The Federal Ministry of Finance has reaffirmed that governments at all levels play an indispensable role in driving sustainable economic development, dismissing the notion that the government should not be involved in economic activities.
The Ministry dismissed the argument that economic growth should be left solely to the private sector, stressing that no country can build a strong economy without solid institutions, which are described as the core responsibility of government.
The Managing Director of the Ministry of Finance Incorporated, MOFI, Dr Armstrong Takang, made the assertion on Friday, in Abuja, during the official launch of the MOFI Excellence Awards and the inauguration of its panellists.
According to him, one major way to strengthen public institutions is by incentivising them to adopt global best practices that support national growth and economic resilience.
Describing the claim that government cannot successfully run businesses as a “fallacy”, Takang noted that countries such as China have demonstrated how effective government involvement, alongside private sector participation, can drive economic success.
In a statement he signed, Takang said, “It is a misconception to suggest that only the private sector can grow businesses. At MOFI, we believe government can leverage its sovereign status to drive enterprise and create opportunities for private investors, especially in areas where capital is limited.”
According to him, the private sector continues to rely on the state, particularly in mobilising large-scale funding beyond the reach of most private companies.
“The government has a key role to play because of its sovereign status and its ability to access resources that the private sector cannot. There are levels of capital mobilisation that only the government can achieve.
“We want state-owned enterprises to perform at their best, and that is why we created the MOFI to provide a framework for evaluating their performance and ensuring they contribute meaningfully to the economy,” he said.
Govt’s role in driving economic growth indispensable — MD MOFI, Takang
