Nigeria To Get N400bn From Asset Sales In 2018
President Muhammadu Buhari (image courtesy Presidency)

Nigeria is expecting to raise N400n ($1.3bn) through asset sales in 2018, according to the Bureau of Public Enterprises (BPE).

Director-General of BPE Alex Okoh who noted this earlier in the week, said the Federal Government has finished plans to begin a post-privatisation programme for the power sector.

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Okoh said the government has taken a $1bn credit from the World Bank to improve power distribution and transmission.

According to him, the government had a list of 11 assets it planned this year either to sell to strategic investors or offer to private companies to lease and run on concession, ranging from power assets to sports stadiums.

Concise News gathered that the Federal Government has plans to sell part of its stake in Nigerian Reinsurance Company through an Initial Public Offering in November.

In 2013, Nigeria started selling parts of its moribund state electricity firm in a privatisation that was aimed at improving power supplies and get investment into the sector which neither took place.

Okoh said the power sector was among 37 per cent of privatised enterprises that had underperformed, without providing a figure on how many assets had been sold

According to him, the country had gotten $7.8bn in foreign investment into 53 privatised entities.