NIGERIA TO RAISE 400 BILLION FROM GOVERNMENT OWNED PROPERTIES BEFORE THE END OF YEAR

Buhari’s regim is planning a massive privatization drive that is being foreseen to raise as much as 400 billion naira before the end of the year.

According to Alex Okoh, the Director General of Bureau of Public Enterprises, the government has finalised plans to start a post-privatisation program for the nation's power sector with a $1 billion credit from the World Bank to boost power distribution.

Director Okoh commeted that the government has a list of 11 assets it  to either sell to strategic investors or offer up to private companies as  lease and run on concession, ranging from power assets to sports stadiums. Sources have also said the government plans to sell part of its stake in Nigerian Reinsurance company through an IPO around November. It was also said that the power sector was among 37% of privatised enterprises that have been underperforming, and have failed to let on how many assets have so far been sold by the government.

In 2013, Government  started selling parts of its state electricity firm in a privatisation that was meant to improve power supplies and attract billions of dollars in new investments, but neither of which happened as no investment was attracted and the country is still being plagued by blackouts.