Nigeria plans to begin selling selected state-owned assets to private investors as part of efforts to plug its projected N25 trillion budget deficit and attract fresh capital.
Nigeria is set to commence the sale of selected state-owned assets to private investors this year in a move aimed at raising capital to finance its widening budget deficit, Finance Minister Wale Edun said on Monday. Speaking on the sidelines of the AlUla Conference for Emerging Market Economies in Saudi Arabia, Edun said the government was still deciding which assets would be offered and the timing of the transactions, with some deals expected to be concluded next year.
“The plan is to offer some assets in 2026,” Edun said, without disclosing details about the size or sectors involved. Africa’s largest oil producer plans to spend N58 trillion in the current fiscal year, while revenues are projected at N33.27 trillion due to subdued oil earnings, leaving an estimated deficit of about N25 trillion. The government has indicated that proceeds from asset sales will help narrow the funding gap.
Since assuming office in May 2023, President Bola Tinubu has introduced sweeping economic reforms, including the removal of fuel subsidies, liberalisation of the naira and an overhaul of the tax system to boost revenue. According to Edun, the reforms are beginning to deliver results, with inflation easing from 2024 highs, improved exchange rate stability and stronger government revenue. “What we have put in place has made Nigeria very competitive in terms of the economic conditions,” he said. “It is very attractive in terms of the incentives for investors. I think investors are now more comfortable to invest in Nigeria.”
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