Nigeria’s Path to Exceeding N100 Trillion Asset Revenue Target

The Ministry of Finance Incorporated (MOFI) has expressed confidence in surpassing the N100 trillion revenue decade target set by the Federal Government for its assets. Dr. Armstrong Takang, the Managing Director of MOFI, made this declaration during the inauguration of the Board of MOFI in Abuja.

Takang emphasised the importance of unlocking hidden values in Nigeria’s vast untapped resources to transform the nation’s financial landscape. He revealed that MOFI aims to adopt a multi-pronged approach to achieve this, including creating a comprehensive inventory of all Federal Government assets, both financial and non-financial, and appropriately valuing them based on current market conditions and future potential.

Furthermore, Takang highlighted other measures, such as forming partnerships with private investors, granting concessions or leasing rights for assets, and securitising some assets through instruments like bonds. He also stressed the need to systematically identify, enumerate, and value overlooked assets like solid minerals, expansive real estate holdings, and strategic offshore properties.

According to Takang, Nigeria’s untapped wealth goes beyond the initial N100 trillion estimate, with existing assets such as Nigeria National Petroleum Company Limited’s (NNPCL’s) $60 billion valuation and federal infrastructure holdings in airports, seaports, highways, and bridges.

The MOFI Managing Director also underlined the potential for growth in monetising resources, including concessions and untapped potential in the blue economy and creative industries, as well as driving the green energy transition, with a focus on leveraging Nigeria’s vast gas reserves for clean energy generation.

Takang made it clear that MOFI’s goal is not to seize assets, but to establish a centralised, clear picture of federal ownership, providing transparency crucial for optimising asset utilisation and maximising returns for the nation.

In conclusion, the ambition to exceed the N100 trillion asset revenue target demonstrates MOFI’s commitment to harnessing Nigeria’s wealth of resources for the benefit of Nigerians. The comprehensive approach outlined by Dr. Armstrong Takang signifies a strategic and systematic effort to capitalise on the nation’s assets, ultimately driving economic growth and prosperity.