The Federal Government has not leveraged the tens of trillion assets in the Ministry of Finance Incorporated (MOFI), Nigeria’s investment vehicle.
Wale Edun, minister of finance and coordinating minister of economy disclosed this on Tuesday at the unveiling of the Nigerian banking sector report, by Afrinvest West Africa, in Lagos.
Represented by Armstrong Takang, managing director/CEO of MOFI, he said, “MOFI has assets that are worth 10s of trillions of naira. Unfortunately, we have not leveraged most of those assets over time.
“A lot of those assets really represent our own equity. We have not used that equity to leverage debt and other types of capital flows. We’re beginning to use some of that.
“We believe that those assets represent significant opportunities for us to be able to unlock liquidity by putting some of those upfront and in most cases the cost of that liquidity is a lot cheaper when you use assets you want at the moment rather than unsecured debt for using sovereign debts,” he said.