The Federal Ministry of Finance has reaffirmed that governments at all levels are crucial in driving sustainable economic development, rejecting claims that economic growth should be left solely to the private sector.

The Ministry emphasized that no country can build a strong, resilient economy without robust public institutions—a core responsibility of government.

Dr. Armstrong Takang, Managing Director of Ministry of Finance Incorporated (MOFI), made the statement on Friday in Abuja during the official launch of the MOFI Excellence Awards and the inauguration of its panellists.

Takang highlighted that one way to strengthen public institutions is by encouraging them to adopt global best practices that support national growth and economic resilience.

Calling the idea that government cannot run businesses a “fallacy,” he cited China as an example of how effective government involvement, alongside private sector participation, can drive economic success.

In a statement, Takang said:

“It is a misconception to suggest that only the private sector can grow businesses. At MOFI, we believe the government can leverage its sovereign status to drive enterprise and create opportunities for private investors, especially in areas where capital is limited.”

He added that the private sector often relies on the state to mobilize large-scale funding that most private companies cannot access.

“The government has a key role to play because of its sovereign status and its ability to access resources that the private sector cannot. We want state-owned enterprises to perform at their best, and that is why we created MOFI—to provide a framework for evaluating their performance and ensuring they contribute meaningfully to the economy,” Takang said.