Home Business & Economy Recession: Should President Buhari Sell Some of Nigeria’s Assets?

Recession: Should President Buhari Sell Some of Nigeria’s Assets?



There have been calls in recent times for the Federal Government to sell some of its assets, especially in the Oil and Gas sector, to raise foreign exchange so that the economy can get out of the recession.

Speaking to CNBC Africa last week, Africa’s Richest man, Aliko Dangote said that, following the economic challenges the country is facing, the Federal Government should sell some assets.

“If I had challenges in my company, I would not hesitate to sell assets, to remain afloat, to get to the better times, because it doesn’t make any sense for me to keep any assets and then suffocate the whole organisation.

What we need to do now in my own thinking… we have a lot of assets to sell. We can sell part of the joint venture; part of the shares. You know government normally owns 60 percent.

We can sell in an open tender be it Chinese. We can change the term and make it an operating one, just like what we have in NLNG. We also have another asset I think we don’t really need.

The African Finance Corporation; it can fetch them $800million easily. My own suggestion before was that they should even sell 100 percent of NLNG. I don’t think government should be in any business of investing in sectors of LNG.

A company like that, with earnings of $1.5 billion on the average, they should get anywhere between $12 billion and $15 billion,” Dangote had said.

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