The National Council on Privatisation (NCP) has approved the commencement of the privatisation of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity nationwide.
The Council, which is chaired by Vice President Yemi Osinbajo, also approved the pursuit of an out-of-court settlement involving the privatisation of Aluminium Smelter Company of Nigeria, Voice Of Nigeria reports.
A statement from the office of the vice president says “the move aims to resolve the lingering dispute between the Nigerian Government, BFIG and United Company RUSAL through the mediation of the Secretariat with the active collaboration of the Federal Ministry of Mines and Steel Development.”
The Council advised that “the mediation efforts should take a holistic view of the entire sector and the overriding national interests to jumpstart industrial development through the steel sector in arriving at a resolution on the matter.”
Restructuring Various Sectors
The Council also reviewed the proposals presented by its Secretariat, the Bureau of Public Enterprises (BPE) for the reform and restructuring of various sectors of the economy.
It further approved the immediate revocation of the concession of the Lagos International Trade Fair Complex, and the immediate commencement of a fresh privatisation of Yola Electricity Distribution Company.
“These approvals were aimed at giving traction to key infrastructure facilities in the country that are presently under concessions, but have been adjudged to be performing sub-optimally,” Akande stated.
He said the decisions were taken during the meeting of the NCP, which is the highest decision making body on policies relating to the privatisation and commercialisation policies of the Nigerian Government, on August 22 and 23, 2017 at the Presidential Villa, Abuja.
Restructuring of Agric Bank
The statement said other key decisions taken by the council included the approval of the amendments to the Work Plan for the conclusion of the transaction involving the concessioning of Terminal “B” Warri Old Port and the restructuring and recapitalisation of Bank of Agriculture.
“The restructuring of the BOA is in alignment with the Government’s desire to make financing options readily available to farmers for an aggressive diversification of the Nigerian economy,” the Council noted.
According to the statement, the council approved the immediate commencement of the reform and commercialisation of the River Basins Development Authorities to revitalise the irrigation and river basin potentials for agricultural purposes.
They also approved the partial commercialisation of the National Parks using three key national parks as pilot projects.