The Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun, unveiled plans to generate approximately $13 billion in annual revenue by leveraging the nation’s assets. Speaking at the launch of the Afrinvest 2023 Nigerian Banking sector report in Lagos, Edun outlined the strategy, which involves enumerating national assets, introducing governance, and optimizing their value through monetization.
The plan includes the creation of a National Assets Register by the Ministry of Finance Incorporated (MoFI), which aims to generate revenue equivalent to 3.0% of the nation’s Gross Domestic Product (GDP) or $13.3 billion. Additionally, the initiative is designed to increase the value of National Assets Under Management (AuM) of MoFI from the current N18 trillion to N100 trillion.
Edun emphasized that these measures are part of a broader strategy to boost the Federal Government’s revenue and achieve a Revenue-to-GDP ratio of 25% by 2026, up from the current 8.0%.
Highlighting the importance of unlocking the value of dormant assets, Edun stated, “We have properties that are lying fallow around the world, not being used. In fact, they’re liabilities. That has to change.” He pointed out the need to capitalize on prime properties and leverage assets across various sectors.
The Minister outlined a three-step approach involving creating a national assets register, introducing governance for value creation, and monetization and optimization, including rationalization.
Edun projected that the revenues generated from these efforts could contribute significantly to the nation’s GDP, estimating an additional $13.3 billion per year. Furthermore, he emphasized the potential for the combined value of these assets to be up to two times the GDP when effectively managed and optimized.
