Overview

The MOFI National Asset Report provides a comprehensive overview of Nigeria's national assets managed by the Ministry of Finance Incorporated (MOFI). The document begins with a foreword and economic overview for 2023, detailing global and domestic economic conditions. Globally, growth was 3.1%, with challenges including inflation and geopolitical tensions. Nigeria's GDP growth slowed from 3.3% in 2022 to 2.9% in 2023, driven by high inflation (24.5%), fuel price hikes (167% increase to 671 Naira/liter), and Naira depreciation after its floatation in June 2023. Inflation is projected to rise to 31.6% in 2024 before easing to 20.7% in 2025. The report outlines MOFI's strategic pillars and provides a portfolio overview, including composition of corporate assets, dividends paid to the Federal Government of Nigeria (FGN), implied market values, and financial performance review. It covers sector reviews across Financial Services, Energy, Real Estate/Housing, Agriculture, Hospitality, ICT, Transportation and Logistics, and Health. Detailed portfolio company reviews are provided, along with additional information on financial report status, enterprise reporting dates, valuation summary, and abbreviations. The report emphasizes the need for structural reforms, improved tax administration, and domestic resource mobilization to support Nigeria's economic transformation.

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