Minister of State for Industry, Trade and Investment, John Enoh, has warned that Nigeria cannot attract long-term investors or build globally competitive industries without strong institutions, credible governance and responsible leadership.
Enoh gave the warning on Thursday in Abuja at the 11th Executive Committee Investiture Ceremony of the Abuja Zone of the Chartered Institute of Directors Nigeria, where Rose Eshiett was inaugurated as chairman of the zone.
Speaking at the event, the minister said good governance remains the backbone of industrial growth, investment attraction and economic prosperity.
According to him, no country can build world-class industries or attract patient investors without transparent institutions, accountable leadership and disciplined management structures.
“No nation can build globally competitive industries without strong institutions. No economy can attract patient capital without credible governance. No enterprise can endure without sound boards, disciplined management, transparent reporting and responsible leadership,” Enoh declared.
He stressed that as Nigeria pursues economic transformation and private sector-led growth, the quality of leadership in both public and private institutions will determine the country’s success.
“Good governance is not an abstract ideal. It is the foundation upon which enduring institutions are built. It is the discipline that turns ambition into performance, enterprise into legacy and leadership into public trust,” he added.
Enoh noted that the future of Nigeria would depend largely on decisions taken in boardrooms and the commitment of corporate leaders to transparency, accountability and ethical conduct.
He explained that while the Federal Ministry of Industry, Trade and Investment is focused on productivity, value addition, competitiveness and industrial expansion, policies alone cannot deliver sustainable results without sound governance.
Also speaking, the Head of the Civil Service of the Federation, Didi Esther Walson-Jack, said strong institutions and responsible leadership are critical to national development.
She revealed that the Federal Civil Service is implementing reforms centred on professionalism, innovation, digitalisation, accountability and citizen-focused service delivery.
According to her, governance excellence is not just about procedures and meetings but about making decisions that improve the lives of Nigerians.
Walson-Jack called for stronger collaboration between the Office of the Head of Service and the Chartered Institute of Directors to provide governance and leadership training for permanent secretaries and senior civil servants.
Delivering the keynote address, Bello Rabiu, a board member of NNPC Limited, urged corporate boards to adapt to growing global challenges, including economic uncertainty, geopolitical tensions and technological disruption.
Rabiu advised directors to move beyond reviewing past performance and focus on anticipating future risks through effective planning and enterprise-wide risk management.
Representing Tony Elumelu, founder and chairman of Heirs Holdings, the Managing Director and Chief Executive Officer of Transcorp Hotels Plc, Uzo Oshogwe, said Nigeria urgently needs stronger institutions and visionary leadership to drive economic development.
She noted that businesses are now expected to do more than generate profits by creating jobs, strengthening institutions and contributing to society.
“The choice of leadership matters, especially at a time when our country requires stronger institutions, greater accountability and more visionary leadership,” Oshogwe said.
She added that strong corporate governance remains central to the African Capitalism philosophy championed by Tony Elumelu.
“Without strong governance, businesses cannot fulfil their potential as engines of development,” she stated.
Earlier, President and Chairman of the Governing Council of the Chartered Institute of Directors Nigeria, Adetunji Oyebanji, described the investiture as more than a ceremonial event.
He said the Abuja Zone occupies a strategic position because it connects governance, public policy, business leadership and national development.
“The future of Nigeria’s organisations, public and private alike, will depend significantly on the quality of governance we nurture today,” Oyebanji said.
The Royal Father of the Day and immediate past chairman of the Akwa Ibom State Traditional Rulers Council, HRM Odidem Bassey Etim Edet, also stressed the importance of governance in driving economic growth.
“Nigeria needs institutions that work. Nigeria needs leaders who inspire confidence. Nigeria needs organisations that place long-term value above short-term gains,” the monarch said.
He added: “When governance improves, investment grows. When investment grows, jobs are created. When jobs are created, families prosper. When families prosper, communities thrive.”
In her welcome address, outgoing chairman of the Abuja Zone, Mrs Nwando Chukwurah, expressed confidence in the new leadership.
Meanwhile, newly inaugurated chairman, Rose Eshiett, pledged to strengthen the institute’s role in promoting corporate governance, leadership development and policy advocacy.
She unveiled a three-point agenda focused on membership growth, strategic visibility and revenue generation.
“Together, we can deepen the culture of good governance, strengthen board effectiveness, promote ethical leadership and contribute meaningfully to national development,” Eshiett said.
She added that her administration would leverage Abuja’s strategic position to engage government institutions, regulators, development partners and the private sector through policy dialogue and governance advocacy.
