Unlock Nigeria’s economic potential, FG tasks finance ministry

The Federal Government has tasked the Ministry of Finance Incorporated (MOFI) to unlock Nigeria’s economic potential by optimising the management of government assets.

The government said this strategic move aims to not only unlock value that benefits all Nigerians but also facilitate growth across key sectors of the economy.

The Minister of State Finance, Dr Doris Uzoka-Anite, made the call on Monday in her office in Abuja when she received a high-level delegation from MOFI, led by its Managing Director, Dr Armstrong Ume Takang.

She observed that globally, Government Assets are fundamental resources that, when effectively managed, can significantly contribute to the economic development of countries, generate revenues, and enhance public service delivery.

Dr Uzoka-Anite stated that effective Public Assets Management is crucial for unlocking substantial economic potential worldwide.

“Countries like Australia, the United Kingdom, and Singapore have implemented robust Assets Management policies that integrate financial management, assets life cycle management, and strategic planning,” she stated.

As part of strategic alignment and value delivery, the Minister called on MOFI to ensure transparency and accountability in its operation in order to deliver value to Nigerians in alignment with its core mandate.

This, she added, will enable it to act as a trusted custodian and active manager of the Federal Government Assets.

Dr Uzoka-Anite further called on MOFI to come out with strategies that will economically impact the lives of Nigerians, especially in the area of job creation, and also ensure effective diversification of its investments across different industries, sectors and asset classes to enhance resilience.

The Minister emphasized the need for MOFI to partner and collaborate with other Ministries, Departments, and Agencies (MDAs) of the Federal Government as well as world fund bodies in order to function more effectively.

Dr Uzoka-Anite urged MOFI to develop and submit a roadmap for the remuneration and valuation of all FGN Assets within and outside Nigeria with milestones and timelines

Speaking earlier, the Managing Director of MOFI, Dr. Armstrong Ume Takang emphasized the organization’s commitment to transparency and accountability.

He revealed that MOFI has developed strategic plans to optimize assets management, including collaborations with other Ministries, Departments, and Agencies (MDAs) to drive economic growth and job creation.

Dr. Takang also highlighted MOFI’s focus on diversifying investments across various industries and assets classes to enhance resilience and ensure sustainable economic development.

Mohammed Manga, Director, Information and Public Relations said as the Federal Government and MOFI embark on this critical journey, they reaffirmed their commitment to unlocking Nigeria’s economic potential.

According to him, by leveraging MOFI’s expertise in assets management and the Government’s strategic vision, this partnership is poised to drive sustainable economic growth, create jobs, and improve the lives of Nigerians.

He added that with transparency, accountability, and collaboration at its core, this initiative will undoubtedly leave a lasting legacy for generations to come.

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