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FG moves to sell down joint venture in Oil sector from 59 To 40%

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Nigerian former Gen. Muhammadu Buhari speaks to journalists in Abuja, Nigeria, Wednesday, April 1, 2015. Nigerian President Goodluck Jonathan conceded defeat to Buhari, a 72-year-old former military dictator, who was elected in a historic transfer of power following the nation’s most hotly contested election ever. (AP Photo/Sunday Alamba)

As part of efforts to grow revenue and increase investment in oil sector, Minister for Budget and National Planning, Udoma U. Udoma has unveiled the Federal Government’ s plans to restructure government’s equity in oil sector through sale down of joint venture from average of 57 per cent to 40 per cent.

Minister for Trade and Investment, Okechukwu Enelamah assured that the current economic recovery is well tendered and sustainable with increased private sector partnership in implementation of Economic Recovery and Growth Plan, which outlines government policies aimed at creating a diversified economy with structural changes that would boost growth.

The duo spoke at a Private Equity Summit Fund Raising and Deal Academy forum organized by Udo Udoma and Belo-Osagie in Lagos.

Udoma said the oil sector reform is aimed at increasing private sector equity participation to improve efficiencies in the sector and also provides revenue to the government, which will be deployed solely, and exclusively for creating new assets in Nigeria.

He said that government is implementing a very prudent fiscal and debt management strategy to reduce the cost of debt and rate borrowing.

According to him, given the relatively higher domestic interest rates, government is focusing on longer-term external borrowing with an aim of rebalancing domestic and international debt portfolio.
He added that increasing revenue along with tax measures remained the only options to drive the economy for sustainable growth.

In his remark, Enelamah noted that enhanced private sector collaboration would support continuous improvement on government’s efforts to deliver on the ease of doing business, saying government is putting in place an enabling infrastructure that would attract strong FDI in addition to the upswing witnessed currently in foreign portfolio investment.


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