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MINISTER OF FINANCE AND CO-ORDINATING MINISTER OF THE ECONOMY

DOMESTIC REVENUE MOBILIZATION is a CRITICAL component of Nigeria’s long-term path TO SUSTAINABLE DEVELOPMENT FINANCING

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MANDATE

Our goals are

To manage the nation's finances in an open, transparent, accountable and efficient manner that delivers on the country's developmental priorities. This is done through responsible and performance oriented management of state finances; transparent government operations and an effective organizational structure
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A stable economy

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A good standard of living

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Long-term treasury equilibrium

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Economical & efficient tax environment

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ECONOMIC REFORMS

2023 to 2027 Economic Reform Outline

    1. 1. Address oil theft and pipeline vandalism and substantially grow oil and gas production
    2. 2. Unlock the potential of the solid minerals sector
    3. 3. Announce impending elimination of PMS subsidy
    4. 4. Rationalise select government assets
    5. 5. Deepen tax collection by restructuring and automating key revenue generating agencies
    6. 6. Optimize operating expenditure to reduce cost and leakages

    1. 1. Transition to a transparent and unified foreign exchange rate system
    2. 2. Resolve the cash shortage situation
    3. 3. Establish a coordinating body for fiscal and monetary policy
    4. 4. Reform CBN's operating model

    1. 1. Reform the regulator environment to enable business and investment
    2. 2. Transform Nigeria to become Africa's most efficient trading nation
    3. 3. Grow non-oil export contribution to GDP
    4. 4. Grow manufacturing contribution to GDP
    5. 5. Be the leading investment destination of choice among the MINT economies (FDI)

  • Accelerate implementation of Nigerian capital market master plan.

Meet The Team

A Ministry is as Good as its Team

Together, under the leadership of the Honorable Minister, we work with a renewed hope of a greater Nigeria

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HM-FMF

Wale Edun

Honourable Minister of Finance & Co-Ordinating Minister of The Economy
Furthermore, Mr. Edun founded West Africa Ratings Limited, a debt securities rating
HMS-FMF

Dr. Doris Uzoka-Anite

Honorable Minister of State Minister of Finance
PSSD-MF

Raymond O Omachi

Permanent Secretary (Finance)
Permanent Secretary (Special Duties)
CAPITAL MARKET
Grow Market Capitalization from 14.3% to 25% of GDP
Incentives to strengthen the capital market and mobilize capital for development
  • 1. Issue long-term, high yielding debt securities (such as Special Purpose Bonds) for dedicated/ specific projects/ initiatives such as Agriculture, Industrial related initiatives.
  • 2. Facilitate increased participation of pension funds and insurance companies in the capital market.
  • 3. Collaborate with fintech companies to introduce new capital market products such as multi- issue structured products, special financial bonds to facilitate the interest of SMEs.
  • 4. Incentivise the issuance of, and participation in Environmental, Social, and Governance compliant products.
  • 5. Issue SUKUK bonds as a strategy to raise capital for government projects and collaborate with the SEC to make the Certificates tradable on the stock market.
  • 6. Set up of a national commodity exchange with regional trading centers.
  • 7. Review the Non-Banking Financial Company Regulation (NBFC) to unlock credit to key segments of the private sector including mortgages, agriculture, etc.
  • 8. Facilitate creation of investment products in collaboration with Fund Managers to attract the Diaspora and retail investment in local securities.
  • 9. Strengthen and enforce the regulation to protect the shareholders and investors.

In mobilizing sustainable development financing for the execution of the 8 points agenda of Mr. President, the culmination of which, is the doubling of the Nigerian economy, to approximately $1 trillion dollars, the ministry will deploy technology at the intersection of people, industries, and government.

The techno-efficiency has begun, and the impact will endure for years to come. This will increase efficiency of governance and economic outcomes, that inch us closer to the $1 trillion dollar mark. We will pursue continuous iteration of the best models and ideas that are most responsive and efficient for our people, our industries, and our investors.

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News

Ministerial Activities

Our 8-Years Targets Are

  • Double the economy from $450Bn to ~$1Tn
  • Achieve 7% average Annual GDP growth rate from the current 3.25%
  • Lift 100 million people out of poverty
  • Create the enabling environment to generate over 50 million jobs
  • Deliver sustained inclusive growth
Economic Advisory Council Report
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FMF-Final-Files