The Ministry of Finance Incorporated (MOFI) has launched a new governance scorecard designed to assess, monitor, enhance transparency, and build trust within Nigeria’s State-Owned Enterprises (SOEs).
Wale Edun, the minister of Finance and coordinating minister of the Economy, unveiled the initiative at the MOFI Corporate Governance Forum held in Abuja on Monday.
The two-day forum, themed “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” brought together key stakeholders, including CEOs and development partners from various sectors.
Edun noted that corporate governance is essential in achieving Nigeria’s $1trillion economy vision. He urged SOEs to align with global standards of transparency, ethics, and performance.
“This scorecard is not just a document – it’s a test. Strong governance attracts capital, builds trust, and delivers real economic returns,” he stated.
Speaking on the transformation of entities like NNPC Limited – which has transitioned from a budget-funded organization to a profit-generating company – Edun called on SOEs to prepare for investments as Nigeria shifts from debt-heavy budgets to equity-driven growth.
The initiative, supported by the World Bank, aims to improve transparency and accountability while changing how Nigeria manages its public wealth.
Dr. Armstrong Takang, CEO of MOFI, assured that various measures, such as third-party assessments and the annual MOFI Excellence Awards, are in place to ensure the effectiveness and integrity of the scorecard.
The $1 trillion economy vision, set by President Tinubu, aims to grow Nigeria’s economy to $1 trillion by 2026 and $3 trillion by the end of the decade.
This target focuses on revitalizing agriculture, supporting local manufacturing, and promoting the indigenous sourcing of raw materials.
