“If you sell down a 30 per cent stake you could raise something substantial. It is an option they need to consider as a way of raising further funding,” he told the Financial Times.

“It is an option now because our revenues have dropped and we don’t need to pile on more debt. The alternative is to look for ways of releasing value from some of the government’s assets.”

Emefiele has asked CBN officials to evaluate how much could be raised if the state-owned Nigerian National Petroleum Corporation (NNPC) substantially reduced its 55 per cent equity in its numerous joint ventures, adding that petroleum profit taxes could be adjusted upwards to compensate for the state’s reduced stake in crude oil sales.

He said he had commissioned the research and would present the idea to President-elect Muhammadu Buhari when he assumes office on May 29 as he believes that $75 billion is a realistic target, and that private equity groups could be encouraged to compete with the oil companies for acquisitions to ensure the price is competitive.

Emefiele said a greater portion should be invested in transport and energy developments that would grow the economy, create jobs and could be used to rebuild macroeconomic buffers damaged by the collapse in world oil prices.

For years, Nigeria’s oil production has been stagnating at around 2 million barrels a day because of uncertainty around stalled reforms and because of the state’s difficulties in raising its own share of development and maintenance costs.

It is in joint venture agreements with multinationals including Royal Dutch Shell, Chevron, ExxonMobil, Total and ENI which pump about half of Nigeria’s 2 two million barrels a day of oil production.

https://www.thecable.ng/emefiele-urges-buhari-sell-nnpc-oil-joint-ventures

Mariory:
Fake news!

The article talks about selling NNPC stakes in some JVs not selling NNPC.

Fake news!

NNPC by law manages the joint venture between the Nigerian federal government and a number of foreign multinational corporations, which include Royal Dutch Shell, Agip, ExxonMobil, Total S.A, Chevron, and Texaco (now merged with Chevron).

https://en.wikipedia.org/wiki/Nigerian_National_Petroleum_Corporation

9jatriot:
NNPC will eventually be privatised (I don't just like that one sold) but not by Atiku, people will trust Buhari more to do it than Atiku.

Kachikwu did try to restructure the place one time but they fought back through the national assembly using the constitution.

Built2last:
Zombies made this a campaign issue when Atiku said it. Nobody is fighting corruption without selling NNPC.

Buhari is minister for petroleum but doesn't even know what goes on there.

shachris05:


same thing Atiku is saying.

https://punchng.com/ill-sell-90-of-nnpc-if-elected-atiku/

slivertongue:
THOUQH A GOOD ADVICE.

BUT SELL TO WHO?

Mariory:


Wrong. What Atiku spoke about was selling NNPC's fixed assets including refrineries. This is talking about Joint Ventures with private companies.

Built2last:
Reality TV shows that died during the era of CHANGE

Maltina Dance Hall
Naija sings
Gulder Ultimate search
Who wants to be a millionaire
Project Fame

Dear Nigerian youths, vote Buhari out on Saturday.