Wale Edun, minister of finance and coordinating minister of the economy, says the benefits of the economic reforms by President Bola Tinubu will not materialise immediately.
Edun said this at the virtual 2023 annual directors' conference of the Chartered Institute of Directors (CloD) Nigeria on Thursday, according to a NAN report.
Since his administration began in May, Tinubu has conducted some economic reforms, which includes removing subsidy from petrol.
Tinubu also attempted to unify the official and parallel markets' exchange rates, as the Central Bank of Nigeria (CBN) collapsed the multiple official market rates to the investors and exporters (I&E) window and adopted the 'willing buyer, willing seller' model.
The removal of subsidy on premium motor spirit (PMS) has led to an increase in the cost of petrol, while the naira has devalued significantly against the dollar in the official and parallel markets.
Edun said the economic reforms were necessary and its benefits will take some time to materialise.
He said Tinubu is working on providing a stable economy and foreign exchange to enable investments in the country.
According to the minister, the source of foreign revenue was not fully diversified even though the Nigerian economy was already diversified.
"The agenda is to provide first and foremost a stable economy, growing more than population growth, with low inflation, stable foreign exchange to enable investments in productive activities," he said.
"This is what the president is working on and we are a work in progress and we look forward to the task at hand.
"The big price is to make ourselves a formidable economy, our institutions a corporate governance place so that those interested in investing can have trust in their investment.
"The loD has a major role to play in championing corporate governance so we have a clean lead corporate sector which the world can come and partner for growth and progress."
On her part, Doris Uzoka-Anite, minister of industry, trade and investment, said ethical corporate governance was a critical building block of diversification and economic transformation.
She said the Tinubu-led administration was working on developing a robust monitoring and evaluation framework across all ministries, departments and agencies to facilitate economic development.
"This is a call to action for us all to play our parts in driving economic growth and stability via good corporate governance," she said.
"It is established that countries with well functional corporate governance framework experience more growth rate.
"Nigeria is blessed with abundant natural resources but continue to face significant challenges in realising economic development.
Uzoka-Anite said this is where the role of corporate governance comes in, adding that the CloD has a vital role to play in this regard.
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