African Oil Giant Paves Way to Sell Stake After Aramco Splash
- Nigerian government mulls partial sale of state petroleum firm
- Proposal is part of revamp of industry that’s key to economy
Photographer: George Osodi/Bloomberg
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Nigeria is considering selling shares in its state oil company, which dominates Africa’s biggest petroleum industry and has been central to corruption scandals that have wracked the West African nation since crude was discovered there in the 1950s.
Legislation two decades in the making is working its way through parliament that would make the Nigerian National Petroleum Corp. independent of government and cut its access to state funding. The move comes after Saudi Arabia in December sold 1.5% of its national oil company, creating a behemoth valued at nearly $2 trillion that vies with Apple Inc. for the title of the world’s most valuable company.