THE NEWSGHOST, NIGERIA – Nigerian government has approved the initiation of the privatisation of Afam power plants in Rivers.
This approval, according to report, was issued by the National Council on Privatisation (NCP), which is chaired by Vice President Yemi Osinbajo.
In a statement on Monday, Laolu Akande, the spokesperson of the Vice President, said the move was intended to inject more power into the national grid and improve electricity supply throughout the nation.
According to Akande, this and other decisions were made during the meeting of the NCP between August 22 and 23, 2017, at the presidential villa in Abuja.
Report also reveal that NCP has reviewed the proposals presented by its secretariat, Bureau of Public Enterprise (BPE), for the reform and restructuring of various sectors of the economy.
This led it to approve the immediate revocation of the concession of the Lagos International Trade Fair Complex and prompt commencement of a fresh privatisation of Yola Electricity Distribution Company.
Akande explained that the goal of these approvals is to give traction to key infrastructure facilities in the country presently under concessions but had been deemed to be underperforming.
The council approved amendments to the work plan for the conclusion of the transaction involving the concessioning of Terminal B Warri Old Port.
Then it approved the restructuring and recapitalisation of Bank of Agriculture, in alignment with the government’s desire to make financing options readily available to farmers to enable the diversification of the economy.
And it also approved the immediate reform and commercialisation of the River Basin Development Authoritie to revive national irrigation and river basin potential for the purpose of agriculture.
As well as the partial commercialisation of the National Parks with three national parks as initial projects.