Home BUSINESS National Council Of State Privatizes Afam Power Plant

National Council Of State Privatizes Afam Power Plant

Osinbajo with news menThe National Council on Privatization (NCP), which is chaired by the Vice President Yemi Osinbajo has approved the commencement of the privatization of Afam Power plants 1-5 to inject additional power into the national grid and improve electricity nationwide.

At a meeting of the Council today, the Council also approved the pursuit of an out-of-court settlement involving the privatisation of Aluminium Smelter Company of Nigeria (ALSCON).

The move aims to resolve the lingering dispute between the Federal Government, BFIG and United Company RUSAL through the mediation of the Secretariat with the active collaboration of the Federal Ministry of Mines and Steel Development.

The council advised that “the mediation efforts should take a holistic view of the entire sector and the overriding national interests to jumpstart industrial development through the steel sector in arriving at a resolution on the matter.”

The council reviewed the proposals presented by its Secretariat, the Bureau of Public Enterprises (BPE) for the reform and restructuring of various sectors of the economy.

Furthermore, the council approved the immediate revocation of the concession of the Lagos International Trade Fair Complex, and the immediate commencement of a fresh privatization of Yola Electricity Distribution Company.

These approvals, the council noted, were aimed at giving traction to key infrastructure facilities in the country that are presently under concessions, but have been adjudged to be performing sub-optimally.

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These decisions were taken during the meeting of the NCP, which is the highest decision making body on policies relating to the privatization and commercialization policies of the Federal Government, on August 22 and 23, 2017 at the Presidential Villa, Abuja.

Other key decisions taken by the council include the approval of the amendments to the Work Plan for the conclusion of the transaction involving the concessioning of Terminal “B” Warri

“The restructuring of the BOA is in alignment with the Government’s desire to make financing options readily available to farmers for an aggressive diversification of the Nigerian economy,” the council stated.

It further stated that it approved the immediate commencement of the reform and commercialization of the River Basins Development Authorities to revitalize the irrigation and river basin potentials for agricultural purposes.

Similarly, to harness the nation’s untapped tourism potential, the council approved the partial commercialization of the National Parks using three key national parks as pilot projects.

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