The Effect of Regulatory Dualism in Addressing Corporate Governance Challenges & Reforms in Nigeria

Abstract

Developing countries require strong capital market to position the country for economic growth and development. With a strong capital market, arises the need to strengthen corporate governance standards. Corporate governance reforms are however difficult to implement because of weak institutions and economic agents that favour the status quo. How are developing countries faced with this dilemma, able to develop their capital market? This paper examines the model of regulatory dualism in Brazil and South Africa to determine whether corporate governance reforms can be achieved through regulatory dualism in Nigeria. The finding shows that corruption and political instability deters private actors from investing in governance reforms.