The Federal Government has announced plans to privatise or commercialise no fewer than 91 state-owned enterprises, including the Ajaokuta Steel Company, oil refineries, and several airports, as part of its push to unlock value from dormant public assets and accelerate growth towards a $1 trillion economy.
The Director-General of the Bureau of Public Enterprises (BPE), Ayodeji Ariyo Gbeleyi, disclosed this in Abuja on Tuesday, stressing that the initiative will be implemented “one transaction at a time” to ensure transparency, efficiency, and accountability.
According to him, the exercise will be guided by technical, financial, and legal experts, with each transaction handled on its merits. He explained that the enterprises cut across key sectors of the economy – 16 in oil and gas (including refineries), 12 in agriculture, 20 in aviation, and 28 in other public enterprises.
Mr. Gbeleyi further revealed that two electricity distribution companies (DisCos) and one generation company (GenCo) will be listed on the Nigerian Exchange (NGX) as part of the programme, but declined to name them, citing confidentiality and the need to prevent unnecessary disruptions.
He added that the plan aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to reposition the economy for sustainable growth, create jobs, and enhance private-sector participation in infrastructure development.
While optimism runs high, industry observers warn that the government must address long-standing issues – including litigation surrounding Ajaokuta Steel Company and public skepticism over past privatisation exercises – if the initiative is to succeed.
The BPE has a track record of overseeing major privatisation deals. Data shows that over 234 enterprises have been reformed, concessioned, or sold in the past, generating more than N1 trillion for the government.
The latest move marks one of the most ambitious asset reform drives in Nigeria’s history, with authorities betting that a cautious, phased approach will attract investment, revitalise critical sectors, and ultimately transform state-owned enterprises into engines of growth.
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