[OPINION BY BASSEY UDO] MOFI: Nigeria’s strategic vision for sustainable economic recovery | TheCable
Last week, the inaugural board of directors and executive management team for the MOFI was constituted by the Federal Government, more than 64 years since its incorporation.
The country’s overarching dependence on crude oil exports as its major source of income and economic sustenance has continued to be a source of a growing existential worry for the government. Despite the fact that oil and gas constitute a paltry six percent of the country’s aggregate value of goods and services, more than 76 percent of the revenue the government relies on to fund the provision of critical socio-economic services in the economy, comes from this sector.
The document, which highlights the strategic blueprint for reinvigorating MOFI, defined the highway to travel over the next ten years, to grow the value of the assets under its management portfolio to a minimum of N100 trillion by 2032, and realize minimum average returns on its equity of 25 percent per annum.
“That is where MOFI comes in. Our governance structure, organizational capacity and management principles align with globally accepted standards and principles, particularly in terms of the ethics of transparency and accountability,” Takang said
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