The Ministry of Finance Incorporated (MOFI) targets $10 billion from its portfolio investment in the next 10 years. The Chief Executive Officer (CEO), MOFI, Armstrong Katang, stated this in Abuja, yesterday, at the Public Private Partnership Consultative Forum (3PUCF) meeting, adding that 50,000 new jobs are equally expected to be created by 2028.

“Increase the economic impact of MOFI’s portfolio companies by generating a minimum of $10 billion in additional GDP by 2033, through strategic investments and partnerships that drive innovation, productivity, and competitiveness. We are hoping to also facilitate the creation of 50,000 new jobs across priority sectors of the Nigerian economy within the next five years through MOFI’s catalytic investments and support for entrepreneurship,” he explained.

He hinted that MOFI was working towards increasing its contribution to funding the Federal Government budget to 10 per cent by 2033 by identifying and investing in high-yield assets that generate significant returns.

According to him, MOFI will establish at least five new sector-focused growth funds within the next five years, to catalyse growth in priority sectors and support the development of high-potential businesses.

The number of companies under MOFI’s portfolio is expected to increase by 15 per cent within the next five years by identifying and acquiring companies with significant potential for growth and profitability.

He noted that the organisation plan to develop and implement a comprehensive professionalization programme for all state-owned entities under MOFI’s management within the next four years to improve their operational efficiency and financial performance.

He added: “MOFI’s focus on professionalising state ownership is aimed at ensuring that all state-owned entities are effectively and efficiently managed to achieve greater economic impact.

“Professionalising state ownership involves providing state-owned entities with the necessary support to become more efficient, effective, and profitable in their operations. This support includes providing access to training, technology, and other resources necessary to improve their operations and financial performance. The goal is to enhance the competitiveness of state-owned entities and make them more attractive to potential investors.”

He insisted that MOFI is a significant financial driver of the Nigerian economy, saying with over 52 companies under its portfolio and an estimated value of holdings at ₦18 trillion, MOFI has a crucial role in financing economic growth in Nigeria.

MOFI’s investments and financial support provide a stable source of funding, supporting growth and development, thereby contributing to the overall economic growth and development of Nigeria.

According to him, MOFI’s investments span various sectors of the Nigerian economy, including infrastructure, financial services, services, industrials, energy and extractives.

Katang noted that MOFI can source and acquire funding for the growth and development of all the companies under its portfolio.

“As a strategic asset holding company, MOFI can leverage its vast network of financial partnerships and stakeholders to source and secure funding for Government-Owned Entities (GOEs) and Government-Linked Companies (GLCs) to support their growth and development,” he said.

He stressed MOFI’s commitment to pursuing initiatives that generate profit and impact across all key sectors and areas of the Nigerian economy. MOFI’s investment decisions are guided by its mission and vision.

Katang added: “MOFI’s investments and financial support are aimed at advancing socio-economic objectives such as poverty reduction, job creation, and the promotion of inclusive growth across all sectors of the Nigerian economy.

“MOFI’s impact on the Nigerian economy extends beyond financial returns to include broader socio-economic benefits that contribute to sustainable development in Nigeria.”

In his remarks at the occasion, the Director General of the Infrastructural Concession Regulatory Commission (ICRC), Michael Ohiani, said given the stakeholders’ responsibility to deliver about 85 per cent of their infrastructure projects using the private sector and in line with the 2021-2025 Mid Term Expenditure Framework of the National Development Plan (NDP), the meeting has continued to play a key role for all MDAs and stakeholders to share their PPP knowledge, challenges, progress and experiences in general.

He revealed that in partnership with the Malaysia University of Science and Technology, the Nigeria Institute of Infrastructure and Public-Private Partnership (NII3P) will commence a Ph.D. in Management programme (PPP Option) in addition to the currently running MBA in PPP programme.