By Tony Obiechina, Abuja

Ministry of Finance Incorporated (MOFI) has launched a N100bn project preparation fund to stimulate investments in Nigeria.

The Managing Director/Chief Executive of MOFI, Mr Armstrong Takang disclosed this at the Public Wealth Management Conference in Abuja on Tuesday.

The conference which was declared open by Vice President Kashim Shettima had in attendance the Minister of Finance Wale Edun, the Chairman of the MOFI Board Dr Shamsudeen Usman, a former Finance Minister Dr Olusegun Aganga, Chairman of Heirs Holdings Tony Elumelu and other top officials in the public and private sectors of the economy.

As part of a broader strategy to deal with these challenges, Takang said MOFI, as the trusted custodian and the shareholder for the Federal Government of Nigeria’s investment assets is executing a number of initiatives aimed at contributing towards building a more inclusive and sustainable economy.

According to him, the conference would foster collaboration among stakeholders, facilitating the exchange of insights, experiences, and best practices in managing public assets.

He said by working together, stakeholders can find innovative solutions to the challenges the economy is currently facing.

He explained that efficiency and transparency and accountability are at the heart of effective public wealth management, pointing out that the conference will be used as an avenue to optimize the performance and returns from federal government’s assets under MOFI’S management, ensuring that they deliver maximum value for the Nigerian people.

He stated that given the importance of public wealth in rebuilding the economy, especially at a time when there is a need for more focus on domestic resource mobilisation, now is the time to encourage the exploration of innovative mechanisms such as public-private partnerships and alternative financing models.

By unlocking hidden value in public assets, Takang said the country can attract investments and drive economic growth for Nigerians.

He also disclosed that the conference would provide potential investors with data-driven insights on federal government assets, noting that by presenting compelling investment opportunities, MOFI can attract the capital needed to fuel economic development and create jobs for Nigerians.

Speaking also at the event, Usman said MOFI will leverage and explore innovative strategies that will unlock the full potential of the government’s public assets.

He said, “We are starting a journey that other nations such as Singapore or Sweden, or more recently Saudi Arabia have undertaken before.

“We will blend the lessons learnt from such country’s experiences with the unique circumstances of Nigeria. We are committed to working collaboratively with all stakeholders to achieve our project.

“From the 10 year plan, we have in line with Mr. President’s emphasis on delivering results, identifying a number of key deliverables, and setting specific key performance indicators to track and report our performance.

“We aim to maximise returns, attract investment, and guarantee sustainable economic growth.”

Foreign Investment Drops by 80 Percent

Meanwhile, foreign investment into Nigeria dropped by 80 percent to $3.9bn in 2023 from the $5.3bn that was invested in the country in 2022, analysis of a report of Capital Importation into Nigeria has shown.

The report which was released by the National Bureau of Statistics (NBS) showed that Nigeria attracted $1.1bn in Q1 2023, $1.03bn in Q2, $654.6m in Q3 and $1,08bn in Q4.

In 2022, $1.57bn was imported into the country in Q1, which reduced to $1.53in Q2. It further went down to $1.15bn and $1.06bn in Q3 and Q4 respectively.

However, the report said the S$1.08bn that was imported into the country in Q4 2023 was slightly higher than the $1.06bn recorded in Q4 2022, indicating an increase of 2.62 per cent.

“In comparison to the preceding quarter, capital importation rose by 66.27 per cent from the $654.6m in Q3 2023,” the report added.

It said other investments ranked top accounting for 54.64 per cent ($594.7m) of total capital importation in Q4 2023, followed by portfolio investment with 28.46 per cent ($309.76m) and Foreign Direct Investment (FDI) with 16.90 per cent ($183.9m).