Vice President Kashim Shettima has reiterated the importance of close collaboration among ministries, departments, and agencies (MDAs) of the Federal Government to ensure the successful implementation of President Bola Ahmed Tinubu’s agenda across various sectors of the economy. His call for coordination was made during the third meeting of the National Council on Privatization (NCP), which took place on Wednesday at the Presidential Villa, Abuja. Shettima, who chairs the NCP, emphasized that effective teamwork among government bodies is essential for the realization of policy objectives that will drive growth and development across Nigeria.
During the meeting, the NCP ratified the 2021 and 2022 audited financial reports of the Bureau of Public Enterprises (BPE), the agency responsible for overseeing the privatization and commercialization of government assets. This decision highlights the Council’s commitment to ensuring transparency and accountability within the BPE. Additionally, the Council reviewed and approved the progress made so far by the Bureau in implementing its 2024 work plan, which aims to enhance the efficiency of its operations and achieve set targets for the year.
The approvals were detailed in a statement released by Stanley Nkwocha, media aide to the Vice President, which outlined the key outcomes of the NCP’s meeting. Among the critical issues addressed was the ongoing dispute over the sale of the Sapele II (Ogorode Generation Company Ltd) and the Nigerian Coal Corporation’s coal blocks. The NCP directed the BPE to engage further with all relevant parties to resolve the disputes surrounding these sales in a timely and amicable manner.
In his remarks, Vice President Shettima praised the new management team at the BPE for its diligence and fresh vision for the agency. He commended the Bureau’s efforts in successfully overseeing the concession of the Zungeru Hydroelectric Power Plant, which is a significant step forward in Nigeria’s energy sector. The Vice President also highlighted the Bureau’s initiative to establish an Independent System Operator (ISO), a move that would further enhance the management and distribution of electricity in the country.
Shettima urged the BPE to continue its efforts in collaboration with the various committees of the NCP, the Ministry of Justice, and other relevant stakeholders to develop a comprehensive road map for the timely completion of pending transactions. According to him, the timely execution of these transactions would be critical to addressing the country’s persistent energy challenges. He emphasized the need for decisive actions in the power sector, noting that Nigeria’s energy industry continues to face significant hurdles that must be resolved to ensure sustainable growth and development.
During the meeting, Mr. Ayodeji Gbeleyi, the Director-General of the BPE, presented an update on the Bureau’s 2024 work plan. He revealed that the agency had generated N93.47 billion in revenue during the first and second quarters of 2024 from three major transactions. This figure represents 35.9% of the projected revenue for the period under review. Gbeleyi further outlined several strategies that the Bureau had adopted to improve its overall efficiency, including the strengthening of concession management, the reinvigoration of post-transaction management to ensure that privatized enterprises perform optimally, and the adoption of best practices to reform public enterprises.
The Director-General also emphasized the importance of deploying modern technologies and methodologies to optimize public enterprises and enhance their performance. He stated that the BPE would continue to engage with local and international stakeholders to ensure that privatized companies contribute meaningfully to the nation’s economic development.
The Vice President and other attendees at the meeting lauded the progress being made by the BPE under its new leadership. The achievements of the Bureau in recent months, particularly in terms of revenue generation and improved concession management, were seen as evidence that the ongoing reforms in the sector are beginning to bear fruit.
Among those present at the meeting were key members of the Federal Executive Council, including the Minister of Finance and Coordinating Minister for the Economy, Mr. Wale Edun; the Minister of Agriculture and Food Security, Senator Abubakar Kyari; the Minister of Budget and Economic Planning, Senator Abubakar Bagudu; the Minister of Power, Mr. Adebayo Adelabu; the Solicitor General of the Federation and Permanent Secretary of the Ministry of Justice, Mrs. Beatrice Jedy-Agba; and the Permanent Secretary of the Ministry of Communication, Engr. Faruk Yabo. Representatives from the Central Bank of Nigeria (CBN) were also in attendance.
The Vice President closed the meeting by reaffirming the government’s commitment to driving economic growth through the privatization and commercialization of public enterprises. He stressed that the NCP, under his leadership, would continue to work closely with all relevant stakeholders to ensure that Nigeria reaps the benefits of a vibrant, efficient, and competitive economy.
