VP Shettima Inaugurates Council On Privatization


Vice President Kashim Shettima has inaugurated Nigeria’s Council on Privatization.

The inauguration occurred on Friday, December 8, 2023 at the Presidential Villa in Abuja, the nation’s capital.

The Vice President implored new members of the National Council on Privatisation (NCP) to station themselves on the frontline of actualizing the renewed hope agenda of President Bola Ahmed Tinubu’s administration.

The Council members, according to him, must do this by championing great reforms through disruptive minds and ideas, even as he noted that every great reform commences with a disruptive thinker, which he said the President symbolizes.

The Vice President said President Tinubu’s choice of the Council’s membership is a reminder of what it can achieve with fresh ideas.

Noting that membership of the Council is as crucial as its mission, VP Shettima who is also Chairman of the Council observed that the diverse talents and great depth of experience of persons approved as members of the Council by President Tinubu speak volumes of their ability to deliver.

He stated: “Membership in this distinguished council symbolizes more than mere participation; it signifies a steadfast commitment and a resolute belief in our shared vision for a Nigeria brimming with opportunities, growth, and empowerment. It represents our collective pledge to propel the economy forward, build robust infrastructure, forge pathways to employment, and nurture an environment where productivity flourishes. 

“By his approval, Mr. President has entrusted us with the strategic national assignment of piloting the nation’s economic sector reform, privatization, commercialization, and Public-Private Partnership (PPP) program for the next four years. 

“Distinguished ladies and gentlemen, today’s inauguration invites us to take a front seat in the effort to actualize the Renewed Hope agenda of this government. Every great reform starts with a disruptive thinker, and President Bola Ahmed Tinubu stands as a testament to this fact, reminding us of what we can achieve by infusing fresh ideas into this Council. 

“This gathering underscores our drive towards economic rejuvenation and liberalization by unlocking the immense potential of Nigeria’s economy, with reforms, PPPs, and privatization at the forefront.” 

VP Shettima reminded members of the Council that their appointment is a privilege to serve the nation by contributing to the socio-economic development the Tinubu administration has promised to deliver.

He therefore, urged them not to rest on their oars in “ensuring accelerated growth of the economy, providing infrastructure, creating jobs, and providing an enabling environment for productive activities to flourish”, as they leverage on the nation’s enormous resources for the benefit of Nigerians.

The Vice President pointed out that their duty is to execute the statutory responsibilities of the Council in line with the Public Enterprises (Privatization and Commercialization) Act 1999.

He listed the Council’s objectives to include “approving policies on privatization and commercialization, approving guidelines and criteria for the valuation of public enterprises and choice of strategic investors, approving the prices for shares or assets of the public enterprises to be offered for privatization, approving the legal and regulatory framework for the reform of public enterprises.”

Others are “Reviewing, from time to time, the socio-economic effect of the privatization and commercialization program and deciding on appropriate remedies, appointing committees comprising persons from the private and public sectors with requisite technical competence to advise on the privatization and commercialization of specific public enterprises.”

With him as Chairman, and Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, as Vice Chairman, the VP named members of the newly inaugurated NCP to include Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (Senior Advocate of Nigeria); Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu; Minister Industries, Trade, and Investment, Dr. Doris Anite; Secretary to Government of the Federation (SGF), Sen. George Akume, and Governor of Central Bank of Nigeria (CBN), Dr. Olayemi Cardoso.

Others are Special Adviser to the President on Economic Affairs, Dr. Tope Fasua; Mr. Oluwole Oshin (Private Member); Mal. Mohammed Mustapha (Private Member); Mr. Olayiwola Yahaya (Private Member); Mr. Akwa Effion Okon (Private Member), and Director General, Bureau of Public Enterprises (BPE), Mr. Alex Okoh, as Secretary.

In his response, Minister of Finance and Vice Chairman of the Council, Edun, thanked the Chairman of the Council, Vice President Shettima, for inaugurating the Council.

The Minister noted that a cursory look at the 2024 appropriation bill and budget estimate indicate that privatization is among the areas the government is relying on to fund the budget and grow the economy.

“But we do have the scope to go back to the National Assembly in the event that we find that we can actually do more. 

“I would just like to thank the Chairman, National Council on Privatization, His Excellency Kashim Shettima, GCON and to thank all of you as members in advance for the critical tasks that we have to carry out. 

“And I will just end this brief vote of thanks, if I may, by reemphasising the strategy, the policy and, indeed, the objective of Mr. President, His Excellency, President Bola Ahmed Tinubu,” Edun stated.