The Nigerian government envisions securing a substantial investment influx of at least $100 billion by the year 2050, with a primary focus on mobilizing funds from the private sector, as articulated by the Budget Minister. In an effort to address the issue of dormant assets within the nation, Senator Bagudu shed light on the significant role played by the recently established Ministry of Finance Incorporated (MOFI). He underscored the ministry's steadfast commitment to revitalizing dormant public and private assets, channeling them toward productive utilization to generate revenue for the country.
Senator Bagudu emphasized that MOFI has undergone a strengthening process, bolstering its capabilities to bring clarity and effectiveness in identifying stranded assets that are not currently contributing to the nation's development. The minister outlined a strategic approach, stating that these identified dormant assets would be made available for potential investors, with the possibility of forming partnerships with both the Ministry of Finance Incorporated and the proposed Ministry of Petroleum Incorporated.
Furthermore, Senator Bagudu highlighted the impending role of the proposed Ministry of Petroleum Incorporated in ensuring that dormant assets within the petroleum industry are strategically activated to contribute to the overall economic growth. This underscores a holistic approach to leveraging dormant resources across various sectors for the nation's benefit.
It is essential to note that the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, had previously communicated the administration's vision. He outlined that the government, under the leadership of President Tinubu, is actively looking to the private sector to finance crucial infrastructure projects spanning the entirety of the country. This reliance on private sector involvement reflects a strategic alignment with the broader economic vision and development goals set forth by the administration.
In essence, Nigeria's pursuit of substantial investments and the activation of dormant assets not only signifies a commitment to economic growth but also reflects a collaborative and strategic approach that involves multiple ministries working in tandem to harness the full potential of the nation's resources.