Partially Privatising NNPC Will Make It More Profitable – Moghalu

Channels Television  
Updated November 26, 2018

The presidential candidate of Young Progressive Party (YPP) and former deputy governor of the Central Bank of Nigeria (CBN), Kingsley Moghalu, says partially privatising the Nigerian National Petroleum Corporation (NNPC) will make it a more profitable organisation.

Moghalu said this on Monday during an interview on Channels Television programme, Business Morning.

The political economist said he wonders why a presidential candidate will say that he will sell 90% of the NNPC and added that public organisations should not be a tool for political agenda.

“The NNPC needs to be partially privatised between 41% to 51% whether private sector or government. This will turn the NNPC into a much more transparent organisation that is run consistently profitably.

“Today, the NNPC is just an impress account for the Nigerian politicians. This is because it is completely state-owned. One presidential candidate has said that he will sell 90% of the NNPC. I disagree with this. The question is, who are you going to sell 90% of the asset to?

“In privatising the NNPC partially, we should make sure that the oil producing communities have 10% ownership stake and we will sell those shares on Nigerian Stock Exchange in a carefully and transparently managed process.”

Presidential candidate of the Peoples Democratic Party (PDP), Abubakar Atiku, had earlier revealed his plan to privatise the NNPC, as well as sell all four national refineries if he is elected as Nigeria’s president in 2019 elections.

Moghalu also urged Nigerian leaders to focus on inclusive growth that creates jobs and the narrow focus on Gross Domestic Product (GDP) growth rate.