The Nigerian government hopes to sell or temporarily cede control of dozens of state-owned enterprises with the aim of resuscitating them in 2021 and beyond.
An investor’s guide by the Office of Public Enterprises (BPE) invites potential investors to take advantage of the available opportunities and incentives offered by the government and to buy into these companies.
“In our collective efforts to create an enabling environment for the private sector to become the focal point of economic growth and prosperity, the Office has reformed and privatized more than 234 state-owned enterprises and carried out sweeping reforms that transformed telecommunications, pensions, port terminals, debt management and the electricity sector, among others, ”the document said.
For the current year and beyond, the Bureau said it has more than 36 transactions and projects, including new reform initiatives for the health, education, and oil and gas sectors.
The document listed the various 2021 final projects under the Office of Public Enterprises (BPE) to include Nigeria Integrated Energy Projects (NIPPS); Calabar, Geregu, Omotosho and Benin (IHOVBOR); Nigeria Transmission Company (TCN); Zunguru hydroelectric power station; Nigerian Postal Service (NIPOST); Abuja Environmental Protection Board (AEPB) and Nigeria Film Corporation (NFC).
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Others are the Federal Capital Territory Water Board; Abuja International Conference Center (AICC); Save the sugar company; Lagos International Trade Fair Complex (LTFC); Tafawa Balewa Square (TBS); River Basin Development Authorities (RBDAS); Bank of Agriculture (BOA) and Nigeria Commodity Exchange (NCX).
As part of its investment incentives in the agriculture and agri-food, transportation, aviation, manufacturing, solid minerals and energy sectors, the government offers a right to zero percent importation of equipment, aircraft, machinery and other related equipment.
The general requirement to access the tariff incentives includes proof of registration from the Commercial Affairs Commission, tax compliance by means of tax identification number (TIN), certification by the relevant ministry, among others.
At the same time, the director general of the Office of Public Enterprises (BPE), Alex Okoh, received last week the report of the four inter-agency committees of the federal government on the resuscitation of troubled and inefficient privatized enterprises.
In a statement signed by the agency’s public communications manager, Amina Othman, Okoh assured BPE’s commitment to work with relevant agencies to resuscitate dying businesses.
On March 23, the BPE inaugurated the four committees to help resolve the complexities and challenges hampering the growth and development of some privatized enterprises.
The teams were made up of members from the relevant sectors, ministries, BPE and the private sector.
According to the statement, Okoh revealed that the government, through the National Privatization Council (NCP), had asked the BPE to investigate the causes of the poor performance of dying companies.
“Also to come up with viable and acceptable solutions to resuscitate them so that they function optimally, create jobs, stimulate the economy and increase the gross domestic product (GDP) among other benefits,” said the CEO of the BPE .
Mr. Okoh assured that the conclusions of the committees would be shared among all stakeholders in order to encourage them to achieve their organizational goals and those of the Nigerian government’s privatization and reform program.
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