You Must Be Investor-Ready, Finance Minister Tells CEOs Of Govt Enterprises
The Coordinating Minister of the Economy Wale Edun has spotlighted corporate governance as a key lever in President Tinubu’s push to build a $1tn economy, urging state-owned enterprises (SOEs) to meet global standards of transparency, ethics, and performance.
Speaking at the Ministry of Finance Incorporated Corporate Governance Forum in Abuja, Edun described the newly introduced MOFI Scorecard as a vital benchmark for institutional health—designed to position SOEs for investment, growth, and long-term value creation.
“This scorecard is not just a document—it’s a test,” Edun said. “Strong governance attracts capital, builds trust, and delivers real economic returns.”
The two-day forum, themed “Ensuring Value Creation in State-Owned Enterprises Through Better Corporate Governance,” brought together CEOs, regulators, and development partners to examine how better oversight can unlock Nigeria’s public asset potential.
Referencing entities like NNPC Ltd, Edun noted that SOEs must be investor-ready as the government shifts from debt-heavy budgets to equity-based growth.
He also pointed to positive macro signals and falling food and fuel prices—as early signs of a stabilising economy.
Edun said Nigeria is pivoting its economic model toward private sector-led growth, equity-based financing, and strategic asset optimisation. While the government accounts for 10 per cent of GDP, the private sector contributes 90 per cent.
He credited President Bola Tinubu’s administration with stabilising macroeconomic indicators and laying a foundation for sustainable growth.
“Over the last 18 to 24 months, we’ve seen clear signs of stabilisation.
“Inflation is easing, fuel and food prices are coming down, and GDP growth remained steady at 3.84 per cent in Q4 2024.
“These outcomes have been achieved through a disciplined combination of monetary and fiscal policies,” he said.
According to him, Nigeria had already pivoted from a debt-dependent strategy to equity and private investment, even before the current global trade shifts.
He cited concessional and bilateral financing as examples of Nigeria’s prudent fiscal management.
Highlighting the Highway Development and Management Initiative (HDMI), Edun pointed to partnerships that have transferred major infrastructure projects—like the Benin-Asaba expressway—to the private sector, reducing travel time from four hours to one.
“These initiatives are saving costs and attracting private capital. We’ve identified nearly 1,000 kilometres of roads ready for private funding. That’s real transformation,” he said.
Edun said strong corporate governance is key to attracting investment into state-owned enterprises. He confirmed that the 2025 budget includes a provision for privatisation, which may expand depending on fiscal ne
MOFI Chairman Dr. Shamsudeen Usman confirmed the scorecard will be enforced through independent assessments, including for MOFI itself. “We’re not asking others to do what we haven’t already done,” he said.
MOFI CEO Dr. Armstrong Takang outlined a rollout that includes third-party evaluations, remediation plans, and public recognition through the annual MOFI Excellence Awards.
Backed by the World Bank, the initiative marks a shift in how Nigeria manages public wealth—with governance now central to growth, resilience, and investor confidence.
ENDS
You Must Be Investor-Ready, Finance Minister Tells CEOs Of Govt Enterprises is first published on The Whistler Newspaper
