MOFI Launches N100bn Project Preparation Fund To Stimulate Investments In Nigeria

The Ministry of Finance Incorporated (MOFI) has launched a N100bn project preparation fund to stimulate investments in Nigeria.

The Managing Director/Chief Executive of MOFI, Mr Amstrong Takang said this on Tuesday at the Public Wealth Management Conference in Abuja.

The conference which was declared open by Vice President Kashim Shettima has in attendance the Minister of Finance Wale Edun, the Chairman of the MOFI Board Dr Shamsudeen Usman, a former Finance Minister Dr Olusegun Aganga, Chairman of Heirs Holdings Tony Elumelu and other top officials in the public and private sectors of the economy.

As part of a broader strategy to deal with these challenges, Takang said MOFI, as the trusted custodian and the shareholder for the Federal Government of Nigeria’s investment assets is executing a number of
initiatives aimed at contributing towards building a more inclusive and sustainable economy.

According to him, the conference would foster collaboration among stakeholders, facilitating the exchange of insights, experiences, and best practices in managing public assets.

By working together, he added that stakeholders can find innovative solutions to the to the challenges faced by the economy

He explained further that efficiency and transparency and accountability are at the heart of effective public wealth management, noting that the conference would be used as an avenue to optimize the performance and returns from federal government’s assets under MOFI’S management, ensuring that they deliver maximum value for the Nigerian people.

Given the importance of public wealth in rebuilding the economy, especially at a time when there is a need for more focus on domestic resource mobilisation, he said now is the time to encourage the exploration of innovative mechanisms such as public-private partnerships and alternative financing
models.

By unlocking hidden value in public assets, Takang said the country can attract investments and drive economic growth for Nigerians.

He also explained that the conference would provide potential investors with data-driven insights on federal government assets, noting that by presenting compelling investment opportunities, MOFI can attract the capital needed to fuel economic development and create jobs for Nigerians.

In his speech at the event, Usman said MOFI will leverage and explore innovative strategies that will unlock the full potential of the government’s public assets.

He said, “We are starting a journey that other nations such as Singapore or Sweden, or more recently Saudi Arabia have undertaken before.

“We will blend the lessons learnt from such country’s experiences with the unique circumstances of Nigeria. We are committed to working collaboratively with all stakeholders to achieve our project.

“From the 10 year plan, we have in line with Mr. President’s emphasis on delivering results, identifying a number of key deliverables, and setting specific key performance indicators to track and report our performance.

“We aim to maximise returns, attract investment, and guarantee sustainable economic growth.”