Posts in category: News

The Federal Government has formally endorsed the creation of the Lagos International Financial Centre (IFC), a strategic move aimed at positioning Nigeria as a top-tier global financial hub.

Speaking at a high-level engagement with EnterpriseNGR, Citi UK, and senior Lagos State Government Officials, in his office in Abuja today, the Honourable Minister of Finance and Coordinating Minister of the Economy Mr Wale Edun, underscored the Federal Government’s unwavering commitment to macroeconomic stability and investment mobilisation. He cited the successful issuance of a US dollar domestic bond as a signal of renewed investor confidence and financial reform momentum.

HM Edun drew parallels with London’s historic “Big Bang” reforms, highlighting Lagos’ potential to evolve into a globally competitive financial centre with the right institutional support.

EnterpriseNGR Chairman, Aigboje Aig-Imoukhuede, emphasised the importance of synergy between federal and state authorities, alongside private sector leadership, in attracting global capital.

Lagos State Commissioner for Finance, Abayomi Oluyomi, outlined the state’s preparedness, referencing the Lagos State Development Plan, the creation of the Lagos IFC Council, and an executive order to catalyse the initiative.

Anna Rogers, Director of International Development at Citi UK, commended the coordinated approach and stressed the importance of investor-friendly policies and regulatory clarity for global competitiveness.

With strong political will, private sector momentum, and international collaboration, Nigeria is advancing the vision of Lagos as a world-class financial centre—boosting the economy, deepening capital markets, and strengthening the country’s role in global finance.

SignedMohammed Manga FCIA
Director, Information and Public Relations

The Annual Assets Report provides critical insights into the financial health of government-owned and government-invested companies under MOFI. The report highlights the performance of these companies, detailing their contributions to the nation’s economy and the returns they have generated for the Federal Government.

A key question for many Nigerians is: How are government investments managed, and what returns do they generate? The Annual Assets Report provides clear, data-driven insights into these concerns by offering a transparent and detailed breakdown of government owned companies and their financial activities.

Key Highlights of the Report:

• Portfolio Overview: A clear breakdown of all companies in which the Federal Government has an ownership stake.
• Financial Performance: A summary of revenues, profits, and other financial metrics, showing whether these investments are yielding positive returns.
• Dividends to Government: A list of dividends paid by these companies to the government, which directly contributes to national revenue.
• Economic Impact: Analysis of how these companies have performed compared to the previous year and their role in job creation, industrial growth, and national development.
• Governance & Policy Alignment: An overview of the governance structure of these companies, their key activities, and how they align with the government’s economic objectives.

By publishing the Annual Assets Report, the government ensures that Nigerians are informed about how public resources are being managed and what impact they have on the economy. This level of transparency helps build trust and encourages greater public engagement in national financial matters.

Benefit to Nigerians:

• IncreasedPublic Awareness: A deeper understanding of public investments empowers citizens to hold leaders accountable and demand better governance
• Better Economic Planning: The insights from the report help businesses, policymakers, and analysts make well-informed decisions about Nigeria’s financial future.
• Encourages Investment: When people see transparency and performance tracking, it fosterstrust and boosts confidence in Nigeria’s investment climate, attracting both local and foreign investors.

The NAR and the Annual Assets Report are part of the Federal Government’s commitment to transparency, efficiency, and economic growth. By ensuring proper asset management and financial accountability, these initiatives help secure a stronger financial future for Nigeria.

For more information visit https://mofi.com.ng/reports/#aar

The National Assets Register (NAR) is a critical foundational block of the MOFI mandate as an efficient and effective manager of the nation’s asset portfolio, aimed at improving transparency, efficiency, and accountability in the management of national assets. It serves as a centralized database or single source of truth that records all government-owned assets and investments, ensuring they are well-managed and used to generate better economic value for Nigerians.

A well-documented asset register is essential for effective governance and strategic planning. The NAR strengthens asset visibility and oversight, enabling the government to track, assess, and optimize the use of national resources. With this system, the government can ensure better utilization, maintenance, and value realization from its diverse portfolio of assets.

Why is the NAR Important?

• Better Asset Management: Ensures that government properties are well-maintained and put to productive use.
• Transparency & Accountability: Helps prevent mismanagement and corruption by providing clear records of ownership and usage.
• Improved Economic Value: By properly categorizing and leveraging assets, the government can unlock liquidity, attract investments, and generate more revenue for national development.
• Facilitates Investment & Growth: With a clear record of assets, the government can explore public-private partnerships, leases, or sales where beneficial, ensuring these assets contribute to Nigeria’s economic progress.

The NAR is not just a database it is a strategic tool designed to maximize Nigeria’s wealth for the benefit of all citizens.

For more information visit https://nar.mofi.com.ng/

In a groundbreaking move, the private sector has unveiled a pioneering investment fund to revolutionize Nigeria’s agricultural landscape and drive food security. This initiative takes the form of a private sector-led Large-Scale Agribusiness Financing Programme, presented to the Federal Government as a collaborative effort to drive food sovereignty through large-scale investment in industrial agriculture.

At a high-level meeting with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, and the CEO of Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, held in his office in Abuja, KPMG and private sector operators outlined an investment fund model designed to mobilise large-scale financing for the production and processing of critical crops, including oil palm, rice, maize, cassava, sugar, and soybean.

The proposal aligns with the administration’s vision to reduce Nigeria’s £3 billion annual food import bill by expanding mechanised farming, strengthening local refining capacity, and enhancing food security. It emphasises private sector participation, transparency, and scalability.

HM Edun and Dr Takang welcomed the initiative, reaffirming the government’s commitment to working with the private sector to unlock investment and drive sustainable agricultural transformation.

As Nigeria takes bold strides towards achieving food sovereignty, this innovative partnership between the private sector and the government marks a significant milestone in the country’s journey towards a more sustainable, self-sufficient, and prosperous future.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
March 17, 2025

On the sidelines of the Sustainable Energy for All (SEforALL) Forum, Nigeria’s Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has held a bilateral meeting with Prime Minister Mia Mottley of Barbados.

Discussions centred on deepening cultural exchange, expanding trade, and enhancing the movement of goods and people between Africa and the Caribbean. Both leaders reaffirmed their commitment to stronger collaboration, recognising the vast economic and historical ties between the two regions.

As Wale Edun and PM Mia Mottley forge a new path forward, their commitment to strengthening Africa-Caribbean ties serves as a beacon of hope for a brighter, more collaborative future.

With a shared history, cultural heritage, and economic aspirations, the possibilities for cooperation and growth are endless, promising a brighter future for Africa-Caribbean relations.

Signed
Mohammed Manga, FCAI
Director, Information and Public Relations
March 15, 2025

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