Nigeria’s Privatization Agency has indicated, that the country will offer ten state-owned companies for sale to selected investors and the public in the fourth quarter of this year to raise two hundred and eighty-nine billion naira ($797m) toward funding the 2019 budget.
Preparations are in the final stages to begin the sale of the companies in industries that range from power through aviation to insurance.
A director at Abuja-based Bureau of Public Enterprises, Joe Anichebe, said two companies, Nicon Insurance Ltd. and Skyway Aviation Handling Co. will be sold this month or early next month through an initial public offering.
He added, that the privatization agency had pledged to raise three hundred and six billion naira to help finance the planned spending.
President Muhammadu Buhari signed a record 9.1 trillion naira budget into law in June, with a smaller fiscal deficit compared with the previous year, which the government seeks to fund from sources other than revenue from oil, its main export.
Story by: Maryam Hassan
