Nigerian economic and corporate governance advocacy

Lagos State Governor Babajide Sanwo-Olu and various economic organizations have been advocating for structural improvements to Nigeria’s business and financial sectors.

During the 60th anniversary and 50th annual conference of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), themed ‘Balancing Profit and Purpose: Advancing Sustainable Business Practices in Emerging Economies,’ leaders emphasized the importance of ethical leadership, accountability, and sustainable practices. Speakers noted these practices are essential to supporting Nigeria’s goal of reaching a one-trillion-dollar economy by 2030. At the event, ICSAN President Uto Ukpanah announced that a Senate bill to rename the institute the Chartered Governance Institute of Nigeria has passed its second reading. Former Nigerian Exchange Group chief executive Oscar Onyema added that aligning commercial success with long-term stakeholder interests can bolster public confidence.

Following these discussions, Governor Sanwo-Olu met with the Chartered Institute of Stockbrokers (CIS) to urge increased market participation and improved financial literacy. The Governor noted that many Nigerians remain unaware of investment opportunities for wealth creation and expressed support for the CIS’s efforts to establish a N5 billion endowment fund for professional training and capacity development. He also congratulated Dr. Fiona Ahimie on her appointment as the first female president of the CIS.

Concurrently, the CIS and the Association of Securities Dealing Houses of Nigeria (ASHON) have highlighted regulatory milestones, such as the transition to a T+1 settlement cycle and the launch of the Nigerian Capital Market Master Plan 2.0, in pursuit of a N750 trillion market-capitalization target.