Posts in category: CatchUp

In a bold move to reshape Nigeria’s economic future, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has issued a rallying call for unity in fiscal management.

The Honourable Minister made this call at a High-Level Retreat on Strengthening Collaboration for Sustainable Financial Management and National Development.

The retreat was organised by the Federal Ministry of Finance, aimed at enhancing collaboration and cooperation between key stakeholders in the economic sector and fostering a cohesive approach to addressing the country’s fiscal challenges.

The two-day event, held at the Congress Hall, Transcorp Hilton Abuja, brought together members of the National Assembly, Heads of Government Agencies, and senior officials from the Ministry of Finance to discuss strategies for enhancing fiscal governance and economic sustainability.

In his opening remarks, which he did virtually, HM Edun reaffirmed the Government’s commitment towards asset optimisation and increased private-sector investment.

This event demonstrates our commitment to strengthening cooperation in financial governance, he stated.

The Minister added that through closer collaboration, we are refining budgetary processes, increasing transparency, and ensuring better resource allocation to drive long-term economic stability.

Edun highlighted significant economic progress in recent months, citing a 3.40% GDP growth in 2024, improvements in oil production, and enhanced revenue collection. He noted that these achievements were largely due to key fiscal reforms, including petrol subsidy removal, tax policy enhancements, and digital revenue automation.

A key theme of the discussion was the need to strengthen ties with the private sector, which the Minister described as crucial for ensuring financial sustainability. He stressed that a thriving private sector would generate increased tax revenues, reduce dependence on government borrowing, and create sustainable economic growth.

The session also featured a technical discussion on post-reform economic growth, during which Edun delivered a lead presentation on Nigeria’s Renewed Hope economic agenda. His address outlined the government’s plans to enhance public financial management, prioritise capital expenditure, and implement regulatory reforms to attract both domestic and foreign investment.

Among the key dignitaries in attendance who also delivered goodwill messages and remarks were Minister of Budget and Economic Planning, Senator Abubakar Bagudu, Minister of State for Finance, Dr Doris Uzoka-Anite, Permanent Secretary Federal Ministry of Finance Mrs Lydia Shehu Jafiya, Permanent Secretary Special Duties Mr Raymond Omenka Omachi,
Deputy Governor of the Central Bank, Mohammed Abdullahi, as well as representatives of the Honourable Minister of Information and National Orientation, Alhaji Mohammed Idris, the Head of the Civil Service of the Federation, Mrs Didi Esther Walson-Jack, the Federal Inland Revenue Service (FIRS) and the Debt Management Office (DMO).

With this call to action, Nigeria is poised to embark on a new era of economic growth and stability. As Edun’s leadership and vision continue to guide the country’s economic trajectory, Nigerians can look forward to a brighter future marked by prosperity, opportunity, and hope.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 13, 2025

The Federal Government has taken a significant step towards unlocking Nigeria’s economic potential by tasking the Ministry of Finance Incorporated (MOFI) to optimize the management of government assets. This strategic move aims to not only unlock value that benefits all Nigerians but also facilitate growth across key sectors of the economy.

The Honourable Minister of State Finance, Dr Doris Uzoka-Anite, made the call today 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

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 Asset.

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 assets 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 renumeration 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.

As the Federal Government and MOFI embark on this critical journey, they reaffirm their commitment to unlocking Nigeria’s economic potential. 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.

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

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 12, 2025

Nigeria’s economic future took a significant step forward today as the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun unveiled a comprehensive economic plan at the 2025 KPMG Arise TV Budget News Day.

The  Minister outlined Nigeria’s fiscal priorities and economic direction for the coming year.

Economic Roadmap: Stability and Growth

HM Edun reaffirmed the government’s commitment to fiscal discipline, revenue mobilization, and an improved investment climate. He highlighted a projected GDP growth of 4.6% for 2025, with a long-term ambition of 7% annually, a crucial target for poverty reduction and sustainable development.

He emphasized that macroeconomic stability remains a top priority, with exchange rate stability, trade surplus, and increased oil production positioning Nigeria as a stronger global player. Foreign reserves have exceeded $40 billion, signalling confidence in economic policies and financial management.

Driving Private Sector Investment and Infrastructure Growth

A key theme of Edun’s address was the role of the private sector in driving economic expansion. He highlighted public-private partnerships (PPPs) as a critical tool to close Nigeria’s $100 billion annual infrastructure investment gap. Landmark projects such as the Benin-Asaba Highway and Lagos-Abeokuta Road are set to be developed under PPP frameworks, reducing travel time and boosting productivity.

In the oil and gas sector, HM Edun emphasized the importance of domestic refining, with the Dangote Refinery now leading local crude petroleum processing. This shift will significantly reduce reliance on imports, strengthen energy security, and enhance economic resilience.

Fiscal Reforms and Revenue Strategy

Edun also addressed fiscal policy reforms, stressing the government’s drive to expand the tax base, streamline revenue collection, and create a business-friendly tax system. He noted that a balanced approach to taxation will encourage investment while ensuring adequate funding for national priorities.

A Future Built on Stability and Innovation

As Nigeria moves forward, HM Edun reaffirmed the government’s dedication to economic transformation, driven by policies that foster growth, stability, and private sector participation. Building on strategic reforms, Nigeria is poised to unlock new opportunities for prosperity, accelerate national development, and secure a brighter future for generations to come

Signed

Mohammed Manga FCAI

Director, Information and Public Relations

March 10, 2025

In a significant move to revitalize Nigeria’s Maritime Industry, the Federal Government has reaffirmed its commitment to unlocking the sector’s full potential.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, gave the assurance in his office in Abuja, weekend when he met with the Nigerian Maritime Administration and Safety Agency (NIMASA) DG/CEO, Dr. Dayo Mobereola, to fast-track the deployment of the Cabotage Vessel Financing Fund (CVFF). A crucial step toward supporting the growth of indigenous shipping companies.

The meeting focused on unlocking financing for local shipowners. The discussions reinforced the government’s commitment to expanding coastal trade, creating jobs, and strengthening Nigeria’s position in the global shipping arena.

Stronger collaboration between key stakeholders on the efficient utilization of the funds to position Nigeria’s maritime industry for long-term growth was emphasised, ensuring that the CVFF delivers maximum impact.

The renewed commitment to maritime growth is expected to have a positive ripple effect on the entire economy, driving growth, creating employment opportunities, and consolidating Nigeria’s status as a major maritime hub in Africa.

Signed
Mohammed Manga FCIA
Director Information and Public Relations
March 9, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has attended the signing ceremony for MSM Cement Ltd’s Kebbi Cement Plant, a $3 million-tonne-per-annum facility set to drive Nigeria’s industrial growth.

The project, expected to create 20,000 direct and 25,000 indirect jobs, is strategically positioned near the country’s border, enhancing export potential under the African Continental Free Trade Agreement (AfCFTA).

HM Edun highlighted the plant as a model of private-sector-driven investment that aligns with President Bola Ahmed Tinubu’s vision for economic stability, job creation, and poverty reduction.

The Executive Governor of Kebbi State, Dr. Nasir Idris called the project a historic milestone, emphasising its transformative impact on employment, particularly for youth and women. He also praised the federal government’s commitment to infrastructure development in the state.

Also present at the event were the Minister of Budget and Economic Planning, Senator Abubakar Bagudu, and the Minister of State for Finance, Dr. Doris Uzoka-Anite, alongside other dignitaries.

The signing marks a crucial step toward industrial expansion, with groundbreaking and construction set to follow. This project will not only boost economic growth but also create lasting opportunities for the people of Kebbi State and Nigeria as a whole,
reinforcing the country’s push for economic growth and regional trade.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
March 8, 2025

Nigeria has taken a significant leap towards strengthening its financial integrity as it intensifies efforts to exit the Financial Action Task Force (FATF) grey list by Q2 2025, a move that will bolster investor confidence and unlock new economic opportunities.

The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, stated this today in her office in Abuja when she met with the relevant Ministries, Departments, and Agencies (MDAs) of the Federal Government to discuss the country’s efforts towards exiting the grey list.

The Minister emphasized the Government’s commitment to ensuring Nigeria’s removal from the grey list, saying we are working tirelessly to address the remaining deficiencies in our AML/CFT regime, and we are confident that our efforts will yield positive results

Dr. Uzoka-Anite reiterated that the Government has, to this end, directed all relevant agencies to take immediate and decisive action to meet the FATF’s requirements. We recognize the importance of exiting the grey list, not only for our national interest but also for the global community’s confidence in our financial systems. All hands must therefore be on deck to ensure the realization of these objectives, the Minister added.

She explained that Nigeria’s efforts to strengthen its AML/CFT regime are aimed at demonstrating the country’s dedication to upholding international standards. We are committed to implementing the necessary reforms to safeguard Nigeria’s financial integrity and foster global confidence in our economy, Dr. Uzoka-Anite said.

The Minister assured that the Government is committed to upholding the highest standards of transparency and cooperation in its efforts to exit the grey list. We are confident that our collective efforts will yield positive results and further strengthen Nigeria’s position in the global economy, in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

As Nigeria continues on its path towards compliance, the successful removal from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 7,  2025

In a significant step towards strengthening Nigeria’s economic ties with the global community, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today met with the First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath, in Abuja.

The high-level discussions focused on economic reforms, private sector investment, and Nigeria’s engagement in global financial affairs.

HM Edun outlined Nigeria’s efforts to enhance social investment programmes, noting that the government is transitioning to a biometric-based, transparent system to improve efficiency and accountability.

He stated that the government is also advancing tax reforms, revenue assurance mechanisms, and digitalisation to strengthen domestic resource mobilisation. Additionally, crude oil production has increased from 1.2 million to 1.7–1.8 million barrels per day, significantly boosting national revenue.

Highlighting the role of private sector investment, the Minister emphasised policy shifts aimed at expanding renewable energy, improving the investment climate for solar, and promoting service exports.

HM Edun also addressed electricity sector reforms, advocating for expanded metering to enhance efficiency.

On the international front, discussions focused on Nigeria’s participation in global financial policy and efforts to secure fairer and improved credit ratings for African economies. Edun stressed that enhancing fiscal data transparency could strengthen Nigeria’s credit profile, attract investors, and reduce borrowing costs.

Speaking earlier, the First Deputy Managing Director of the International Monetary Fund (IMF), Gita Gopinath acknowledged the economic challenges facing Nigeria and underscored the importance of targeted social interventions.

We discussed Nigeria’s outlook and efforts to address the high cost of living, including the need to accelerate social support, she stated, reaffirming the IMF’s commitment to supporting sustainable economic policies.

Building on the productive discussions held during the meeting, Nigeria reaffirms its commitment to pursuing economic stability, investment-friendly policies, and deeper regional trade integration, paving the way for sustainable growth and prosperity.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 4, 2025

In a major push for regional economic integration and stability, the Economic Community of West African States (ECOWAS), has convened the 11th ECOWAS Convergence Council in Abuja, bringing together top financial leaders including Ministers of Finance and Central Bank Governors to further discuss plans for the highly anticipated Eco currency launch by 2027. This pivotal moment marks a significant step towards a more unified and prosperous West Africa.

The Economic Community of West African States (ECOWAS) is a regional economic union of 16 West African countries, aiming to promote economic integration, cooperation, and development in the region. The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, while chairing the session today, reaffirmed Nigeria’s commitment to regional economic cooperation.

HM Edun emphasised the need for monetary and fiscal discipline, noting that security challenges, inflation, and global economic disruptions have slowed progress toward monetary convergence. He highlighted Nigeria’s economic reforms, including foreign exchange market reforms, tax policy improvements, and fuel subsidy removal, which have helped boost GDP growth to 3.4% in 2024 while also improving fiscal sustainability.

Beyond domestic policies, the Minister stressed the importance of stronger regional coordination and ECOWAS’ role in global financial decision-making. He pointed to ongoing engagements with South Africa’s G20 presidency as an opportunity to align West Africa’s economic priorities with broader African goals.

This is our opportunity to shape the future of our region. We must work together to drive economic stability, growth, and prosperity, he concluded.

As the world watches, West Africa is poised to make history with the launch of the Eco currency. This monumental achievement will not only foster greater economic integration and cooperation among ECOWAS member states but also send a powerful message about the region’s commitment to global economic stability and prosperity.

With the successful implementation of the Eco currency, West Africa will cement its position as a major player in the global economy, driving growth, innovation, and opportunities for generations to come.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 3,  2025

As the world celebrates International Women’s Day, the Federal Government has called on Nigerian women to explore investment opportunities in the capital market, emphasizing its potential as a strategic pathway to wealth creation.

The Honourable Minister of State for Finance, Dr Doris Uzoka-Anite, made the call today in Abuja during the official launch of the Securities and Exchange Commission (SEC) Podcast

She stressed the importance of women’s participation in the capital market, saying, Opening opportunities for women in the capital market would create a pathway to wealth creation. We need to come up with more policies, reforms, or frameworks that encourage more women to participate in the financial sector.

The Minister also highlighted the unique challenges women face, balancing professional and familial responsibilities. Women are actually very good with investing; we know what to do with money. We know how to manage money in the house, and it will go round the whole family. If a woman learns how to make that money multiply and how to save it in a way that it will continue to add value and meet her needs and her family needs, I think she will love that.

Dr. Uzoka-Anite emphasized the need for a multi-pronged approach to assisting women in the capital market, involving individual empowerment and institutional support. Assisting women in the capital market is a multi-pronged approach; the individuals need to do more to be heard. The institutional approach, where we encourage the institutions to give women a chance, to treat women based on their competencies, capacities, and encourage them.

She commended the SEC for launching the podcast, describing it as very innovative and highly needed at this time.

The Minister expressed optimism that the podcast’s objectives would be achieved, particularly in encouraging more women to participate in the capital market.

Speaking earlier, the Director General, Securities and Exchange Commission (SEC), Dr. Emomotimi Agama explained that the podcast aims to disseminate information across Nigeria, fostering understanding of the capital market and its opportunities. We want people in the most remote parts of this country to be aware of the capital market and how they can participate to create wealth, he said

Dr. Uzoka-Anite’s call to action marks a significant milestone in Nigeria’s journey towards financial inclusion and women’s economic empowerment. By leveraging the capital market, Nigerian women can unlock new opportunities for wealth creation, economic growth, and prosperity.

As the country strives to achieve its $1 trillion economy target, the active participation of women in the capital market will play a vital role in driving sustainable development and economic transformation.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 3, 2025

In a significant move to bolster Nigeria’s position in the global economy, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has
reaffirmed the country’s commitment to global economic stability, sustainable development, and financial resilience.

At a meeting with global international financial leaders at the G20 Finance Ministers and Central Bank Governors Meeting held in Cape Town South Africa, the Minister engaged in dialogue with the global financial experts contributing to discussions on strengthening macroeconomic cooperation, mobilizing investments for sustainable growth, and enhancing financial support for developing economies.

His participation reflected Nigeria’s proactive role in shaping global economic policies that foster inclusive prosperity.

As Nigeria continues to play a proactive role in shaping global economic policies, HM Edun’s participation at the G20 Summit underscores the country’s commitment to fostering inclusive prosperity and sustainable development.

By championing global economic stability and sustainable development, Nigeria is poised to leverage international cooperation and expertise to drive economic growth and stability in line with the Renewed Hope Agenda of the President Bola Ahmed Tinubu-led Administration

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
February 28, 2025.