Friday , 24 March 2023
Ministry of Finance Incorporated CEO, Dr. Armstrong Takang and Minister of Aviation Senator Hadi Sirika during the MOFI courtesy call to the Aviation Ministry

MOFI visits Aviation Ministry, mulls financing, investment avenues for airlines

The Ministry of Finance Incorporated (MOFI) has told Minister of Aviation Senator Hadi Sirika has expressed strong interest in supporting the growth and expansion of Nigerian airlines, and would like to explore ways it can provide financing and investment for airlines to expand their fleets, enhance capacity and compete on the global stage.

The MOFI Chief Executive Officer, Dr. Armstrong Takang made this known during a courtesy call to the Ministry of Aviation by its management for collaboration between the both organisations on Tuesday in Abuja.

In a statement issued by Assistant Director (Press), Ministry of Aviation, Nawani Abdullahad, the Minister of Aviation, Senator Hadi Sirika said a collaboration between the Aviation Ministry and MOFI was paramount in the Civil Aviation part of the Nigerian economy.

Sirika expressed excitement that there was a structure for MOFI, and it has fallen into the right hands to get the mandate of the President of the Federal Republic of Nigeria delivered and effected appropriately.

He recalled that during the Nation’s Transition Committee period, there was an extensive discussion as to what contribution the aviation sector could make, and it was considered to add up to 5% to the GDP of Nigeria.

The Minister added that a road map was created for the Civil Aviation industry to create a robust sector that would be financially healthy and which would also make aviation the most preferred means of transportation.

The MOFI CEO in his submissions congratulated the Minister on his recent appointment as a member of the MOFI Governing Council. Dr Armstrong recalled that MOFI was used as a Special Purpose Vehicle across the economic sector, focused on holding federal government investments, which it had been using to invest in commercial entities for over 60 years.

However, he added that MOFI was not structured to deliver on the mandate that was expected of it, noting that its peers established at the same time and restructured to reflect current realities, had gone on to make major social and economic impacts in their respective countries.

Many of them, he said, had become global brands for investing beyond their home countries’ borders.

He said, in line with the approval of Mr. President to create a comprehensive National Asset Register (NAR) by aggregating, profiling and managing all national assets and investments, the NAR would be harnessed to strengthen the nation’s fiscal and economic realities and the optimization of our investments and assets, noting that the development and modernization of the country’s airports was crucial for socio economic development.

The MOFI Chief Executive who expressed the Organisation’s strong interest in supporting the growth and expansion of Nigerian airlines, added that MOFI would like to explore ways in which it can provide financing and investment for airlines to expand their fleets, enhance their devices and compete on the global stage.

He noted that the investment and collaboration would bring about mutual benefits for both MOFI and the Ministry of Aviation.

About NigerianFlightDeck

Nigerianflightdeck is an online news and magazine platform reporting business stories with a bias for aviation and travel. It is borne out of the intention to inform, educate as well as alter perceptions with balanced reportage.

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