The N100 trillion revenue decade target from Federal Government’s assets would be surpassed, the Ministry of Finance Incorporated (MOFI) – the company saddled with the responsibility to oversee its assets, has said.

MOFI’s Managing Director, Dr. Armstrong Takang, who gave the assurance on the sidelines after the inauguration of the Board of MOFI in Abuja.

He said his optimism stemmed from unlocking hidden values in the country’s vast untapped resources to transform Nigeria’s financial landscape.

Takang said MOFI will adopt a multi-pronged approach to unlock the hidden values in Nigeria’s vast, untapped resources and transform the nation’s financial landscape.

He listed the identified approaches as the creation of a comprehensive inventory of all Federal Government assets both financial (shares in companies, bonds) and non-financial (infrastructure, real estate, natural resources).

“This includes assets within Nigeria and internationally. This mapping exercise will reveal the true extent of the nation’s wealth and potential”, the MOFI boss said.

Takang went on: “These assets will be appropriately valued based on current market conditions and future potential, adding that MOFI can then explore various monetisation options, such as, selling off certain assets, particularly non-core holdings, which could generate immediate revenue.”

He listed others measures to include:

· Forming partnerships with private investors to unlock capital and expertise for developing and managing assets, especially infrastructure projects;

· Granting concessions or leasing rights for assets like airports or mining licenses to generate long-term revenue streams;

· Securitizing some assets through instruments like bonds, or asset-backed securities to provide access to larger pools of capital.

According to him, Nigeria’s untapped wealth far exceeds the initial N100 trillion estimate, citing existing assets like the Nigeria National Petroleum Company Limited’s (NNPCL’s) $60 billion valuation (50 per cent of which is government-owned) and the colossal value of federal infrastructure holdings in airports, seaports, highways and bridges, as just the tip of the iceberg.

Takang said: “When we talk about assets management, today, NNPCL alone, based on current valuation is $60 billion, and we own 50 per cent of it. Federal Government shares in NLNG are not included in that calculation.

“The value of our infrastructure assets in airports, sea ports, highways, bridges are not included in that figure, by the time we incorporate those assets, and monetize them, you can begin to imagine what value we are talking about.

“And even for those infrastructure assets we have not talked about, the concessions that are on top those assets and the monetary value that comes from those concessions.”

Monetising these resources, including concessions and untapped potential in the blue economy and creative industries, holds immense potential for growth, he stated.

Takang further emphasized the significance of overlooked assets like solid minerals, expansive real estate holdings (domestic and international), and strategic offshore properties. Recognizing their under-contribution to national prosperity, he underscores the need for systematic identification, enumeration and valuation of these resources.

He said: “Real estate assets of this country, whether residential, commercial, industrial, were not included in the estimate.

“Our real estate assets offshore, in almost every major city in the world that the federal government owns assets, were not included in the estimate and in most cities around the world that we own assets, we own them in prime locations, these assets are high value assets, so by the time you identify, enumerate and value, you can begin to get a sense of what we are talking about.

“Our view is that this country is too endowed to be poor, but we need to change our mind set, strategy of how we manage, rationalize, monetize our assets, and the value we create from those assets.

“And that for us is a clarion call, not only for us but to all MDAs who are currently sitting on those assets, or superintending over those them.”

He said MOFI’s goal is not to seize assets, but to establish a centralized, clear picture of federal ownership, saying this transparency is crucial for optimising asset utilisation and maximising returns for the nation.

Takang said: “MOFI’s mandate or goal is not to take away those assets from anyone. It is to make sure we have a single view, single source of truth as to what the federal government owns, because it is through that we can begin to take steps to optimize those assets to the benefit of Nigerians.”

On the green energy transition and its impact on fossil fuel, Takang assured that NNPCL was proactively driving the shift towards cleaner energy, emphasizing gas (CNG) as a crucial bridge fuel.

He said plans to leverage Nigeria’s vast gas reserves for clean energy generation and optimize oil and gas returns for investment in diversified sectors and renewable energy projects, are ongoing. (The Nation)

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