The Federal Government has instructed the Ministry of Finance Incorporated (MOFI) to develop and submit a comprehensive roadmap for the valuation and management of all government-owned assets within and outside Nigeria.
The directive, issued with specific milestones and timelines, aims to ensure the efficient management of national assets to maximize economic value and generate revenue for the country.
The Minister of State for Finance, Dr. Doris Uzoka-Anite, gave the directive in Abuja while receiving a delegation from MOFI, led by its Managing Director, Dr. Armstrong Ume Takang.
She emphasized the importance of transparency and accountability in the agency’s operations, stating that properly managed government assets could drive economic development and improve public service delivery.
Global Best Practices
Dr. Uzoka-Anite cited examples from Australia, the United Kingdom, and Singapore, where effective asset management strategies have contributed to financial growth and economic stability.
She urged MOFI to adopt similar policies, integrating financial management, asset life cycle management, and strategic planning to optimize asset utilization.
Diversification and Economic Impact
The minister also tasked MOFI with developing investment strategies that would directly impact Nigerians, particularly in job creation.
She emphasized the need for diversification across various industries and asset classes to enhance economic resilience.
Furthermore, she encouraged MOFI to collaborate with other Ministries, Departments, and Agencies (MDAs), as well as international financial institutions, to strengthen its operations.
MOFI’s Commitment to TransparencyIn response, MOFI’s Managing Director, Dr. Armstrong Ume Takang, reaffirmed the agency’s commitment to maintaining transparency and accountability in its asset management initiatives.
He disclosed that MOFI has formulated strategic plans to optimize asset management by working closely with MDAs to stimulate economic growth and job creation.
Dr. Takang also reiterated MOFI’s dedication to diversifying investments to ensure long-term sustainability and economic development.
This move aligns with the government’s broader economic agenda to enhance efficiency in asset management, boost revenue generation, and foster national development.