Privatization & Privatization Policy

Privatization & Privatization Policy

The Federal and State governments had in the past endeavoured to play an active catalytic role in the economy by initiating and acting as sizeable stakeholders in a number of core industries.

The 1997 Budget announced that all laws that inhibit competition in certain sectors of the Nigerian economy would be repealed. Accordingly, with effect from 1998, private sector investors are now free to join or compete with government-owned utility corporations.

The Public Enterprises Promotion and Commercialisation Act, is being prepared to authorise the partial privatisation of government enterprises in the following sectors:

– Telecommunications;
– Electricity (generation and distribution);
– Petroleum refining;
– Coal and bitumen production (mining, processing and export);
– Tourism generation (tour and travels and hospitality).

Within the context of the liberalization policy, both foreigners and nationals are free to participate and invest in the privatisation of the public enterprises.