Posts in category: News

In a bold move to propel Nigeria’s economic growth and self-reliance, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has reaffirmed the government’s commitment to supporting indigenous businesses in the oil sector, citing Lee Engineering & Construction Company Limited as a shining example of local excellence.

The Minister gave the assurance today in Wari, Delta State, when he visited the operational base of Lee Engineering & Construction Company Limited

Accompanied by Mr Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), the CME toured the state-of-the-art fabrication yard and lauded the company’s significant contributions to local manufacturing and industrial development.

He assured the management of President Bola Tinubu’s unwavering support in promoting indigenous production, aligning with the administration’s commitment to strengthening Nigeria’s economy through encouraging increased investment by domestic entrepreneurs.

HM Edun also highlighted the economic benefits of a return to domestic refining of crude oil, including the production of industrial raw materials to spur economic growth. In response to Lee Engineering’s request for governmental support, the Minister reaffirmed the administration’s dedication to advancing local manufacturing. He emphasised that the Renewed Hope Agenda prioritises industrial development, which is pivotal for job creation and economic expansion.

Speaking earlier,
Mr Donald Wokoma, Registrar/CEO of the Equipment Leasing Registration Authority (ELRA), expressed his appreciation for the Minister’s visit and the government’s commitment to supporting indigenous businesses. We are grateful for the Honourable Minister’s recognition of our contributions to Nigeria’s economic growth, he said. We look forward to continuing to work with the government to promote local content and drive industrial development in Nigeria.

Lee Engineering, under the leadership of Founder and Group Chairman Dr Leemon Ikpea, is a prominent indigenous firm specialising in Engineering, Procurement, Construction, Operations, and Maintenance (EPCOM) services within Nigeria’s oil, gas, and power sectors.

The Honourable Minister’s visit underscores the government’s determination to foster a self-reliant economy by empowering indigenous businesses and promoting local content in Nigeria’s energy and manufacturing sectors.

As the government continues to drive its economic agenda, the partnership between the public and private sectors is expected to yield significant dividends, empowering indigenous businesses like Lee Engineering to thrive and contribute to Nigeria’s economic growth and development.

Signed
Mohammed Manga FCIA
Director, Information and Public Relations
April 1, 2025

The Federal Government has expressed commitment to deepening its economic ties with the Organisation for Economic Co-operation and Development (OECD) with a view to harmonised data systems in order to support reforms, attract investment, and create opportunities for the country’s youth.

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this today in his office in Abuja when a delegation from OECD led by Carlos Conde, Head of the Middle East and Africa Division, paid him a courtesy visit to strengthen economic cooperation and explore strategic partnerships.

Discussions focused on Nigeria’s economic priorities, including capital market development, regional integration, curbing illicit financial flows, sustainable finance, and investment in human capital. The OECD highlighted its growing engagement in Africa through collaboration with the African Union, regional blocs, and direct country-level support. Nigeria was identified as a key partner in West Africa. It also outlined its range of engagements, which include technical support in areas such as digitalisation, governance, and statistics.

HM Edun welcomed the collaboration and re-emphasised the need for harmonised data systems to support reforms, attract investment, and create opportunities for the country’s youth.

The collaboration between Nigeria and the OECD is expected to drive economic reforms, attract investment opportunities, and contribute to Nigeria’s sustainable development.
Through this partnership, Nigeria aims to improve its business environment, increase access to finance for small and medium-sized enterprises, and enhance its competitiveness in the global economy.

By working together, Nigeria and the OECD can unlock new opportunities for economic growth, job creation, and poverty reduction, ultimately improving the lives of Nigerian citizens

Signed
Mohammed Manga FCAI
Director, Information and Public Relations
March 25, 2025

The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun has commended the African Development Bank (AfDB) for its pivotal role in driving Nigeria’s economic revitalisation. This praise follows a high-level meeting with an AfDB delegation led by Dr. Abdul Kamara, Director General, Nigeria Country Department, who came to deepen collaboration with Nigeria on economic growth and development priorities.

Dr. Kamara announced the launch of a new Country Strategy Paper and reaffirmed the AfDB’s commitment to transformative projects, including the second phase of the National Agricultural Growth Scheme (NAGS) as well as the Special Agro-Industrial Processing Zones (SAPZ). The AfDB also emphasized support for youth entrepreneurship through initiatives like the Youth Enterprise Investment Fund.

HM Edun lauded the AfDB’s contributions, highlighting the Bank’s critical role in Nigeria’s economic revitalisation through agriculture, infrastructure, and youth empowerment. The Minister noted that the AfDB’s partnership with Nigeria is crucial for driving economic growth, particularly in areas like agriculture, infrastructure, and youth empowerment.

As Nigeria continues on its economic revitalisation journey, the AfDB’s commitment is a testament to the power of collaboration and strategic partnerships. With the AfDB’s support, Nigeria is poised to unlock its full potential, drive sustainable growth, and improve the lives of its citizens.

Signed
Mohammed Manga,FCAI
Director, Information and Public Relations
March 26, 2025

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