Nigerian Economy Pick-Me-Up To Privatize Portions Of Oil Sector

By Zainab Calcuttawala The new blueprint has been designed to comply with demands made by the World Bank and other international lenders who are prepared to fund new energy projects in exchange for oil-sector liberalization. Privatizing portions of the West African country’s oilfields will “optimize their efficiency and reduce fiscal burden on the government,” according to the plan posted on the Ministry of Budget and National Planning’s official website. To raise government revenues by 350 billion naira, the plan also proposes raising the value-added…

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