The Coordinating Minister of the Economy, Wale Edun, has called on state-owned businesses (SOEs) to conform to global standards of performance, ethics, and transparency, underscoring the crucial role corporate governance plays in President Tinubu’s plan to create a $1 trillion economy.
Speaking at the MOFI Corporate Governance Forum in Abuja on Monday, the 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,” Edun said.
“Strong governance attracts capital, builds trust, and delivers real economic returns,” he stressed.
The two-day forum, themed “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” brought together CEOs, regulators, and development partners to explore how improved oversight can unlock the potential of Nigeria’s public assets.
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, Shamsudeen Usman confirmed the scorecard will be enforced through independent assessments, including for MOFI itself.
“We’re not asking others to do what we haven’t already done,” he said.
MOFI CEO 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.
