Nigeria’s President, Asiwaju Bola Ahmed Tinubu, says his administration is making efforts to raise at least $10 billion to increase foreign exchange (FX) liquidity, stabilise the naira and grow the economy.
The President, on Tuesday, made the announcement in Abuja during the opening of the Ministry of Finance Incorporated’s (MOFI) public wealth management conference.
He stated that government-owned assets totaling trillions of naira needed to be identified, consolidated, and optimised for profits.
Vice President Kashim Shettima, who was Tinubu’s representative at the event, added that plans exist to unlock the potential of Nigeria’s enormous public assets in order to create millions of employment.
“The federal government set a goal to raise at least $10 billion in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy,” he said.
“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential.
“This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”
Tinubu, however, revealed that decades of mismanagement and underutilisation have plagued the country’s assets, spread across Nigeria and outside its borders, leading to revenue losses that have hindered economic growth.
He assured that “the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the centre stage.”
The president also said transparency and accountability are key principles, believing improved corporate governance, innovative partnerships and attracting alternative investment capital would significantly increase returns.
“These improved returns will then be directed towards crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty,” Tinubu said.
“And stimulating sustainable economic development and job creation for the youths.”
By efficiently managing public resources, Tinubu said the government aimed to build a more equitable society and unlock the full potential of its citizens.
He, therefore, called on all stakeholders, including ministries, development financial institutions and the public and private sector players, to partner with MOFI to optimise the strategic assets.
Tinubu expressed hope that the collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.
On his part, Shamsudeen Usman, MOFI board chairman, said the asset manager would play a more active role in the management of assets under its purview.
He told operators of the assets to see MOFI as partners rather than competitors or regulators.
The chairman said the management was committed to high-level corporate governance.
Usman also said the company had integrated a non-conflict of interest policy to guard against practices that undermine professionalism among members of staff.
