Nigeria Looks to Raise Cash by Selling Oil Assets
- Country needs $15 billion to boost economy, reserves: Dangote
- Last time nation sold oil joint-venture stake was in 1993
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Facing the likelihood of its first full-year economic contraction in 25 years, Nigeria is contemplating a rare sale of stakes in the oil and gas industry, the country’s biggest foreign-exchange earner.
President Muhammadu Buhari’s economic advisers are working on a plan “to generate immediate large injection of funds into the economy through asset sales, advance payment for license rounds, infrastructure concessioning,” to help deal with the slump in crude revenue, Budget Minister Udoma Udo Udoma said in a Sept. 24 statement. The ministry of Petroleum Resources is examining what energy assets could be sold, Udoma’s spokesman, James Akpandem, said last week.