Nigeria has evolved economic models tailored to its own realities, the Managing Director of the Ministry of Finance Incorporated (MOFI), Dr Armstrong Takang, has said.
Speaking at the inauguration of the MOFI Excellence and Governance initiative, Takang argued that Nigeria’s unique economic conditions require models that allow the state to leverage its sovereign capacity to stimulate enterprise, unlock private-sector opportunities and drive large-scale investments that sub-national governments cannot undertake alone.
He noted that deliberate efforts must be made to strengthen state-owned enterprises (SOEs) and reposition them as engines of national development.
The MOFI boss maintained that mega projects often exceed the fiscal capacity of states, which highlights the need for strong federal backing and well-governed SOEs to deliver critical infrastructure.
He warned, however, that the success of SOEs must no longer depend on personalities but on strong, enduring institutions.
“We must create governance structures and systems that guarantee performance regardless of who is in office,” he said.
Takang emphasised that effective corporate governance is crucial for achieving consistent outcomes and a lasting economic impact.
The new MOFI Excellence framework, launched to assess and reward performance across SOEs, is designed to embed a culture of accountability, efficiency and value creation.
It also measures return on assets and investments, dividend payments, job creation, contributions to GDP and service reach.
The MOFI chief noted that early results show a shift in attitude, with several SOEs that had not paid dividends for years now prioritising remittances while others are expanding services and intensifying job creation, signalling renewed pressure for improved performance.
He hinted that to ensure credibility, the government appointed an independent panel to oversee the awards and governance assessments.
“We deliberately selected only independent members to guarantee objectivity,” he explained.
Takang added that the initiative aims to institutionalise excellence across public enterprises and strengthen Nigeria’s development trajectory.
The MOFI Excellence and Governance movement builds on corporate governance reforms introduced earlier in the year, forming part of a broader push to reposition SOEs as competitive, impactful contributors to national growth that can match, and in some cases, surpass private-sector standards.
