Recession: FG considers privatisation of assets

Nigeria Minister udoma-udoma

The Minister of Budget and National Planning, Senator Udo Udoma, on Monday gave further insights into the Federal Government’s Economic Recovery and Growth Plan due to be launched next month.

He said the government planned to privatise some selected national assets and restore the oil production and possibly raise it by 2020 as part of the plans to revamp the economy.

Udoma spoke at the Second Presidential Business Forum held at the old Banquet Hall of the Presidential Villa, Abuja and presided over by Vice-President Yemi Osinbajo.

He however did not disclose the national assets selected for privatisation.

Apart from the planned privatisation and the restoration of oil production capacity, the minister said 10 other strategies have been priorities based on their importance of the ERGP.

The strategies, according to him, are to accelerate non-oil revenue generation; drastically cut costs; align monetary, trade and fiscal policies; expand infrastructure especially power, roads and rail; revamp the four existing refineries; and improve ease of doing business.

Others are to expand social investment programmes; deliver on agricultural transformation; accelerate implementation of National Industrial Revolution Plan using special economic zones; as well as focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.

Udoma said the ERGP that would run between 2017 and 2020 was being finalised to address current economic challenges, restore growth, and reposition the economy for sustained inclusive growth.

He said the implementation would be driven by strong political will and close partnership and strong collaboration between public and private sectors, especially in the areas of agriculture, manufacturing, solid minerals, services and infrastructure.

Acting President Yemi Osinbajo said the main objective of the Federal Government’s economic plan was the sustenance of the robust private sector partnership.