Inauguration Of The Reconstituted National Council On Privatization, NCP

• Share:

SPEECH BY HIS EXCELLENCY, PROF. YEMI OSINBAJO, GCON, SAN,  VICE PRESIDENT, FEDERAL REPUBLIC OF NIGERIA ON THE OCCASION OF THE INAUGURATION OF THE RECONSTITUTED NATIONAL COUNCIL ON PRIVATISATION (NCP) AT THE VICE PRESIDENT’S CONFERENCE ROOM, STATE HOUSE, PRESIDENTIAL VILLA, ABUJA ON FRIDAY THE 28TH OF JANUARY, 2022

PROTOCOLS

I am delighted to welcome members and members designate to the inauguration of the National Council on Privatisation (NCP) following the approval for the constitution of the NCP by  His Excellency,  President Muhammadu Buhari. I also congratulate the new members of the Council who have just been introduced.

The NCP is the body statutorily mandated to determine and formulate strategic plans and approve policies on privatization, commercialization and reforms of the various sectors of the economy, as well as articulate a clear vision to drive our economy for the political, economic and social wellbeing of all Nigerians.

By his approval to constitute the council, Mr. President has entrusted us with the strategic national assignment of piloting the nation’s sector reform initiatives, and the privatization and commercialization programme on behalf of this Administration.

Today’s inauguration marks another milestone in our Administration’s drive towards economic rejuvenation and liberalization as the pathway to unleashing the immense potentials of Nigeria’s economy.

Your appointment as a member of the  Council is a unique opportunity to utilize your well-acknowledged skills and experience to contribute to the socio-economic development of our country. Some of the cardinal objectives of the economic agenda of this administration are to ensure accelerated growth of the economy; provide infrastructure; create jobs, and provide a suitable environment for productive activities to flourish and tap our enormous natural wealth for the benefit of our people.

You are required to diligently carry out the statutory responsibilities assigned to the Council in the Public Enterprises (Privatisation and Commercialisation) Act of 1999, which amongst others include the following:

➢        Approve policies on privatization and commercialization;

➢        Approve guidelines and criteria for the valuation of public enterprises and choice of strategic investors;

➢        Approve the prices for shares or assets of the public enterprises to be offered for sale;

➢        Approve the legal and regulatory framework for  public enterprises;

➢        Review from time to time, the socio-economic effects of the programme of privatization and commercialization and decide on appropriate remedies

➢        Appoint committees comprising persons from private and public sectors with the technical competence to advise on the privatization and commercialization of specific public enterprises.

As we have heard, since its inception, the NCP (and the Technical Committee on Privatisation and Commercialisation before that) has concluded over 230 transactions and economic reform initiatives in diverse sectors including banking, hospitality, telecommunications, ports, pension, power, solid minerals and competition and consumer protection, amongst others.

The completed transactions and reforms have contributed significantly to the country’s overall economic development and have realized close to N1trillion in proceeds for the federal purse.

The task of this Council is to tackle new transactions and reform activities as well as resolve some of the thorny economic issues that are critical to the country’s accelerated economic development. These include:

1. a) Addressing the current and emerging challenges in the reform of the National Electric Power Industry (NESI);
2. b) Continuation of the Reform in the River Basin Development Authorities and National Parks sub-sector;
3. c) Reform of the Transport sector;
4. d) Commercialisation of enterprises in the Communications & Media sector;
5. e) The pending reform bills for the keys sectors of the Nigerian economy;
6. f) Robust monitoring of privatised enterprises;
7. g) Embracing Public-Private Partnerships for the provision of much-needed infrastructure to fast-track our economic development;
8. h) Identification and optimisation of public assets to unlock the liquidity and economic benefits for the n

We are expected as a Council to conduct the reform programmes in a transparent, sustainable, credible, and widely accepted manner.  We are required to take appropriate steps to also ensure that the interests of the various segments of our society, particularly the ordinary citizens, are protected in the implementation of the reform programme.

Finally, I congratulate you on your appointment for this important national assignment. I urge you to see your appointment as a call to service at this critical period in our country’s history. I have full confidence in your knowledge, experience, ability, patriotism, and commitment to deliver on this mandate.

It is now my pleasure to formally inaugurate the National Council on Privatisation and wish you all every success in this important national assignment.

Thank you and God bless the Federal Republic of Nigeria.