The Bureau of Public Enterprises (BPE) has announced plans to privatise or commercialise 91 federal government-owned assets across key sectors of the economy, in a fresh bid to attract investment, unlock efficiency, and reduce the burden of managing loss-making enterprises.
Speaking at a media briefing in Abuja on Tuesday, the Director-General of BPE, Ayodeji Gbeleyi, explained that the assets cut across oil and gas, agriculture, aviation, mining, transport, eco-tourism, and agencies under the Federal Capital Territory Administration (FCTA).
He stressed that the exercise would be handled with caution to protect national interests while ensuring maximum value for Nigerians.
According to BPE DG, Gbeleyi, 16 of the enterprises earmarked for privatisation are in the oil and gas sector, including refineries and depots.
Twelve are in agriculture, 20 in aviation, and 28 in other public enterprises. The rest include firms in mines and steel, transport, eco-tourism, and two FCTA agencies.
Out of the total, equity in 35 enterprises will be fully privatised, while 57 will undergo partial divestment, leaving government with a stake in their management.
However, the BPE DG did not disclose specific company names, citing confidentiality and the need for legal and financial advisors to first assess the business cases.
The BPE DG, clarified that the Public Enterprises Act, which guides the process, does not set a fixed deadline for privatisation.
“Privatisation and concessioning are painstaking exercises that must be sector-driven, transparent, and compliant with global best practices,” Gbeleyi said.
“We take each transaction on its merits, working with financial, legal, and technical consultants to ensure the right valuation and business structure.”
BPE DG, Gbeleyi, cited Nigeria’s telecommunications revolution as proof of how privatisation can unlock economic potential.
“If NITEL had been allowed to continue as a monopoly, the telecom and e-commerce boom we see today would never have happened,” he noted.
He also pointed to the power sector reforms as imperfect but necessary steps.
“Even with the challenges of the DisCos, the reforms prevented what could have been a nationwide blackout.
Privatisation is not a magic wand, but it is a foundation for progress.”
The BPE boss assured that the reforms will create jobs and transfer critical skills to Nigerians.
“In the power sector, millions of meters are being installed by Nigerians.
Skills acquired in ICT and energy are now globally marketable.
With these reforms, we are positioning Nigeria as a competitive investment hub.”
He added that two electricity Distribution Companies (DisCos) and one Generation Company (GenCo) will be listed on the Nigerian Stock Exchange, marking another step toward transparency and investor participation.
To strengthen oversight, Gbeleyi disclosed that BPE has enhanced its compliance framework with new units dedicated to contract management and dispute resolution.
“We double-check all agreements to ensure full compliance with legislation. Transparency and accountability are central to my tenure,” he assured.
While some industry experts have welcomed the move as a bold step toward efficiency, others have raised concerns about transparency, valuation, and the potential for political influence in asset sales.
Civil society organisations have warned against a repeat of past privatisation exercises, where assets were allegedly sold below value or handed to cronies.
Labour unions are also expected to demand assurances that workers in the affected enterprises will be protected.
Economic analysts, however, argue that divesting from non-performing assets is crucial.
“The government has no business running commercial enterprises when private investors can manage them better.
What matters is transparent execution and reinvestment of proceeds into infrastructure and social services,” said Lagos-based economist, Dr. Abdulrahman Musa.
Context: Nigeria’s Fiscal Pressures
Nigeria has long struggled with fiscal strain, with government revenues heavily reliant on crude oil earnings. The Tinubu administration has been under pressure to reduce waste, grow non-oil revenues, and attract foreign investment.
Privatisation is seen as one pathway to achieve this.
According to the BPE, the sale and concession of public enterprises not only free the government from financial obligations but also stimulate private capital inflows into critical sectors.
With 91 enterprises on the privatisation list, the coming months will be decisive for Nigeria’s economic reform agenda.
Stakeholders are calling for transparency, due diligence, and stakeholder engagement to avoid controversies that have plagued past exercises.
For the government, the task will be balancing investor interest with national interest, while convincing Nigerians that the reforms will truly deliver jobs, efficiency, and better services.
As Gbeleyi put it: “Privatisation is not about selling Nigeria’s future; it is about securing it.”