Abuja, Dec. 22, 2023 – Wale Edun, the Minister of Finance and Coordinating Minister for the Economy, on Friday inaugurated the board of the Ministry of Finance Incorporated (MOFI).
He urged the board members to strive to triple the value of national assets to N100 trillion within the 10 years.
He said there was immense potential in the national assets to bolster the government financially.
The minister estimated the current value of these assets at N18 trillion, but added that the value could be higher with proper valuation.
He advised the board members to be bold, courageous, and aggressive, adding that they should look beyond the traditional revenue sources of oil and other exports.
Edun likened the board to the sovereign wealth funds around the world and demanded high performance and unwavering accountability from the board members.
He emphasised the need for world-class corporate governance, transparency, and accountability in managing the assets and cited global leaders like Singapore’s GIC and the United Arab Emirates’ Mubadala as role models.
Shamsudeen Usman, the Chairman of the board, expressed the board’s commitment to integrity and promised to manage the assets well and in the national interest.
Usman said the board would strive to upscale the valued of the assts to the N100 trillion target as set by the minister, while also assuring of the safety of the assets.
He promised that the divestment of some of these assets through the capital market would be handled with flexibility, considering factors like company specifics, asset liquidity, and government ownership stake.
Usman said the inauguration of the board marked a turning point in Nigeria’s quest to unlock the full potential of its national assets. (GBN)
