Society for Corporate Governance Nigeria (SCGN) has called on regulators, businesses and other stakeholders to improve governance standards across the country’s key sectors.....KINDLY READ THE FULL STORY HERE▶

The group said strong corporate governance is critical for economic growth, investor confidence and long-term sustainability.

In a statement on Thursday, SCGN emphasized that many sectors in Nigeria still face challenges with transparency, accountability and ethical practices. The group said regulators and institutions must take active steps to enforce rules and create an environment where good governance becomes the norm.

“Strong governance builds trust in the system. Without it, investment and progress are threatened,” the group said.

Call for Collaboration

SCGN urged regulators, private institutions and ecosystem players to work together to design practical solutions. The group said such cooperation is necessary to prevent corporate failures, financial crimes and unethical practices that often damage public confidence.

The society explained that better governance should not only be seen as compliance but as a tool for stronger performance and resilience.

“Governance is about creating systems that protect stakeholders, guide decision-making and ensure fair practices. It is not just about ticking boxes,” SCGN noted.

Importance for Economy

Experts say Nigeria’s economy has been weighed down by weak institutions, poor corporate ethics and corruption scandals that have shaken both local and international investors. Stronger corporate governance, they argue, would help rebuild trust and attract fresh investments needed to grow businesses and create jobs.

According to SCGN, countries with robust governance frameworks tend to perform better in the global economy. Investors, lenders and partners are more willing to engage when they know rules are respected and enforced.

“Nigeria cannot afford to be left behind. Raising governance standards is no longer optional, it is a necessity,” the society said.

Ongoing Challenges

Despite reforms in banking, energy, and other industries, Nigeria still struggles with issues of weak oversight, insider dealings and lack of transparency. Corporate failures in recent years have shown how poor governance can harm entire industries and put thousands of jobs at risk.

Analysts say regulators often face capacity problems and sometimes lack the independence or resources to act effectively. Businesses, on the other hand, may focus more on short-term profit than long-term stability.

SCGN believes stronger partnerships between regulators, boards, and civil society can help address these challenges.

Building a Culture of Governance

The group also called for training and awareness programs to build a culture where ethical practices and accountability are valued. It said education at all levels — from boardrooms to business schools — is vital to make governance a natural part of Nigeria’s economic life.

“Corporate governance is not only about laws and regulations. It is about values, culture, and the will to do what is right even when no one is watching,” SCGN stated.

Wider Impact

Good governance has impact beyond companies, the group noted. It helps protect consumers, secures jobs, strengthens markets and contributes to national development. SCGN said when companies follow ethical practices, society as a whole benefits.

Industry leaders have echoed this view, saying governance reforms are necessary for Nigeria to compete globally. They argue that stronger governance standards will not only attract investors but also reduce corruption and improve efficiency across the economy.

SCGN said it will continue to engage with regulators, businesses and policymakers to push for reforms. The group plans to host more forums, training sessions and policy discussions aimed at embedding governance principles in Nigeria’s economic system.

“We will keep driving this conversation until corporate governance becomes a way of life in every sector,” the society pledged.

As Nigeria works to recover from economic slowdowns, high inflation and global uncertainties, experts agree that governance could be the missing link in achieving stability and growth.

For many, the call from the Society for Corporate Governance is not just advice but a warning: without stronger governance, Nigeria’s long-term economic ambitions could remain out of reach.