The Federal Government has announced fresh plans to privatise or concession at least 91 state-owned enterprises, a sweeping reform agenda that could reshape some of Nigeria’s most iconic national assets.
At a media briefing in Abuja on Tuesday, the Director-General of the Bureau of Public Enterprises (BPE), Ayodeji Ariyo Gbeleyi, disclosed that the enterprises slated for privatisation include the Ajaokuta Steel Company, Tafawa Balewa Square (TBS), Lagos Trade Fair Complex (TFC), the nation’s four refineries, and five international airport terminals.
Gbeleyi explained that the move is part of government’s wider strategy to unlock value, attract private investment, and improve efficiency in critical sectors of the economy. He noted that Nigeria has recorded success with previous privatisation exercises in telecommunications, pensions, ports, and aviation ground handling, and the government is now determined to replicate such results across other sectors.
Unlike in the past, the BPE says the current process will be handled “one transaction at a time”, with deals structured sector by sector to ensure proper due diligence and transparency. To achieve this, the agency will work closely with technical, financial, and legal advisers who will conduct feasibility studies and prepare detailed business cases for each asset.
The economic stakes are significant. According to the BPE boss, the bureau has set a revenue target of ₦312.3 billion from asset sales and reforms in 2025. Remarkably, by the end of August, the agency had already generated about ₦170.74 billion, more than half of its annual target.
For decades, many of the enterprises now listed for privatisation most notably Ajaokuta Steel and the refineries have been weighed down by inefficiency, poor funding, and corruption. Reform advocates believe that handing them over to private operators could finally unlock their potential, boost productivity, and generate jobs.
However, the announcement is also expected to stir debate. While supporters view the initiative as a long-overdue step toward modernisation, critics may question whether strategic national assets like refineries and airports should be left in private hands.
Still, Gbeleyi insists the government’s priority is to revive dormant assets and ensure they contribute meaningfully to national development. As the process begins, Nigerians will be watching closely to see whether this ambitious reform drive delivers on its promises or repeats the pitfalls of past privatisation exercises.
Shopeju Olateju
NaijaTravels News