Dr. Armstrong pointed out key examples of underperforming state-owned enterprises, such as the Nigerian National Petroleum Corporation (NNPC), Bank of Agriculture, and the Federal Mortgage Bank.
Corporate governance must be prioritizedArmstrong stressed that poor governance across state-owned enterprises has been a critical barrier to Nigeria’s development.
“Look at China’s state-owned enterprises; they are government-run but extremely successful at driving industrialization and economic growth.
He also issued a stern warning on the repercussions of continued mismanagement: “If we do not hold these enterprises accountable, Nigeria’s future prosperity will be at risk.”He concluded by highlighting the urgency of reforming Nigeria’s state-owned enterprises.
Poor governance is keeping us from realizing our potential, but with the right reforms, we can turn the tide,” he said...
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