Buhari reiterates plans to privatize Federal government companies

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Nigeria’s President, Muhammadu Buhari, has reaffirmed his administration’s commitment to the Federal Government’s privatisation and conversationalist policy.

President Buhari made this revelation in Abuja on Thursday during an audience with Peugeot’s Executive Vice President for Africa and the Middle East, Mr Jean-Christophe Quemard.

He stressed that greater consideration would be given to the technical and managerial competence of prospective buyers of government-owned companies.

According to a statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, the President said that a higher premium will be placed on the technical competence and financial clout of bidders in future privatisation exercises to avoid the running aground of privatized companies by ill-equipped and incapable investors.

Speaking after being briefed on plans by Peugeot to stage a comeback to Nigeria after the collapse of the privatization of Peugeot Automobiles Nigeria Limited, the President noted that “privatization could only succeed and yield desired benefits if buyers of government-owned companies possess essential skills and resources”.

Mr. Quemard assured President Buhari that Peugeot was ready to reinvest in vehicle assembling in Nigeria, provided that the right indigenous partners are found.

The Peugeot Chief Executive for Africa and the Middle-East briefed the President on the company’s three-phased plan to resume vehicle assembly in Nigeria with 4,000 cars in 2016, rising up to 10,000 cars by 2021.