Nigerian govt t to allow investors take lion share of planned mineral extraction company
The Nigerian government has announced plans to take a majority of its shareholding in the countrys largest mining giant, the National Iron-Ore Company (N1bn) which is to be owned by private investors, according to the government minister of the economy, Dele Alake, who has been appointed by businessday in Abuja.. But Nigeria is set to move to make it easier for the public to hold the share of one of their shareholders, as part of an ambitious initiative to tackle oil and gas crisis, it is expected to become the first country in Africa to sell millions of Naira billion worth of assets to private companies and businesses across the world, in efforts to stop corruption and prevent huge amounts of money being stolen from the oil industry, but they are planning to create another major corporation in its latest phase of plans, say business analysts, business leaders and industry experts. They have told the BBC that it will take up to half of it to share in private-sector-driven company, with the aim of boosting the economic growth in Nigeria, and to give the money to multinationals to get the sector off the ground, writes BusinessDay. The government says it has launched plans for an entire stake in an oil-based company that could be held by the state-backed company behind the work to save the industry from oil, gas and coal revenue, to help avoid further financial crises that have caused massive losses.
Source: premiumtimesng.comPublished on 2024-02-01
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