical leadership and institutional continuity across government agencies and corporate organisations would be critical to accelerating Nigeria’s economic transformation and building investor confidence.

The summit concluded with renewed calls for stronger collaboration between government, regulators, boards, investors and civil society to ensure that good governance becomes the foundation for sustainable national development.