Nigeria Roles Out New Incentives To Stabilize Economy For Growth

By Omowumi Samuel

Nigeria through the Finance and Coordinating Minister of the Economy, Mr Wale Edun, has rolled out some bold measures to stabilize the economy.

The plan was unfolded at the citizen’s and stakeholders engagement session, held in Abuja on Monday.

According to Mr Wale Edun, in the first quarter of this year, a substantial increase in revenue has been recorded.
“There is a daily meeting to ensure that the fiscal data, figures that come out from the various agencies, debt management office, budget office of the Accountant General are readily understood by the general public.

“And likewise, the external reserves have grown from what was about $3billion to over $23billion. On the fiscal side as well with the effort to apply technology, block leak holes, stem leakages.

We have had one 2024 a huge increase in revenue from just above 12%, 12.5 trillion to 20 trillion naira, virtually 21 trillion”.

The Minister added that the Bola Ahmed Tinubu administration has confronted and deal with major distortion in the economy, the wrong price signals in a market economy.
“And we must say that under the renewed global uncertainties, oil prices have come down slightly.
“But as I say, the effort and the commitment is to ramp up revenue, achieve the greatest of efficiencies in identifying, collecting, monitoring and ensuring that there is full accounting for federal revenue that belong to the federal purse, to benefit Nigerians”.

He also highlighted the improvement and international perception and recognition of the gains that have been made in the last two years of his assumption in office.

“Small and medium scale businesses, entrepreneurs, service providers, manufacturers are the backbone of this market economy and grants has been provided, also low interest loans are made available through BOI as well as larger scale loans for the medium sized enterprises.

Mr Edun listed sectors where the ministry has recorded and made funds available, the Real Estate Investment Fund, where low cost, long term mortgages are available. Also the power sector, education sector and medical sector.

He further revealed that Nigeria is a good place for investment as Brazil is set to bring a multi-billion dollars investment in the livestock industry.

Chief Executive Officer of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, said MOFI had been managing public wealth for optimal returns.

Represented by a Director, Tajudeen Ahmed, he said MOFI aims to generate revenue to support Nigeria’s budgetary needs and secure future generations.

He revealed that assets under management had risen to N38 trillion from just 20 company accounts reviewed so far.

“We expect the figure to rise significantly as we complete reviews of all portfolio companies,” he noted.

Takang outlined MOFI’s three key pillars, starting with enhanced visibility of federal government assets and their respective values.

The second pillar is professionalising portfolio companies to ensure proper management and increased value creation.

Takang assured Investors of good returns on their investments in Nigeria.

He also announced the creation of a National Asset Register accessible on the Finance Ministry and MOFI websites.

“This register will detail asset values, locations, and ownership – a major milestone for transparency,” he noted.
The stakeholder engagement meeting drew participants from captains of industry, financial analysts and experts, civil society organisations and the Media.