Walter Ukaegbu, Abuja
Vice President Yemi Osinbajo, has said the Code of Corporate Governmence (CCG), would promote corporate success and economic growth, lower cost of capital and help minimise wastage, corruption and mismanagement.
This is even as Minister for Industry, Trade and Investment, Dr. Okechukwu Enelamah, lamented that global financial crisis exposed significant shortcoming in the corporate governance of companies.
The Vice President and the Minister made these remarks yesterday at the unveiling of Nigerian Code of Corporate Governance in Abuja.
Osinbajo disclosed that the code would play a unique role in enthroning higher standards of corporate governance and ethical practices in the business environment and help rebuild public trust and investor confidence in the Nigerian economy.
For his part, Enelamah stated that corporate governance defines quality of the market, adding that good governance instills investor confidence and instigates rapid growth in corporate markets. According to him, the investment decision taken by local and international investors is stimulated by good corporate governance.
He said that as corporations compete to attract capital from international markets, investors assess the companies using numerous factors such as sustainable track records and use of good corporate governance principles.
The minister advised Nigerians to adhere to good corporate governmence practices and standards to gain competitive edge required to survive in competitive and dynamic markets.