President Bola Tinubu has noted plans by the Federal Government to mobilise at least $10 billion to enhance foreign exchange liquidity, stabilise the Naira, and foster economic expansion.
This announcement was made during the inauguration of the Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) in Abuja on Tuesday, February 20, 2024.
Represented by Vice President Kashim Shettima, President Tinubu explained the administration's commitment to generating millions of job opportunities by unlocking the inherent value of Nigeria's extensive public assets.
This initiative aims to optimise the country's Gross Domestic Product (GDP) and double its growth rate over the next eight years.
Highlighting the need to leverage government-owned assets effectively, Tinubu emphasised the importance of identifying, consolidating, and maximising returns on these assets, valued at trillions of Naira.
He outlined the government's strategy to achieve this goal, which includes bolstering foreign exchange liquidity and implementing sound management practices for optimal asset utilisation.
Acknowledging past mismanagement and underutilisation of national assets, Tinubu affirmed the revamped Ministry of Finance Incorporated's pivotal role in overseeing and actively managing these resources.
He explained the principles of transparency, accountability, and improved corporate governance as essential drivers for enhancing returns on investments.
Tinubu reiterated the government's commitment to redirecting increased revenues towards critical sectors such as education, healthcare, infrastructure, and youth empowerment.
By fostering strategic partnerships and attracting alternative investment capital, the administration aims to catalyse sustainable economic development and poverty alleviation.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, echoed Tinubu's sentiments, highlighting ongoing measures to mitigate inflation and reduce food prices across the country.
He underscored the importance of MOFI's role in supporting fiscal stability and urged the management to align revenue generation efforts with national budgetary priorities.
Dr Shamsudeen Usman, Chairman of the MOFI Board, noted the organisation's commitment to implementing robust corporate governance practices and fostering collaboration with asset operators.
He announced the integration of a non-conflict of interest policy to uphold professionalism among staff members.
In line with its renewed mandate, MOFI launched a ₦100 billion Project Preparation Fund aimed at enhancing professionalism in asset management and restoring investor confidence.
Dr. Armstrong Takang, CEO of MOFI, expressed confidence in the company's ability to revitalize public assets and drive sustainable economic growth in Nigeria.