Nigeria will sell some oil assets to boost growth, economic plan proposes
Nigeria plans to sell portions of its oil assets to help fund President Muhammadu Buhari’s four-year programme to lift the economy from its worst slump in 25 years, and create 15-million jobs.In a 2017-20 economic blueprint, Buhari proposes to reduce the government’s stake in joint-venture oil assets and other holdings. Selling them will "optimise their efficiency and reduce the 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.The proposed plan targets growth of 7% and inflation under 10% by 2020 by increasing oil output, opening up new farmland and boosting investment in power, roads and ports to diversify revenue.The economy shrunk 1.5% in 2016, the first full-year contraction since 1991, mainly due to a drop in prices and output of oil, the nation’s biggest export, and the result...
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