Abuja - Former President Olusegun Obasanjo on Monday expressed regret for not privatising the Nigerian National Petroleum Corporation (NNPC) while in office, Daily Post reports.
Obasanjo, who spoke in Lagos, advised the Federal Government to allow the organised private sector play a critical role in repositioning the nation’s moribund assets and infrastructure.
According to Obasanjo, past experience in Nigeria has shown that the private sector when given the opportunity can contribute meaningfully to the growth and development of the nation on a sustainable basis.
He said that he regretted not privatising the NNPC, noting that the organised private sector had repositioned the nation’s telecommunications industry by creating jobs and paying money to the government on a sustainable basis.
The former President according to Pulse said “I was instrumental to the reform and establishment of the NNPC from the Nigerian National Oil Corporation. Had I known that it would be mismanaged, I would have done something better. I would have privatised it and put it on the stock Exchange.
“The NLNG didn’t go the way of the NNPC because of the way it was organised. Fifty-one per cent is owned by private investors, both foreign and indigenous, while 49 per cent is owned by the government. In fact, the NLNG has been making money ever since the initial capital investment," he said.
Source: Daily Post
- News 24