Nigeria to sell firms to raise $984m to finance budget

Nigeria’s Bureau of Public Enterprises (BPE) is to raise $984 million from privatisation and commercialisation to support the 2018 budget.
The Director-General of BPE, Dr Alex Okoh, reported at the Stakeholders Media Interactive Forum organised by the Enterprise and the Stakeholders Engagement Committee of the National Council on Privatisation (SEC-NCP) in Lagos.
The money would be raised through the sale of some national assets, such as  the Afam Power Plant in Rivers State, Geregu, Calabar and Omotosho National Independent Power Projects, re-privatisation of the Yola Distribution Company, River Basin Development Authorities and the National Parks.
Some of the transactions in the pipeline include the concession of Warri Old Port, the reconcession of the Lagos International Trade Fair Complex, the sale of Afam Power Plant and three National Independent Power Projects.
He explained that the BPE recently concluded the sale of the Federal Government’s 21 per cent interest in the Nigeria Security Printing and Minting Company to the Central Bank of Nigeria (CBN).
The transaction is expected to contribute over N17 billion to the national treasury.
Okoh said the process for recapitalisation of the Bank of Agriculture to create a stable financial institution that will support farmers was ongoing.
He said the government through the CBN and  farmers associations would acquire 40 per cent each of the equity while the private sector would acquire 20 per cent.
Okoh said the Nigeria Postal Service (NIPOST) would be unbundled into five commercial entities.
The BPE boss said the Enterprise was entering into new privatisation reform programme through Public Private Partnership.
He said the new reform programme targeted the utility and infrastructure sectors including railway, highways, roads, airports and the health sectors.
Okoh said 142 companies had so far been privatised since the inception of the programme.