• Nigeria to begin selling selected state-owned assets in 2026 under Tinubu’s fiscal reform programme.

• BPE has identified 91 federal assets across oil, power and other sectors for possible privatization.

• Government reviewing asset list, structure and timeline; proceeds and valuations not yet disclosed.

Nigeria plans to begin selling selected state-owned assets to private investors in 2026, Finance Minister Wale Edun said, as the government seeks to consolidate fiscal reforms and attract private capital. Officials are finalising the list of assets, the transaction structure, and the timeline ahead of planned offerings, Edun told reporters on the sidelines of the AlUla Conference for Emerging Market Economies in Saudi Arabia.

The asset sales are part of President Bola Tinubu’s broader reform agenda, which has included foreign exchange liberalisation, the removal of fuel subsidies and efforts to strengthen revenue mobilisation. Authorities say the next phase will focus on optimising publicly held enterprises through sales, concessions or public-private partnerships.

Officials from the Bureau of Public Enterprises (BPE) have previously identified 91 federal assets that could be privatised or commercialised under Nigeria’s Public Enterprises Act, covering firms across multiple sectors, including oil and gas, agriculture, aviation and others. Of these, 16 are in the oil and gas sector, including refineries and depots, while others span aviation, agriculture, and various public enterprises.

In the energy sector, electricity distribution companies and infrastructure tied to the Nigerian National Petroleum Company Ltd (NNPC) are understood to be among assets under consideration. However, names and valuations have not been disclosed. NNPC is Nigeria’s state oil company with extensive upstream and infrastructure assets.

Edun said recent reforms have improved investor confidence. “The plan is to offer some assets in 2026… What we have put in place has made Nigeria very competitive in terms of economic conditions and attractive in terms of incentives for investors,” he said. Bloomberg and other outlets have reported that the planned asset sales are intended to support the reform agenda and help attract capital to Africa’s largest economy.

The government has not yet confirmed the estimated value of the assets or how proceeds will be deployed, including whether funds will be allocated to debt reduction, infrastructure investment or bolstering reserves. Authorities are also considering whether some assets might be structured as initial public offerings (IPOs), particularly within the power sector.

Nigeria has debated privatisation and asset concessioning for more than a decade, with mixed outcomes. Earlier initiatives in sectors such as telecommunications and power faced regulatory disputes, valuation challenges, and investor grievances, which slowed progress. Transaction frameworks are expected to involve the National Council on Privatisation and BPE oversight and will require regulatory clearance depending on the industry.

The renewed push for asset sales comes amid persistent fiscal pressures, including inflationary constraints and currency volatility, which have underscored the government’s focus on stabilising public finances. Analysts say the success of the programme will hinge on governance, transparency and clear valuation benchmarks to avoid the pitfalls of past privatisation attempts.

Details on specific assets, transaction terms and formal timelines are expected once the government completes its internal review and outlines the first series of offerings.

Cynthia Ebot Takang, Edited by Idriss Linge