Shettima says weak governance threatens $1 trillion economy target

Vice President Shettima declared that Nigeria cannot achieve its $1 trillion economy target on a foundation of weak governance or regulatory laxity.

Vice President Kashim Shettima declared that Nigeria cannot achieve its $1 trillion economy target on a foundation of weak governance or regulatory laxity. Speaking at the National Corporate Governance Summit in Lagos, Shettima emphasised that flawless corporate governance across public and private sectors is non-negotiable to sustain the nation’s economic ambitions and attract strategic partnerships.

Shettima’s comments reflect the government’s recognition that governance is key to economic transformation. The $1 trillion economy target is ambitious, and achieving it will require significant improvements in governance, transparency and accountability. The Vice President’s emphasis on flawless corporate governance is a recognition that the private sector must also play its part.

This echoes the 2010s economic transformation agenda, which also emphasised the importance of governance. The mechanism then was different, but the result was the same: a government recognising that governance is key to economic success.

The winners: the Nigerian economy, which benefits from improved governance; and the Nigerian public, which gains from increased accountability. The losers: the corrupt officials and businesses that profit from weak governance; and the Nigerian government, which must implement the reforms.

Bottom Line: Shettima says Nigeria cannot achieve a $1 trillion economy without flawless governance. The ambition is right. The question is whether the government will practice what it preaches.