• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Nigeria to raise $10bn to boost liquidity, Naira stability

Naira

The Matters Press by The Matters Press
February 21, 2024
Reading Time: 3 mins read
0
Swiss Bank expects profit of $50bn

Abuja, Feb. 21, 2024: The Federal Government has expressed determination to raise at least $10 billion to increase foreign exchange liquidity to stabilise the Naira and grow the economy.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

President Bola Tinubu made this known at the inauguration of the Public Wealth Management Conference organised by the Ministry of Finance Incorporated (MOFI) on Tuesday in Abuja.

The theme of the conference was, “Championing Nigeria’s Economic Prosperity.”

Represented by Vice President Kashim Shettima, Tinubu revealed plans by his administration to create millions of jobs by unlocking the value of Nigeria’s vast public assets.

This, according to him, is to optimise and double the country’s Gross Domestic Product (GDP).

He stressed the need to identify, consolidate and maximise returns on government-owned assets worth trillions of Naira.

“The Federal Government set a goal to raise at least 10 billion dollars in order to increase foreign exchange liquidity, a key ingredient to stabilise the naira and grow the economy.

“At the core of this is ensuring optimal management of the assets and investments of the Federal Government towards unlocking their revenue potential.

“This includes our bold and achievable plan to double the GDP growth rate and significantly increase the GDP base over the next 8 years.”

Tinubu, however, noted that decades of mismanagement and underutilisation have plagued the country’s assets, spread across Nigeria and outside its borders, leading to revenue losses that have hindered economic growth.

The President gave the assurance that “the newly restructured Ministry of Finance Incorporated, which is to act as custodian and active manager of these assets, will now take the centre stage.”

He emphasised transparency and accountability as key principles, believing that improved corporate governance, innovative partnerships and attracting alternative investment capital would significantly increase returns.

“These improved returns will then be directed towards crucial funding for education, healthcare, housing, power, roads and other areas vital to lifting millions out of poverty.

“And stimulating sustainable economic development and job creation for the youths.”

Tinubu said that by efficiently managing public resources, the government aimed to build a more equitable society and unlock the full potential of its citizens.

He called on all stakeholders, including ministries, development financial institutions and the public and private sector players, to partner with MOFI to optimise the strategic assets.

He expressed hope that the collaborative effort would unlock Nigeria’s full potential and create a brighter future for all citizens.

The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, said Tinubu was mindful of the pains of his administration’s reform programmes and was deploying appropriate mechanisms to address the challenges.

He said that 42,000 metric tons of assorted grains were being released with 60,000 metric tons to follow shortly, adding that these are part of measures to arrest inflation and reduce food prices in the coming months across the country.

He urged the management and board of the MOFI to develop a specific line of revenue for the national budget.

This, according to him, is part of its renewed mandate of supporting the Federal Government’s fiscal stability.

The Chairman of the MOFI Board, Dr Shamsudeen Usman, said that the MOFI would play a more active role in the management of assets under its purview.

He urged operators of the assets to see MOFI as partners rather than competitors or regulators, adding that the new management was committed to high level corporate governance.

Usman disclosed that the company had integrated a non-conflict of interest policy to guard against practices that undermine professionalism among members of staff.

The Chief Executive Officer of MOFI, Dr Armstrong Takang, announced the launch of a N100 billion Project Preparation Fund as part of its renewed mandate of ensuring professionalism in the management of public assets.

Takang said that the company would transform the fortunes of public assets and restore investor confidence in both the operations and management of the assets.

Tags: Naira
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Edo unveils plans for investment desks

MOFI launches N100bn project preparation fund to stimulate investments

Scheme to repatriate $200bn in forex requires right mechanisms

Nigeria takes measures to crackdown on Forex speculators

Recommended Stories

Nigeria to use poverty report for resource allocation

FG commits to poverty reduction, job creation, economic revitalisation

January 12, 2024
Nigeria targets $1.2bn export capacity for every state

Tincan Customs command records 291,436.43 metric tonnes export

July 23, 2023
SMEDAN to disburse N5.2m start-up grants to cooperatives

SMEDAN awards certifies 116 business development service providers

October 19, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us