Posts in category: News

The Federal Government’s commitment to economic reform and development took center stage today as the Federal Ministry of Finance held its Citizens and Stakeholders Engagement on the Implementation of Presidential Priorities and Ministerial Deliverables for second quarter of 2025 in Abuja.

This quarterly engagement is designed to foster transparency, accountability, and inclusive growth, providing a platform for stakeholders to engage with the Ministry on its progress and challenges.

The Ministry’s efforts were highlighted in the keynote address by the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, who provided a comprehensive update on the implementation of presidential priorities and ministerial deliverables.

He outlined progress across key reform pillars, stabilising foreign exchange markets, expanding fiscal revenues, driving industrial investment, and improving social outcomes for Nigerians.

We are now in the third phase of our reform agenda, focused on accelerating investment-led growth that delivers jobs, reduces inflation, and lifts millions out of poverty, the Minister said. He added that Our trajectory is clear: from macro-economic correction to national transformation.

The Minister cited a substantial rise in external reserves, from under $4 billion to over $23 billion, and noted renewed investor confidence, evidenced by credit rating upgrades and major energy investments.

Speaking at the event, the Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite underscored the importance of stakeholder engagement in delivering reform dividends: This platform enables citizens and the private sector to hold us accountable while shaping a more responsive and transparent economy, she said.

She assured of the Ministry’s dedication to delivering on its mandate through effective policy implementation and stakeholder engagement with a view to driving economic growth and development that is equitable and sustainable.

Mr. Raymond Omenka Omachi, Permanent Secretary Special Duties, Federal Ministry of Finance, added that institutional collaboration and disciplined execution remain critical to sustaining reform momentum: We are working across ministries and agencies to ensure that reforms are not just announced, but effectively implemented with measurable impact, he stated

The event drew participation from industry leaders, civil society organisations, and development partners. The second quarter 2025 Citizens and Stakeholders’ Engagement Session marked a significant step towards achieving the Federal Government’s economic objectives. With a clear roadmap for investment-led growth and a commitment to transparency and accountability, the Ministry of Finance is poised to drive meaningful progress and deliver tangible benefits to Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 23, 2025

www.finance.gov.ng

The Anti-Corruption and Transparency Unit (ACTU) of the Federal Ministry of Finance has launched a sensitization campaign aimed at raising awareness among staff about the Unit’s mandate and its critical role in promoting transparency, accountability, and integrity within the Ministry.

The Committee was formally inaugurated by the Permanent Secretary, Federal Ministry of Finance, Mrs. Lydia Shehu Jafiya, on December 20, 2024.

During a visit to the Director of Information and Public Relations yesterday, the Chairman of ACTU and Director of Economic Research and Policy Management, Mr. Abubakar Othman reaffirmed the Committee’s commitment to ensuring that staff are fully sensitized about the realization of the Ministry’s Mandate to help drive the policy objectives of government.

He explained that the sensitization campaign was kicked off with the Information Department to leverage their critical role in amplifying the campaign’s message and ensuring its effectiveness across the Ministry.

The Director of Information and Public Relations, Mr. Mohammed Manga lauded the initiative, describing it as both timely and impactful. He encouraged the Committee to adopt innovative and inclusive approaches in the discharge of their duties and assured them of the Department’s full cooperation and support.

The launch of this campaign marks a significant step towards promoting transparency and accountability within the Ministry, and the ACTU remains committed to engaging all stakeholders in achieving its mandate.

Signed;

Francis L. Kusa
CIO (Information and PR)
For: Director (Information and PR)
June 21, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun today received a high-level delegation from Nigeria’s downstream petroleum sector, led by Mr. Abdulkabir Adisa Aliu, Chief Executive Officer of Matrix Energy.

The delegation also included Yakubu Maishanu, Chairman/CEO of AYM Shafa Ltd, and Alhaji Auwalu Abdullahi Rano, CEO of A.A. Rano. Together, the group reaffirmed its commitment to market stability, expanded private investment, and continued support for the federal government’s reform agenda.

Discussions focused on the visible economic impact of recent policy measures, including the successful transition away from petrol subsidies, enhanced domestic supply, improved exchange rate stability, and a notable reduction in pump prices. The marketers noted that collectively, their companies now supply nearly 20 million litres of petrol daily—without fiscal burden on the government—underscoring the effectiveness of private sector-led distribution.

The delegation welcomed the government’s supportive policy stance and encouraged continued clarity to further strengthen investor confidence and ensure smooth market operations. They also reiterated their commitment to accelerating investment in Compressed Natural Gas (CNG) infrastructure, in line with national energy transition goals.

HM Edun commended the downstream operators for their leadership and resilience, acknowledging their critical role in ensuring energy security and supporting sustainable growth. He reaffirmed the federal government’s commitment to fostering a stable policy environment that encourages private investment and drives inclusive development in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.

This engagement reflects the deepening partnership between public and private sector actors in delivering a more competitive, resilient, and forward-looking energy market for all Nigerians.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 20, 2025

www.finance.gov.ng

In a strong show of commitment to Africa-led growth, His Excellency
President Bola Ahmed Tinubu has today in Abuja declared the 4th Annual Meeting of the Africa Sovereign Investors Forum (ASIF), emphasizing the need for collective action and regional cooperation among African countries to achieve transformative development.

Represented by Vice President Kashim Shettima, President Bola Ahmed Tinubu reaffirmed Nigeria’s determination to lead the continent’s economic transformation through targeted reforms and catalytic investment platforms while also
underscoring the administration’s priority on regional collaboration and innovative capital mobilisation.

The Federal Republic of Nigeria, through the Federal Ministry of Finance, is hosting the meeting beginning from June 15–17, in Abuja.

Held under the theme Leveraging African Sovereign Wealth Funds to Mobilise Global Capital for Transformative Development, the gathering brings together sovereign wealth funds, institutional investors, and policymakers from 17 African nations—supported by strategic partners such as China Investment Corporation and Abu Dhabi Investment Authority.

Ealier, in his remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun called for a shift from stabilization to strategic investment, positioning sovereign wealth funds as engines of economic transformation.

Africa must lead its own industrialization. By mobilizing domestic capital and aligning with global partners, we can move from a future defined by potential to one built on performance, he stated.

The Minister highlighted Nigeria’s trailblazing efforts in developing innovative financing models such as the NSIA-backed Infrastructure Debt Fund, the Green Guarantee Company, and a landmark US-dollar domestic bond issuance, as clear signals of Nigeria’s investment readiness.

Mr. Aminu Umar-Sadiq, Managing Director and CEO of the Nigeria Sovereign Investment Authority (NSIA), echoed this ambition:

NSIA is honoured to host sovereign wealth funds from across the continent… By uniting our collective resources, African sovereign wealth funds can become a formidable catalyst for transformative growth, economic resilience, and long-term prosperity, he said

He highlighted pioneering initiatives like the Infrastructure Debt Fund, the Green Guarantee Company, and the US-dollar domestic bond issuance as clear evidence of Nigeria’s investment leadership.

The summit also marked the launch of the ASIF Investment Platform, a flagship vehicle designed to unlock high-impact, cross-border investments in infrastructure, renewables, manufacturing, and healthcare.

For Nigeria’s private sector, ASIF 2025 signals a new era—de-risking mega-projects, anchoring blended finance, and creating fertile ground for investor-led growth across Africa.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 16, 2025

www.finance.gov.ng

Against the backdrop of inflation easing to 22.97% in May 2025, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has today visited the Central Bank of Nigeria to deepen fiscal–monetary policy alignment.

Discussions focused on sustaining and accelerating this momentum, essential to stabilising prices, boosting investor confidence, and empowering private sector-led growth.

This meeting underscores the Ministry’s commitment to collaborative economic management, signalling a renewed focus on driving sustainable growth and development in Nigeria

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
June 16, 2025

The Federal Government has taken a significant step towards repositioning Nigeria’s economy, as the Economic Management Team (EMT) convened to assess Nigeria’s trade strategy, investment climate, and infrastructure planning.

The session which was Chaired by the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun today in his office in Abuja underscored the government’s commitment to positioning Nigeria as a competitive, investor-friendly economy through coordinated policy reforms and diplomatic engagement.

A central feature of the meeting was a detailed presentation by the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, who outlined the Ministry’s current priorities. These include improving investor retention, accelerating export diversification, and addressing regulatory inefficiencies that hinder private sector growth.

Of particular focus was Nigeria’s ongoing engagement with the United States following the recent proposal by the U.S. Trade Representative to impose a 14% tariff on Nigerian exports. The EMT reviewed the legal and commercial context surrounding this development, as well as Nigeria’s Diplomatic outreach to Washington and multilateral discussions held during the U.S.-Africa CEO Forum in Abidjan.

In parallel, the Honourable Minister of Transportation, Senator Said Alkali, presented his Ministry’s updated budget framework and infrastructure priorities. These include logistics upgrades and project pipelines aimed at reducing bottlenecks and enhancing Nigeria’s trade facilitation capacity.

The EMT reaffirmed its collective resolve to implement transparent, market-led reforms that support private sector expansion, boost non-oil exports, and deliver sustainable growth across the Nigerian economy.

In his closing remarks, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, emphasized the importance of cross-ministerial coordination, stating:

Now is the time for unified action. By aligning our trade posture with global best practice and ensuring policy consistency, we can unlock greater opportunities for businesses and deepen investor confidence in Nigeria

With unified action and coordinated policy reforms, Nigeria is poised for a brighter economic future.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 22, 2025

www.finance.gov.ng

The Federal Government has inaugurated the new Board of Directors of the Asset Management Corporation of Nigeria (AMCON), marking a renewed phase in the Corporation’s mandate to stabilise the financial sector, enhance asset recovery, and prepare for an orderly institutional wind-down.

The newly appointed Board, Chaired by Dr. Bala Bello brings together seasoned professionals with a clear charge to improve corporate governance, accelerate the recovery of distressed assets, and design a credible, time-bound exit strategy in line with global best practices.

Inaugurating the Board today in his office in Abuja, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun described AMCON’s new direction as critical to restoring investor confidence, unlocking value from non-performing assets, and supporting macroeconomic reforms that encourage private sector growth.

AMCON must evolve from a stabiliser of last resort to a disciplined vehicle for value creation and responsible exit, the Minister stated. A credible wind-down will not only free up resources but reinforce our broader goal of a transparent, investment-friendly financial system.

HM Edun emphasised that in a fiscally constrained environment, efficient asset recovery and institutional accountability are key levers for ensuring Nigeria remains a competitive destination for capital and enterprise.

In his response, AMCON Managing Director/CEO Mr. Gbenga Alade pledged the Board’s full commitment to delivering results and reaffirmed that the Corporation was never intended to be permanent.

We are here to conclude, not to continue indefinitely, he said. We will benchmark our exit plan against global models and deliver a process that serves the national interest.

The Federal Government views the reconstitution of AMCON’s Board as a strategic step toward unlocking balance sheet space for banks, supporting financial sector reform, and enabling stronger private sector participation in the economy.

Members of the newly inaugurated AMCON Board include:

Dr. Bala Bello – Chairman
Yusuf Tegina – Non-Executive Director, North Central

Adeyemo Adeoye – Non-Executive Director, South West

Charles Odion Iyiore – Non-Executive Director, South South

Yahaya Ibrahim – Non-Executive Director, North West

Emily Chidinma Osuji – Non-Executive Director, South East

Gbenga Alade – Managing Director/CEO, AMCON

Adeshola Lamidi – Executive Director, AMCON

Lucky Adaghe – Executive Director, AMCON

Aminu Mukthar Dan’Amu – Executive Director, AMCON

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 21, 2025

The Federal Government has called on capital market operators in the country to deepen investor confidence, improve financial literacy, and prepare for the implementation of ISA 2025 and a new Capital Market Master Plan (CMMP 2030)

The Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun made the call today at the 2025 First Capital Market Committee (CMC) Meeting hosted by the Securities and Exchange Commission (SEC) at the Federal Palace Hotel, Victoria Island, Lagos.

Represented by the Honourable Minister of State for Finance Dr Doris Uzoka-Anite, HM Edun underscored the strategic role of Nigeria’s capital market in achieving the Federal Government’s ambition of transitioning into a $1 trillion economy within the next decade.

He emphasised that the capital market must become the primary engine for mobilising long-term finance across critical sectors such as infrastructure, housing, manufacturing, technology, and energy.

This vision is overdue. Nigeria had the potential to reach this milestone 20 years ago, he declared. With the reforms we’ve undertaken, including fuel subsidy removal, FX harmonisation, and tightening of the fiscal framework, the foundation is now set for private capital to power growth.

The Minister commended the passage of the Investment and Securities Act 2025, describing it as a landmark reform that modernises Nigeria’s regulatory environment to reflect global best practices.

Highlighting the challenges of capital absorption and exit pathways, HM Edun stressed the need for robust frameworks to ensure that foreign and domestic capital can not only be attracted but also exited seamlessly.

The real question we must ask is: If a billion-dollar investment enters this market, do we have the structure for it to exit smoothly? Until we can answer that, we can’t claim the market is truly ready.

He called on market participants to go beyond capital raising and position the market as a genuine tool for wealth creation and inclusive development, while also advocating for the establishment of a Market Literacy Fund that is committed to supporting the SEC’s open-door policy. The Minister challenged stakeholders to catalyse a transparent and predictable investment environment and also encouraged stakeholders to rise to the occasion:

We’ve done the reforms. The time has come to implement. Let us build a rule-based, resilient market that unlocks growth for all Nigerians, he emphasized

Speaking earlier, the Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama lauded the enactment of the ISA 2025 and outlined the Commission’s commitment to investor protection, digital innovation, and capital mobilisation.

He highlighted a strong 2024 performance across asset classes, with the NGX All-Share Index gaining 37.65%, market capitalisation surpassing ₦62 trillion, and debt markets recording ₦460.55 trillion in turnover

Notably, he confirmed the SEC’s ongoing collaboration with other agencies to streamline recapitalisation, deepen SME access to markets, and enhance transparency through technology upgrades.

Dr. Agama reiterated SEC’s readiness to implement the ISA 2025, unveil the 2030 CMMP, and support Nigeria’s exit from the FATF grey list through strengthened AML/CFT compliance and market integrity reforms.

The 2025 CMC Meeting brought together a wide array of stakeholders across the financial ecosystem, including representatives from NGX, NASD, FMDQ, AFEX, CSCS, LCFE, NG Clearing, PCX, and GCMX, as well public sector institutions such as the CBN, DMO, FIRS, and the Ministry of Industry, Trade and Investment. The meeting also marked the official launch of the new SEC corporate website and the ISA 2025 Handbook.

With the Federal Government’s renewed focus on capital market development and the implementation of the ISA 2025 and CMMP 2030, Nigeria’s financial sector is poised for significant growth and transformation. As stakeholders work together to build a robust and resilient market, the prospects for a $1 trillion economy within the next decade look increasingly promising.

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
May 19, 2025

www.finance.gov.ng

As part of its commitment to strengthening corporate governance across its portfolio companies, the Ministry of Finance Incorporated (MOFI) has introduced the MOFI Corporate Governance Scorecard (CGS). The CGS is an innovative tool designed to measure and set benchmarks for corporate governance in MOFI’s portfolio. This initiative underscores MOFI’s dedication to fostering a culture of accountability, transparency, ethical business conduct, sustainability, and operational excellence within its corporate assets.
The CGS, now approved by the MOFI Board, serves as a structured assessment tool to evaluate governance effectiveness across key areas, including board composition, financial transparency, risk management, and Environmental, Social, and Governance (ESG) integration, among others. By deploying this scorecard, MOFI aims to drive continuous improvement and ensure that portfolio companies uphold global best practices while aligning with Nigeria’s evolving corporate governance landscape.
A pilot implementation exercise has already been conducted for some portfolio companies, yielding critical insights into governance strengths and areas requiring enhancement. Preliminary findings indicate the need for greater financial disclosure practices and enhanced board independence across some entities. These insights will inform tailored governance interventions moving forward.
Beyond assessment, the CGS initiative introduces a new standard of recognition for corporate excellence. Companies demonstrating exemplary governance practices and significant improvements will be honoured at the prestigious MOFI Annual Corporate Governance Excellence Awards commencing in 2026. This recognition not only incentivises adherence to best practices but also reinforces MOFI’s role in setting governance benchmarks for Nigeria’s corporate sector.
With the Corporate Governance Scorecard in place, MOFI is not only raising the bar for its portfolio companies but also contributing to the broader national agenda of responsible and sustainable business practices. This initiative is expected to bolster investor confidence, improve corporate performance, and position Nigeria’s state-owned enterprises as models of good governance in Africa and beyond. The CGS marks a new era of corporate governance excellence, ensuring that Nigeria’s state-owned enterprises remain competitive, transparent, and primed for long-term success.
Download the MOFI Corporate Governance Scorecard here: https://mofi.com.ng/reports/#cgsr