FG Strengthens MOFI to Unlock Dormant Public Assets, Attract Private Capital
By Patience Ikpeme
The Federal Government has identified key conditions necessary to boost the performance of public assets, stimulate investment inflows, and positively impact the national economy, with the strengthening of the Ministry of Finance Incorporated (MOFI) at the core of the strategy.
Senator George Akume, Secretary to the Government of the Federation (SGF), speaking at the 31st Nigerian Economic Summit interactive session on Public Asset Management, revealed that the underperformance of public assets can be successfully navigated through specific measures.
Akume, represented by Mr. Olusegun Adekunle, a retired Permanent Secretary, stated that the necessary conditions include: strong policies that stimulate private capital inflows, good governance practices, asset management practices that limit value extraction, and broad institutional coherence backed by formidable legal and regulatory frameworks.
“These conditions will soar performance of public assets, stimulate investment inflows, bring about high positive impact on the economy,” Akume’s representative stated.
The SGF noted that Nigeria is highly endowed with public assets, including land, infrastructure, state-owned enterprises, and strategic institutions, but many remain under-explored. He said President Bola Ahmed Tinubu’s administration recognizes the potential and has taken bold measures to close existing gaps.
“The boldest manifestation is the strengthening of the Ministry of Finance Incorporated (MOFI) which signifies combined institutional, legal and regulatory reforms. MOFI is responsible for managing and optimising the government’s portfolio of assets, including investment, estates and rights to grow national wealth and prosperity,” he explained.
He added that this move aims to build a central institution for public assets management, unlock significant non-tax revenues, strengthen fiscal sustainability, and attract private capital to close the country’s huge infrastructure gap. “All these invariably translate into jobs, growth, and improved quality of life for citizens,” the SGF’s representative added.
In a separate contribution, Kyari Bukar, Chairman of the Ernest Shonekun Centre for Legislative Reform and Economic Development, argued that the private sector is best equipped to manage assets for value creation.
“Managing an asset literally means running it so that value is created or value is produced out of those assets. Now, the proper entities that are very good at doing those are private sector. I’m not saying that the government should shirk all responsibility,” Bukar said.
He emphasized the need for a harmonized view of all federal assets, noting that many have been dormant or “basically dead.” He called for strategic restructuring, including Public-Private Partnerships (PPP), long-term leases, or outright sales, to generate value from these assets.
Bukar pointed to the Nigerian Liquefied Natural Gas (NLNG) model as a success story where government and private sector collaboration delivers results.
“For example, NLNG is an entity where the federal government owns 49% and private sector owns 51%. But because of the nature of the corporate governance that it has, it’s been one of the most successful entities that pays the Nigerian government not only taxes, but also pays Nigeria huge amounts of dividends every year.”
He concluded that involving private investment is a “win-win situation” that brings dormant assets to life, thereby creating multiple benefits for the government.
“Once an asset is a producing asset, it becomes an entity. And especially if it is privately owned, then it becomes an entity that by itself must be paying taxes, etc. So the benefits are going to be multiple in nature,” he said.
Both speakers agreed that the NESG dialogue is critical for building consensus among the legislature, judiciary, private sector, and development partners to translate legislative reforms into actionable frameworks.
