The Federal Government has announced plans to privatise 91 public enterprises across key sectors of the economy in a bid to attract fresh investment and improve efficiency.
The Director-General of the Bureau of Public Enterprises, Ayodeji Gbeleyi, disclosed this during a media briefing in Abuja on Tuesday.
“There are 91 public enterprises that are still outstanding within the purview of the Public Enterprises Act. You may want to know the estimated values and why we want to sell,” Gbeleyi said.
According to him, the list includes 16 companies in the oil and gas sector, such as refineries and depots, 20 in aviation, 12 in agriculture, and 28 in other public enterprises. Others cut across mines and steel, transport, eco-tourism, as well as two agencies under the Federal Capital Territory Administration.
He explained that equity in 35 of the firms would be fully privatised, while 57 others would undergo partial divestment. However, he declined to name the companies, citing corporate and strategic reasons.
The BPE boss stressed that the process would be gradual and rigorous.
He said, “PPP transactions of privatisation and concessioning are a very painstaking exercise. If you must do it right and get it right, it should be the subject of a very rigorous exercise. One transaction at a time, you take them sectorally.”
Gbeleyi added that the Bureau often engages financial, legal, and technical advisers to determine the most suitable transaction structure.
He pointed to the liberalisation of the telecoms sector as proof that reforms could unlock economic opportunities.
“If we had allowed NITEL to continue as an incumbent monopoly, the telecom and e-commerce boom we see today would not have happened,” he said.
On the power sector, he noted, “Even as challenging as the Discos are today, it could have been worse, possibly a total blackout. But stakeholders are working together to reposition the sector.”
Gbeleyi maintained that the reforms were already creating jobs and transferring skills to Nigerians.
He further stated, “In the power sector, the government is embarking on a project to deliver 3.2 million metres. Nigerians are going to be the ones to install them. Another 2.5 million are in the pipeline. Our youths now have globally competitive skills, especially in telecoms.”
The DG also revealed that the Federal Government plans to list two electricity Distribution Companies and one Generation Company on the Nigerian Stock Exchange.
He, however, declined to disclose their names, citing corporate confidentiality.
On compliance, Gbeleyi assured that the BPE had strengthened its legal and compliance framework to avoid past mistakes.
“We created a new unit under the legal department to double-check contract management and compliance issues. Under my watch, we will remain law-abiding and ensure best practices in every transaction,” he stated.
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