The Honourable Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has reaffirmed the Tinubu administration’s commitment to restructuring inefficient state-owned enterprises.
He noted that stronger governance frameworks would unlock the hidden potential in public assets, especially land, buildings, and housing infrastructure.
This was disclosed during the inaugural Corporate Governance Forum, organized by the Ministry of Finance Incorporated (MOFI), commenced on April 7, 2025, at the Transcorp Hilton in Abuja.
The two-day event, themed “Ensuring Value Creation in State-Owned Enterprises (SOEs) through Better Corporate Governance,” marked a bold step toward improving Nigeria’s public sector efficiency and advancing the nation’s $1 trillion economy target.
In his opening address, Dr. Shamsuddeen Usman, Chairman of MOFI’s Board of Directors, emphasized that effective corporate governance is a key catalyst for economic transformation. He stressed the need for transparency and accountability in managing public enterprises, many of which hold significant real estate and infrastructure portfolios that are currently underutilized.
Delivering a goodwill message, Dr. Doris Uzoka-Anite, Honourable Minister of State for Finance, reiterated that improved governance structures are central to ensuring that SOEs, including those in the housing and real estate sectors, deliver tangible value to citizens.
Dr. Ndiame Diop, the World Bank Country Director for Nigeria, stressed that good governance is indispensable for sustainable development. He called for a renewed focus on performance metrics, particularly in sectors like housing and construction, which are vital for inclusive economic growth.
In his keynote address, titled “Making SOEs Engines of Development Through Better Corporate Governance: An International Perspective,” Dr. Ishmael Yamson, Chairperson of Ishmael Yamson & Associates, explored global best practices and highlighted how better governance can transform real estate-heavy SOEs into profitable and impactful contributors to national development.
The event also spotlighted MOFI’s strategic shift from a passive custodian of government assets to an active asset manager. This transition is expected to stimulate the housing and real estate market by revitalizing underperforming assets and encouraging private-sector collaboration for infrastructure development.
With many SOEs sitting on valuable land and property across the country, the forum underscored the importance of proper asset management in driving both economic growth and real estate development.
As MOFI charts this new course, stakeholders across finance, governance, and real estate are hopeful that this initiative will unlock long-dormant value and spur nationwide investment.
Ubong Usoro
