WorldStage– The Chartered Institute of Directors (CIoD) Nigeria has urged coordinated reforms to strengthen governance, improve institutions and enhance Nigeria’s global competitiveness.
The institute made the call on Tuesday in Lagos while presenting its inaugural biannual Governance Health Check of the Nation report.
The report is titled, “Tracking Governance, Strengthening Institutions and Enhancing Competitiveness.”
CIoD President, Mr Adetunji Oyebanji, described the report as a comprehensive assessment of governance trends, board effectiveness, regulatory developments, risk exposures and institutional resilience.
Oyebanji said governance had become a strategic imperative amid technological disruption, sustainability expectations and evolving regulatory requirements.
He said recent legislative and regulatory reforms offered opportunities to deepen transparency, accountability and responsible leadership.
According to him, the Investments and Securities Act 2025 has strengthened Nigeria’s regulatory landscape, but stronger compliance is required to maximise its benefits.
Oyebanji expressed confidence that implementing the report’s recommendations would strengthen institutions, restore investor confidence and improve competitiveness.
He said the institute would publish the Governance Health Check every six months to monitor progress and identify emerging governance issues.
Presenting the report, Dr Adeola Agbato, CIoD Director of Advocacy and Stakeholder Engagement, said it contained recommendations for improving governance across public and private institutions.
Agbato said the assessment covered eight governance dimensions and identified 10 key findings requiring urgent attention.
She said the report drew on 81 verified research sources covering January to June 2026.
According to her, governance performance data, compliance metrics, institutional case studies and cross-sectoral analysis also informed the assessment.
Agbato identified AI governance, board effectiveness, internal controls, cybersecurity, succession planning, sustainability reporting and public sector governance as priority areas.
She said AI governance had become one of the most challenging responsibilities for boards globally.
She said stronger board oversight of AI, cybersecurity governance, succession planning and Environmental, Social and Governance principles would improve institutional resilience.
Agbato said Nigeria’s evolving regulatory framework offered opportunities to improve institutional performance through stronger compliance, coordinated regulation and accountability.
She urged boards to establish AI governance frameworks and strengthen internal control systems.
She also recommended institutionalising succession planning and adopting outcomes-based governance focused on long-term value creation.
Agbato urged organisations to strengthen cybersecurity governance, improve board evaluations and integrate ESG principles into business strategy.
She also called for stronger internal data systems to support sustainability reporting.
The governance expert urged policymakers to fast-track the Nigerian Public Sector Governance Code and strengthen regulatory coordination.
She also called for reforms promoting transparency, accountability and effective oversight across public institutions.
Agbato urged development partners and investors to support governance capacity building, board development and institutional reforms.
According to her, Nigeria’s governance framework is structurally sound, but enforcement remains uneven.
She said stronger governance execution was essential for building resilient institutions and improving national competitiveness.
CIoD Director-General, Dr Taiwo Nolas-Alausa, described good governance as the foundation for resilient institutions and sustainable economic growth.
Nolas-Alausa said the report would provide evidence-based insights to support policymaking and strengthen governance practices.
He said collaboration among government, regulators, businesses, investors and civil society remained critical for translating governance frameworks into measurable outcomes.
“This report is neither an indictment nor a scorecard. It is a mirror that reflects where we stand today and a roadmap to where we must go,” he said.
