FG Set To Sell Ajaokuta, TBS, Five Airports, 90 Others

FG Set To Sell Ajaokuta, TBS, Five Airports, 90 Others

The Federal Government announced on Tuesday that 91 enterprises, including the Ajaokuta Steel Company, Tafawa Balewa Square (TBS), Trade Fair Complex (TFC), and several other major assets, are set to be privatised or concessioned in the near future. The list also includes various refineries, and five international airport terminals.

Ayodeji Ariyo Gbeleyi, Director-General of the Bureau of Public Enterprises (BPE), stated in Abuja that each of these enterprises will undergo a thorough and sector-by-sector process.

Before any sale or concession, BPE will engage technical, financial, and legal advisers to conduct detailed studies and determine the appropriate transaction structures and expected value.

Gbeleyi explained that the approach will be tailored to each enterprise’s specific circumstances and that the actual value and concession fees will be established through comprehensive business case analyses conducted by specialist advisers. This methodical process ensures transparency and optimal outcomes for each privatisation or concession.

Additionally, Gbeleyi highlighted the positive impacts of recent reforms in various economic sectors. Telecommunications boasts a subscriber base of 169.3 million with a 78.11% teledensity, contributing 14.4% to the Gross Domestic Product (GDP).

The internet and broadband sectors have also seen substantial growth, while Nigeria’s e-commerce market was valued at $15 billion in 2023, projected to reach $33 billion by 2026.

He also cited pension reforms now serving 10.79 million contributors with assets of ₦24.63 trillion, and port reforms that attracted $2.5 billion in investments, reduced cargo dwell time to 4-7 days, and increased Nigerian Ports Authority revenues through enhanced operations.

In aviation, turnover of major handling companies like NAHCO and SAHCO have increased significantly over the years, reflecting enhanced operational efficiency and contribution to Nigeria’s economic development. These achievements underscore BPE’s commitment to strengthening the country’s economic framework and fostering growth through strategic reforms and privatisation initiatives.