The Managing Director and CEO of the Ministry of Finance Incorporated (MOFI), Dr. Armstrong Takang, has rejected the idea that government should stay out of efforts to drive economic growth in Nigeria, describing the belief as a “fallacy.”
Speaking on Wednesday in Abuja during the official launch of the MOFI Excellence Awards and the inauguration of its panelists, Takang stressed that governments worldwide play a crucial role in national development.
Citing global examples, he noted that countries like China have demonstrated the success of government-led economic intervention working side by side with private-sector participation. He said this blended model is the type of capitalism Nigeria should aspire to.
Takang also pointed to Singapore Airlines—owned by a government agency similar to MOFI—as a long-standing example of a highly successful state-owned enterprise. The airline’s world-class performance, he said, shows the potential of government involvement in business.
“The government has a pivotal role because of its sovereign status and its access to resources the private sector cannot obtain,” he said. “There are levels of capital the government can mobilize that private companies simply do not have.”
He added that it is misleading to suggest that only private actors can grow businesses. “At MOFI, we believe the government can use its sovereign strength to drive business and create opportunities for the private sector, especially in areas where they lack adequate capital. The private sector still needs the government, and state-owned enterprises have a major role in the economy.”
Speaking on the newly introduced MOFI Excellence Awards, Takang said they are designed to promote strong governance, excellence, and improved performance among state-owned enterprises. The awards will help track contributions to GDP, job creation, and other economic indicators, while encouraging agencies to prioritize accountability and impact.
“We want state-owned enterprises to deliver optimal performance, and that is why we established the MOFI Excellence Awards,” he said. “They provide a framework for assessing these organizations and ensuring they contribute meaningfully to the economy.”
He revealed that some entities under MOFI’s portfolio have already started placing greater emphasis on dividend payments, reflecting a shift toward improved accountability and results.
“By institutionalizing these awards, we are fostering a culture of excellence in corporate governance,” he added.
Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the awards are necessary to promote productivity across government-owned enterprises. He urged the panelists to remain diligent and ensure that all recognition is based strictly on merit.
