JP Morgan Chase, one of the biggest banks worldwide, has revealed that the Nigerian Government could make over $17 billion from the sale of oil assets.
The money lender stated that Nigeria which is Africa's biggest economy is making a good move in the process of unlocking the $17 billion for asset sales—this move is taken to cushion the pressure on the Nation's economy which has suffered due to its FX liquidity.
It stated,
- The authorities are in the initial stages of identifying assets for sale, which may provide some medium-term relief
- For example, the President’s policy advisory council has recommended the government sell down its stake in the most joint-venture oil and gas assets, a proposal that is estimated to bring in up to US$17bn.
The FG plans to sell idle government assets which in total will cost about N180 trillion if converted to naira.
From the findings, over 70 entities have been identified in the national asset register and have been government idle projects according to the Ministry of Finance Incorporated (MOFI), whose job is to build a database that will enable the FG to source out for urgent funding.
Read more: https://www.investingport.com/niger...17-billion-from-sale-of-oil-assets-jp-morgan/