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Nigeria to Cut Stake in Oil Assets Under Buhari's Growth Map

  • Economic plan targets 7% growth, 15 million jobs by 2020
  • Government to make arrangement to pay off ‘hidden’ debt
The Agbami floating production, storage and offloading vessel (FPSO), operated by Chevron Corp., in the Agbami deepwater oilfield in the Niger Delta, Nigeria, on Nov. 16, 2015.
Photographer: George Osodi/Bloomberg
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Nigeria plans to sell portions of its oil assets to help fund President Muhammadu Buhari’s four-year program to lift the economy from its worst slump in a quarter century and create 15 million jobs.

Buhari proposes in a 2017-2020 economic blueprint to reduce the government’s stake in joint-venture oil assets and other holdings. Selling them will “optimize their efficiency and reduce fiscal burden on the government,” according to the proposal posted on the Ministry of Budget and National Planning’s website. Lenders including the World Bank are awaiting the plan to conclude funding facilities for Africa’s second-biggest oil producer.