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FG to give ultimatum for NNPC, refineries’ privatisation

20 May 2016, 19:49

Abuja - The Federal Government has said it will set a time frame for the privatisation of the Nigerian National Petroleum Corporation and the refineries before the end of this year, Punch reports.

The Special Adviser to the President on Economic Matters, Dr. Adeyemi Dipeolu, said the government would set a deadline for the country to be self-sufficient in refined petroleum products and become a net exporter of same.

Speaking at the Nigeria-South Africa Chamber of Commerce breakfast meeting in Lagos, Dipeolu highlighted the importance of value addition to crude oil before exportation.

Also read: Obasanjo regrets not privatising NNPC

On the reforms, he said that Nigerians should expect in the agricultural sector, he said the government’s focus this year was to achieve sustainability in tomato paste production, adding that rice sufficiency would be the target in 2017, while local production of wheat would be the focus in 2018.

In addition, the special adviser said the aim of the government was to improve the country’s ease of doing business ranking by 20 places.

Former President Olusegun Obasanjo had recently advised the Federal Government to privatise the NNPC to end what he termed as the monumental fraud in the oil sector.

Obasanjo had said he would have privatised the company 20 years ago if he knew that it was going to be used as a platform to siphon public funds by succeeding administrations.

- News 24

Tags nnpc nigeria

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