SGF Akume Urges Overhaul Of Nigeria’s Underperforming Public Assets

The Secretary to the Government of the Federation (SGF), Senator George Akume, has called for a comprehensive overhaul of Nigeria’s underperforming public assets to transform them into engines of sustainable national growth and revenue generation.

Akume made the call in Abuja on Tuesday while delivering a goodwill message at an interactive session themed “Public Asset Management and the Rule of Law: Building a Framework for Long-Term Sustainable Investment”, at the 31st Nigerian Economic Summit, held at the Transcorp Hilton.

He commended the Ernest Shonekan Centre for Legislative Reforms and Economic Development for convening the session under the auspices of the Nigerian Economic Summit Group (NESG), noting that the discussion was timely given the urgent need to strengthen Nigeria’s public asset management systems for economic recovery and diversification.

According to the SGF, Nigeria is abundantly endowed with public assets — including land, infrastructure, state-owned enterprises, and strategic institutions — which should serve as platforms for national prosperity. However, he lamented that many of the assets remained underutilised and deliver far below their economic potential.

“Nigeria is abundantly endowed with public assets that should be platforms for the growth of wealth and spread of prosperity. Yet, many of these assets remain underexplored and perform below their potentials,” Akume said.

He identified weak institutional coordination, policy fragmentation, and regulatory bottlenecks as key barriers to optimal asset performance, calling for stronger governance frameworks and coherent legal structures that will promote transparency, private capital inflows, and value creation.

“The reasons for such underperformance are not far-fetched and can be effectively navigated through strong policies that stimulate private capital inflows, good governance practices, and formidable legal and regulatory frameworks devoid of fragmentation,” he added.

Akume noted that the Tinubu administration had already taken bold measures to reposition the nation’s public asset management system, particularly through the strengthening of the Ministry of Finance Incorporated (MOFI), which now serves as a central institution for managing and optimising government-owned investments and estates.

“The strengthening of the Ministry of Finance Incorporated (MOFI) signifies combined institutional, legal, and regulatory reforms. MOFI is responsible for managing and optimising the government’s portfolio of assets, including investments, estates, and rights, to grow national wealth and prosperity,” he explained.

He stressed that efficient asset management holds the potential to unlock significant non-tax revenues, boost fiscal sustainability, attract private investments, and bridge Nigeria’s infrastructure deficit — translating into jobs, growth, and improved living standards for citizens.

While acknowledging that the government alone cannot achieve this transformation, Akume called for deeper collaboration among the legislature, judiciary, private sector, civil society, and development partners.

“Forums like this help to build consensus, alignment of priorities, and generate practical solutions. Your outcomes should uniquely point towards bridging the gap between legislative reforms and economic development,” he said.

In his remarks at the same event, chairman of the Ernest Shonekan Centre for Legislative Reforms and Economic Development, Mr. Kyari Bukar, said the dialogue was convened to address gaps in Nigeria’s public asset management framework and push for reforms that would unlock new sources of national wealth.

“Our core message today is direct. Effective public asset management is the key lever to closing Nigeria’s revenue gaps, attracting investment, and building sustainable prosperity for all,” Bukar stated.

He lamented that despite Nigeria’s vast portfolio of public assets — valued at over ₦38 trillion according to MOFI — many remained undervalued or underutilised across various categories.

“Owning public assets is not enough. We must actively manage and optimise them to attract much-needed investment and stimulate economic growth,” he said, adding that leveraging these assets has become crucial for achieving sustainable development and infrastructure expansion in light of Nigeria’s fiscal constraints.

Bukar explained that the session aimed to develop a strategic roadmap for institutional coherence and investment viability, stressing that successful management of public assets must rest on a foundation of rule of law, transparency, and accountability.

“We must anchor public asset management on the rule of law. Our institutions must be robust and able to optimise public assets. This is not just institutional bravery — we need institutional coherence that brings transparency, legal certainty, and accountability,” he noted.

He commended the government’s ongoing reforms to establish stronger legal frameworks supporting long-term investments and praised institutions that have identified gaps in asset utilisation and proposed mechanisms to close them.

“We propose solutions for sound institutional and regulatory governance. We must adopt a Big Tent approach — understanding key pain points through varied perspectives and identifying sustainable reform pathways to advance national economic growth,” Bukar stated.