generate employment, revitalize the sector and position it for 21st century
challenges. 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
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