Nigeria Sale Strategic Investors IPOs for State Firms
- NNPC, infrastructure firms among companies on the list
- Asset management agency targets completing plan in 18 months
The Central Business District in Lagos, on Aug. 14.
Photographer: Benson Ibeabuchi/Bloomberg
By Emele Onu
August 15, 2023 at 7:18 AM PDT
Nigeria is considering selling stakes in about 20 state-run companies in a bid to raise funds and improve governance at the entities.
Nigerian National Petroleum Co. is among firms the government may sell a stake in, according to Armstrong Takang, chief executive officer at the Ministry of Finance Incorporated or MOFI, a state-owned asset management company. The agency is considering options including strategic sales and initial public offerings and aims to implement the plan within 18 months, he said in a phone interview.