Nigeria’s Public Assets: Turning Gold into Growth
By Patience Ikpeme
President Bola Tinubu has put forward an ambitious plan to harness the untapped value of Nigeria’s vast public assets, aiming to create millions of jobs and double the country’s economic output.
Addressing participants at the inaugural Public Wealth Management Conference in Abuja, organized by the Ministry of Finance Incorporated (MOFI), President Tinubu, represented by Vice President Kashim Shettima, emphasized the need to maximize returns on government-owned assets worth trillions of naira.
Vice President Shettima outlined the government’s goal of raising at least $10 billion to bolster foreign exchange liquidity, crucial for stabilizing the Naira and fostering economic growth. He underscored the importance of optimal asset management and investment to unlock revenue potential, with a bold plan to double the GDP growth rate over the next eight years.
President Tinubu acknowledged past mismanagement and underutilization of the country’s assets, leading to revenue losses and hindering economic progress. However, he expressed confidence in MOFI’s restructured role as custodian and active manager of these assets, emphasizing transparency, accountability, and innovative partnerships to increase returns.
Highlighting the significance of these returns, Tinubu stressed their allocation towards essential sectors such as education, healthcare, infrastructure, and youth employment. He emphasized that the initiative aims not only at revenue generation but also at fostering inclusive and sustainable growth to build a more equitable society and unlock the full potential of Nigerian citizens.
President Tinubu called on all stakeholders, including government ministries, financial institutions, and public and private sector entities, to collaborate with MOFI in optimizing strategic assets, expressing optimism that this joint effort would unlock Nigeria’s full potential and create a brighter future for all citizens.
Earlier, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said President Tinubu is mindful of the pains of his administration’s reform programmes and is deploying appropriate mechanisms to address the challenges.
He assured that while 42,000 metric tons of assorted grains is being released with 60,000 metric tons to follow shortly, as part of measures to arrest food inflation, food prices would drop in the coming months as a result of government actions and policies.
The Minister urged the management and board of the Ministry of Finance Incorporated (MOFI) to, among other things, develop a specific line of revenue for the national budget as part of its renewed mandate of supporting the Federal Government’s fiscal stability.
On his part, Chairman of the MOFI Board, Dr Shamsudeen Usman, assured that MOFI will, going forward, play a more active role in the management of assets under its purview, even as he urged operators of the assets to see MOFI as partners rather than competitors or regulators.
Noting that the new management is committed to high level corporate governance, Usman disclosed that the company has integrated a non-conflict of interest policy to guide against practices that undermine professionalism among members of staff.
In the same vein, the Chief Executive Officer (CEO) of MOFI, Dr Armstrong Takang, gave an overview of the MOFI renewed mandate, particularly highlighting expectations from the public and the private sector.
Mr Armstrong also announced the launch of a N100 billion Project Preparation Fund by MOFI as part of its renewed mandate of ensuring professionalism in the management of public assets.
He said the overall objective is to deliver commercial value for the common good of the people, assuring that the company will transform the fortunes of public assets under its purview and restore investor confidence in both the operations and management of the assets.
