FMA, MOFI Collaborate On Nat’l Asset Register, To Strengthen Nigerian Economy

L-R: The permanent secretary, Federal Ministry of Aviation, Dr. Emmanuel Meribole, Minister of Aviation, Sen. Hadi Sirika and the chief executive officer, Ministry of Finance Incorporated, Dr. Armstrong Takang when the latter paid a courtesy call on the minister in his office in Abuja.

The Minister of Aviation, Sen. Hadi Sirika has disclosed that a collaboration between the Federal Ministry of Aviation (FMA) and the Ministry of Finance Incorporated (MOFI) was important for Nigeria’s civil aviation.

Sirika made this statement during a courtesy call to the ministry by the MOFI management for collaboration between the Federal Ministry of Aviation and the organisation in Abuja.

The minister expressed excitement that there was a structure for MOFI and it has fallen into the right hand, to get the mandate of President Muhammadu Buhari delivered and effected appropriately.

He recalled that during the period of the nation’s transition committee, there was an extensive discussion as to what contribution the aviation sector could make, and it was considered to add up to 5 per cent to Nigeria’s GDP. 

Sirika added that a road map was created for the civil aviation industry to create a robust sector that would be financially healthy and which would also make aviation the most preferred means of transportation.

Speaking earlier at the meeting, the CEO of MOFI, Dr. Armstrong Takang congratulated the minister on his recent appointment as a member of the MOFI Governing Council. 

He said the appointment demonstrated the president’s trust in him, given his vast experience in driving governance to achieve desirous outcomes, which would be valuable for MOFI in delivering significant value to its key stakeholders and its portfolio companies.

Armstrong recalled that MOFI was used as a special purpose vehicle (SPV) across the economic sector, focused on holding Federal Government investments which it had been using to invest in commercial entities for over 60 years.

However, he added that MOFI was not structured to deliver on the mandate that was expected of it, seeing as its peers established at the same time and restructured to reflect current realities had gone on to make major social and economic impacts in their respective countries. Many of them, he said, had become global brands for investing beyond their home countries’ borders.

“In line with the approval of Mr. President to create a comprehensive National Asset Register (NAR) by aggregating, profiling and managing all national assets and investments, the NAR would be harnessed to strengthen the nation’s fiscal and economic realities and the optimisation of our investments and assets, noting that the development and modernisation of the country’s airports were crucial for socio-economic development,” he pointed out.

The MOFI CEO further expressed their strong interest in supporting the growth and expansion of Nigerian airlines, adding that MOFI would like to explore ways in which it can provide financing and investment for airlines to expand their fleets, enhance their devices and compete on the global stage.

He noted that the investment and collaboration would bring about mutual benefits for both MOFI and the Ministry of Aviation.

Oluchi Okorafor
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