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Emir Sanusi urges FG to sell refineries, oil assets

22 September 2016, 08:10

Lagos - There are growing calls on the federal government to sell critical assets as part of measures to take the economy out of recession, reports Nation

The latest came from the Emir of Kano, Mohammed Sanusi II, on Wednesday, just a few days after Africa's richest man Aliko Dangote and Senate President Bukola Saraki made a similar suggestion.

Dangote according to News 24 had on Tuesday last week said that selling of government assets could be the best way to get Nigeria’s economy out of the recession.

Emir Sanusi who made his own suggestion at the launch of the 2016 Banking Sector Report published by the Afrinvest West Africa Limited in Lagos, said one of the options available to government is to sell down some oil assets and the refineries to private sector operators that will pump dollar into the economy, so as to strengthen the Naira.

Also read: Buhari reveals his move against Sanusi for criticising him

According to him, such steps would lead to increase in foreign exchange inflows into the economy, which is what the economy needs right now.

“One option is to sell down some assets, sell down some refineries in a manner that does not hurt your strategic interest. Sell down some oil assets, sell down some refineries, in a transparent manner that gives you value. You can also have options to buy them back later”.

He noted that other African countries like Rwanda, Ethiopia have all done that very well.

"There is nothing we are saying that haven’t been done by other African countries. We need to go into investment-driven model. China has grown into investment-driven model. Nigeria needs to move into investment-driven model,” he said.

- News 24


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