lenges. It is also expected that the ministry will hasten the convergence of
all IT related agencies in Nigeria for a much faster ICT policy implementation.
Development of a new Code of Corporate Governance that is more encompassing and more comprehensive. In the quest to improve Nigeria’s
corporate governance system and ensure the highest standards of transparency, accountability, responsibility, integrity, fairness, efficiency and
effectiveness, the government, through its agencies, designed a new code
for promoting good corporate governance practices in Nigeria. The code
was published in April, 2011, in line with international best practices, and
is expected to address all the issues in corporate governance not addressed by the 2003 code of the Securities and Exchange Commission.
Commissioning of a Committee for the Restructuring and Streamlining
of Federal Parastatals and Agencies in September, 2011. Headed by a
former Head of the Civil Service of the Federation, the Committee was
commissioned to harmonize over 400 existing Federal Government Agencies and Parastatals. The purpose is to streamline their activities, regulations and supervision; reduce overlap and conflict in schedules, as well as
insufficiency in the delineation of roles. The Committee has completed
the assignment and government is studying the report.
Power Sector Reforms: Appointment of skilled technocrats to the Ministry of Power is designed to resolve the perennial problem of power outage. The main objective is to enhance and facilitate the ongoing reforms
in the sector, aimed at increasing efficiency in power generation, transmission and distribution. It is expected that the country’s generation capacity of electricity will increase from the present 4500 Mega watts to 10,
000 Mega watts (MW) by the end of the first quarter of 2012. Further reorganization is still going on under the power sector reforms in order to
deregulate the sector and stimulate private sector investment in electricity generation. Power challenges have for years been a strong impediment
to the realization of economic objectives in Nigeria, particularly in the
manufacturing sector.
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