FG plans governance codes for NGOs, public sector

Minister of Industry, Trade and Investment, Adeniyi Adebayo

The Federal Government has finalized plans to unveil codes of corporate governance for the public sector and non‑governmental organizations. According to a statement signed by ministry spokesperson Adebayo Thomas on Friday, the Ministry of Industry, Trade and Investment said the initiatives will boost public trust and investor confidence in the Nigerian economy. The government intends to introduce the Nigerian Public Sector Governance Code and the Nigerian Not‑For‑Profit Governance Code.

Speaking at the twin inauguration of the technical working groups, Minister Niyi Adebayo stated that the regulations will set higher standards of good governance and ethical practices in the public sector, enhance public accountability for donor interventions, and ensure the sustainability of not‑for‑profit entities. He added that the code will further promote accountability of government resources and the sustainability of government‑owned entities. “Good governance and ethical practices must be enshrined in all sectors and operating environments in the Nigerian economic space,” he said. “There is a general notion of insufficient regulation on the organisational and operating structure of various not‑for‑profit organisations in Nigeria. Having successfully issued the Private Sector Governance Code, the Nigerian Code of Corporate Governance (NCCG) 2018, and now set to issue a Public Governance Code, the council deemed it necessary to concurrently develop one for not‑for‑profit organisations.”

The technical working group (TWG) for the public sector governance code is chaired by former Head of the Civil Service of the Federation, Danladi Kifasi. The committee developing the Not‑For‑Profit Governance Code is headed by former Director General of the Bureau of Public Service Reforms, Dr. Joe Abah.

At the inaugurations, Shuaibu Ahmed, Executive Secretary of the Financial Reporting Council, emphasized that developing a code for public sector governance is critical to Nigeria’s economic success because of its strategic role in business facilitation. He explained that establishing clear standards for management practices and decision‑making processes will improve efficiency and effectiveness in public sector organisations, thereby contributing meaningfully to Nigeria’s economic growth. “As the regulator of businesses in the economy, it is imperative that the public sector is well governed itself, which aligns with the belief of the Financial Reporting Council.”