The CEO of Nigeria’s Ministry of Finance Incorporated (MOFI), Dr. Taikang Armstrong, has called for urgent reforms in the corporate governance of state-owned enterprises (SOEs), stressing that their poor management is stalling the country’s economic progress.
Speaking at the 2024 Annual Corporate Governance Conference, Dr. Armstrong emphasised the need for accountability and strategic investments to revive these critical entities, highlighting that Nigeria’s wealth is being wasted rather than invested in long-term growth.
Dr. Armstrong pointed out key examples of underperforming state-owned enterprises, such as the Nigerian National Petroleum Company (NNPC), the Bank of Agriculture and the Federal Mortgage Bank.
He said: “These enterprises were created to drive key sectors like energy, housing, and agriculture, unfortunately, their poor performance, driven by weak governance, has stunted Nigeria’s development.”
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He called for laws that would ensure that a portion of the country’s revenues from assets like oil are reinvested in projects that generate long-term returns. “There is no law that says for every asset you sell; a certain percentage must be reinvested. I hope you know that,” he remarked, calling attention to the current lack of accountability.
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