The privatization of Afam Power Plants (1-5 in Rivers state) has been approved by Nigeria’s National Council on Privatization (NCP).
YemiOasinbajo (Vice President NCP) holds the highest decision-making authority to decide on important nationalization and commercialization policies in Nigeria. The Vice President’s representative states that the purpose of the privatization of Afam Power Plant is the injection of more power to the national grid to help the power supply across the country.
Yemi’s spokesman further stated that NCP has approved the out-of-court settlement regarding Aluminium Smelter Company of Nigeria (ALSCON)’s privatization. The decision had been made during the August 22 and August 23 NCP meetings.
According to the NCP spokesman, the settlement decision was made to avoid the prolonged dispute involving BFIG, United Company RUSAL and the Federal Government. The Federal Ministry of Mines and Steel Development played an active role in resolving the dispute.
It was thought that the timely resolution will help decrease the tension between the government and the industry and it will help the African businesses to grow rather than get stuck in these issues ultimately harming the industrial progress of the country and flow of investment in Africa.
The Bureau of Public Enterprises (BPE) also presented a proposal to NCP Council in which BPE urged for the reformation of the economic sectors. As a result, Logos International Trade Fair Complex’s concession was revoked. The decision of Yola Electricity Distribution Company’s privatization decision was also made after that.
The aim of the approvals is to allow the industry to work at its full potential by using the infrastructure available and avoiding the sub-optimal performance through an enhanced efficiency or operations.
The council approved the Work Plan amendments regarding the B Warri Old Port’s concession. The Bank of Agriculture’s reconstruction and recapitalization was also approved by NCP. The decision of BOA’s reconstruction has been made to enable the bank to provide financing leverages to the farmers in Nigeria to help the economy as well as the industry.
The reformation and commercialization of the River basin Development authorities were also approved during the NCP meeting in order to ensure better irrigation and an increased agricultural output.
An important decision about the tourism industry was also made according to which three major National Parks will be partially commercialized at the first step.