The Federal Ministry of Finance has emphasized the crucial role of government in driving sustainable economic development, citing the importance of solid institutions in building a strong economy. According to Dr. Armstrong Takang, Managing Director of the Ministry of Finance Incorporated (MOFI), governments at all levels play an indispensable role in promoting economic growth, contrary to the notion that economic activities should be left solely to the private sector.
Speaking during the launch of the MOFI Excellence Awards in Abuja, Takang stressed that public institutions are essential for national growth and economic resilience. He argued that incentivizing these institutions to adopt global best practices is a key way to strengthen them. Takang also debunked the claim that government cannot successfully run businesses, citing China as an example of a country where effective government involvement, alongside private sector participation, has driven economic success.
The MOFI Managing Director noted that the private sector relies heavily on the state, particularly in mobilizing large-scale funding. “The government has a key role to play due to its sovereign status and ability to access resources that the private sector cannot,” he said. Takang emphasized that state-owned enterprises can perform at their best with the right framework, which is why MOFI was created to evaluate their performance and ensure they contribute meaningfully to the economy.
The launch of the MOFI Excellence Awards aims to recognize and reward outstanding performance among state-owned enterprises. The awards are part of MOFI’s efforts to promote transparency, accountability, and good governance in the management of these enterprises. By providing a framework for evaluating their performance, MOFI seeks to enhance the contribution of state-owned enterprises to the economy and promote sustainable economic development.
The Federal Ministry of Finance’s stance on the role of government in economic development is significant, as it highlights the importance of collaboration between the public and private sectors in driving economic growth. As countries seek to build strong and resilient economies, the ministry’s emphasis on the need for solid institutions and effective government involvement is likely to resonate with policymakers and stakeholders worldwide.
