Africa (Commonwealth Union) _ President Bola Tinubu’s announcement of efforts to raise $10 billion to enhance foreign exchange liquidity, stabilize the naira, and spur economic growth signals a proactive approach towards addressing key challenges facing Nigeria’s economy. Speaking at the public wealth management conference organized by the Ministry of Finance Incorporated (MOFI) in Abuja, Tinubu underscored the importance of identifying, consolidating, and maximizing returns on government-owned assets to achieve these objectives.
Highlighting the need for optimal management of assets and investments, Tinubu emphasized the potential for unlocking revenue streams from government-owned assets worth trillions of naira. He outlined plans to double the GDP growth rate and significantly expand the GDP base over the next eight years, with a focus on job creation and economic diversification.
Tinubu acknowledged decades of mismanagement and underutilization of Nigeria’s assets, leading to revenue losses and hindering economic growth. He expressed confidence that the restructured Ministry of Finance Incorporated would play a central role in managing these assets effectively.
Transparency, accountability, and improved corporate governance were highlighted as essential principles for maximizing returns on investments. Tinubu stressed the importance of directing increased returns towards funding critical sectors such as education, healthcare, infrastructure, and power, with the aim of reducing poverty and fostering sustainable development.
In line with these objectives, Vice President Kashim Shettima, representing Tinubu at the event, emphasized the need for collaboration among stakeholders, including ministries, development financial institutions, and the public and private sectors. He called for partnerships with MOFI to optimize strategic assets and unlock Nigeria’s full potential.
Shamsudeen Usman, Chairman of MOFI’s board, reiterated the organization’s commitment to high-level corporate governance and emphasized the importance of viewing MOFI as a partner rather than a competitor or regulator. He outlined measures to ensure professionalism and integrity in asset management, including a non-conflict of interest policy.
Overall, Tinubu’s announcement and the initiatives outlined at the conference reflect a concerted effort to leverage Nigeria’s assets to stimulate economic growth, create jobs, and improve the well-being of its citizens. Through effective management and strategic partnerships, Nigeria aims to build a more equitable society and unleash the full potential of its economy.
