LeadershipNG — The Bureau of Public Enterprises (BPE) has said that the federal government realized more than N564.3 billion from privatization of 123 enterprises.
The director-general of the BPE, Mr Benjamin Dikki, disclosed this in a paper presented over the weekend at the yearly workshop of the Commerce & Industry Correspondent Association of Nigeria (CICAN) entitled “Industrial Infrastructure Development: Public Private Initiatives.”
Dikki said that the BPE has concluded reforms in eight sectors of the economy namely telecommunications, power, banking and finance, marine, mining, industrial, steel, oil and gas, adding that government has also, so far, privatized 123 enterprises, including the recently concluded Power Holding Company of Nigeria (PHCN) successor companies and realized over N564.3 billion.
He noted that reforms and privatization work which started over 20 years ago is hinged on the conviction that the private sector remains the sustainable driver of the total transformation of the Nigerian economy.
Dikki explained that privatization of public enterprises has refocused government to governance and expanded private sector participation in the economy, saying that government is not a good business manager.
He also explained that this had led to reduction of future calls and revenue losses by federal government of about $10 billion for the 123 transaction, saying that this will expand the tax base through viable privatized public enterprises.
He pointed out that privatization would continue to attract quality foreign investors and capital that will boost technology transfer, economic development and Forex inflow.