In an effort to maximize and double the nation’s Gross Domestic Product (GDP), Nigerian President Bola Ahmed Tinubu has alluded to plans by his government to generate millions of employment by unlocking the value of the country’s enormous public assets.
He claims that the Nigerian government, which prioritizes economic revival, wants to raise at least $10 billion to boost foreign exchange liquidity, which will stabilize the country’s currency, the Naira.
The President made this revelation on Tuesday in Abuja at the first Public Wealth Management Conference, which was sponsored by the Ministry of Finance Incorporated (MOFI), a government institution.
The subject of the conference was “Championing Nigeria’s Economic Prosperity.”
Vice President Kashim Shettima represented President Tinubu at the occasion. President Tinubu emphasized the low-hanging fruit of locating, combining, and optimizing returns on government-owned assets valued at trillions of naira.
“The Nigerian Government has set a goal to raise at least $10 Billion (Ten Billion Dollars) in order to increase foreign exchange liquidity, a key ingredient to stabilize the Naira and grow the economy,” the President said in his keynote address.
Ensuring the best possible management of the government’s investments and assets in order to maximize their potential for income generation is at the heart of this. This includes our audacious but realistic goal to raise the GDP base by a substantial amount and double the GDP growth rate in the next eight years.
Nonetheless, President Tinubu pointed out that decades of poor administration and underutilization had damaged the nation’s assets, which were dispersed throughout Nigeria and outside its boundaries, resulting in income losses that hampered economic expansion.
He did, however, give his word that the newly reorganized Ministry of Finance Incorporated, which will now take center stage and serve as these assets’ custodian and active manager, would take center stage.
The President went on to highlight accountability and openness as important tenets, noting that enhanced corporate governance, creative collaborations, and appealing alternative investment capital will all greatly boost returns.
He stated that these higher returns will subsequently be used to support sustainable economic growth and the creation of jobs for the underprivileged as well as “essential funding for education, healthcare, housing, power, roads, and other areas vital to lifting millions out of poverty.”
President Tinubu emphasized that the goal of this program is to create inclusive and sustainable growth rather than merely generate cash. He added that by effectively managing public resources, the government hopes to create a more fair society and help its citizens reach their full potential.
In an effort to maximize these strategic assets, he called on all stakeholders—Ministries, Development Financial Institutions, and members of the public and private sectors—to work with MOFI. He expressed optimism that this cooperative effort will help Nigeria realize its full potential and provide a better future for all of its people.
President Tinubu is aware of the difficulties associated with his administration’s reform initiatives, according to Mr. Wale Edun, Minister of Finance, who also stated that the president is putting the right structures in place to deal with the issues.
He promised that food prices will decrease in the upcoming months as a consequence of government actions and policies, even if 42,000 metric tons of varied grains are now being released and 60,000 metric tons will follow soon as part of steps to arrest food inflation.
As part of its renewed mandate to assist the fiscal stability of the Federal Government, the Minister requested the management and board of the Ministry of Finance Incorporated (MOFI) to establish a distinct stream of revenue for the national budget, among other things.
Dr. Shamsudeen Usman, the chairman of the MOFI Board, asked asset operators to regard MOFI as a partner rather than as rivals or regulators, while also assuring that MOFI will take a more active role in the management of assets falling under its jurisdiction moving ahead.
Usman said that the firm has included a non-conflict of interest policy to guide against behaviors that impair staff members’ professionalism, noting that the new management is devoted to high level corporate governance.
The meeting was also attended by the following people: Mr. Tony Elumelu, CEO of Heirs Holding; Mrs. Doris Uzoka-Anite, Industry, Trade and Investment; Agriculture Minister Abubakar Kyari; Budget and Economic Planning Minister Abubakar Bagudu; and Senate Committee on Finance Chairman Sani Musa.