The National Council on Privatisation, NCP, has approved the immediate revocation of the concession of the Lagos International Trade Fair Complex, and the immediate commencement of a fresh privatisation of Yola Electricity Distribution Company, YEDC.
The NCP, chaired by Vice President Yemi Osinbajo, is the highest decision-making body on policies relating to the privatisation and commercialisation policies of the Federal Government.
According to a statement issued on Tuesday by the Vice President’s media aide, Laolu Akande, decisions on the trade fair complex and YEDC were taken during the meeting of the NCP on August 22 and 23, 2017 at the Presidential Villa, Abuja.
The council explained that the approvals were aimed at giving traction to key infrastructure facilitly under concessions, but have been adjudged to be performing sub-optimally.
Other key decisions taken by the council include the approval of the amendments to the Work Plan for the conclusion of the transaction involving the concessioning of Terminal “B” Warri Old Port; the restructuring and recapitalisation of Bank of Agriculture.
“The restructuring of the BOA is in alignment with the Government’s desire to make financing options readily available to farmers for an aggressive diversification of the Nigerian economy,” the council stated.
The NCP further stated that immediate commencement of the reform and commercialisation of the River Basins Development Authorities was approved to revitalise the irrigation and river basin potentials for agricultural purposes.
Meanwhile, in a bid to harness the nation’s untapped tourism potential, Akande reported that the council approved the partial commercialisation of the National Parks using three key national parks as pilot projects.