Abuja: The Federal Government has identified a set of conditions necessary to improve the performance of public assets, attract investment inflows, and generate stronger economic growth across key sectors. The Secretary to the Government of the Federation (SGF), Sen. George Akume, shared this during the 31st Nigerian Economic Summit interactive session in Abuja. Akume was represented by retired Permanent Secretary in the office of the SGF, Mr. Olusegun Adekunle.
According to News Agency of Nigeria, Akume emphasized that the underperformance of public assets could be reversed through strong policies that stimulate private capital inflow and good governance practices. He highlighted the importance of asset management systems that limit value extraction, robust legal and regulatory frameworks devoid of fragmentation, and efficient institutional coherence. These conditions, he noted, would enhance the performance of public assets, stimulate investment inflows, and positively impact the economy.
Akume further stated that Nigeria is endowed with public assets, including land, infrastructure, state-owned enterprises, and strategic institutions. If effectively managed, these assets can become platforms for wealth creation and prosperity. However, he acknowledged that many of these assets remain underexplored and perform below their potential. The SGF highlighted that the administration of President Bola Tinubu recognizes the economic potential of effective asset management and has taken decisive steps to strengthen the institutional framework for managing public assets.
A significant move in this direction is the strengthening of the Ministry of Finance Incorporated (MOFI), marking combined institutional, legal, and regulatory reforms. MOFI is responsible for managing and optimizing the government’s portfolio of assets, including investments, estates, and rights to grow national wealth and prosperity. By empowering MOFI, the government aims to build a central institution for public asset management capable of unlocking non-tax revenues, strengthening fiscal sustainability, and attracting private capital to close Nigeria’s infrastructure gap. This, in turn, translates into jobs, growth, and an improved quality of life for citizens.
Mr. Kyari Bukar, Chairman of the Ernest Shonekan Centre for Legislative Reform and Economic Development, also spoke on the importance of effective public asset management as a key driver of economic transformation. He emphasized that managing assets to create or produce value is best achieved by entities in the private sector, noting that while the government should not shirk all responsibility, it can attract investors to put assets to productive use for mutual benefit. Bukar called for consolidation and proper record-keeping of all public assets, stressing the need for coordination among ministries, departments, and agencies.
He advocated for open collaboration among government agencies, private investors, and development partners to craft an effective national framework for public asset management. Bukar highlighted the mutual benefits of private participation in asset management, noting that when an investor invests in a dormant asset, it becomes valuable and generates income for both sides, creating a win-win situation.