Business
Recession:Don Wants FG To Privatise Refineries, NNPC …Says Assets Sale, A Misnomer
Even as the debate on the
proposed sale of national assets rages on in the country as a way of coming out of the current economic recession, a university teacher, Dr Samuel Chisa Dike, says the Federal Government should rather embark on the privatisation of ailing national companies like the Nigerian National Petroleum Company (NNPC) and the four refineries.
Dike, a senior lecturer in the Faculty of Law of the Rivers State University of Science and Technology, who bared his mind in an interview with The Tide in Port Harcourt said privatisation of the companies instead of sale of national assets which he described as a misnomer remains the surest option of assisting the country to come out of the current economic recession.
He posited that for the privatisation option to, however, yield positive fruits, the necessary legal machineries and regulatory processes must be put in place to achieve transparency and make it work, insisting that without transparency, it might not achieve much for the country.
The university teacher, who specialises in Energy Law said there was also the need for the Federal Government to privatise its ailing companies because, according to him, governments have never been good managers of public institutions and corporations.
He noted that if the necessary legal framework is put in place to drive the privatisation process, economic theorists and practitioners would be in a better position to articulate a robust way of ensuring transparency of the process, stressing that the absence of transparency may not be able to promote the effectiveness and efficiency of the privatisation process.
To this end, Dike called on the Federal Government to borrow a cue from the United Kingdom, under the administration of its former Prime Minister, Margaret Thatcher, which he said embarked on the privatisation of some ailing British companies to get them out of doldrums.
The university teacher further posited that he was opposed to a situation where the Federal Government would privatise and sell the assets to a few Nigerians, saying, doing so would not augur well for the country, and hinted that instead of bandwagon privatisation of government assets, selective privatisation should be the best option.
Dike also urged the government to tell Nigerians what it wants to do, particularly when it mooted the idea of sale of assets and clearly defines its intention.
“What is selling of assets? Government can only privatise or commercialise. Selling of assets is a misnomer,” he intoned, stressing that only ailing companies ought to be privatised and not viable ones like the Nigeria Liquefied Natural Gas (NLNG), which he said recently remitted a large chunk of money into government coffers.
He also picked holes in the Federal Government’s Treasury Single Account (TSA), saying if under the TSA policy, the country has found itself in deep economic recession, there was the need to revisit and review it.
The university teacher said there was hope for the country if Nigerians keep faith and remain united, having passed through thick and thin in the past 56 years, and particularly commended Governor Nyesom Wike of Rivers State for using the 56th Independence celebration to commission several road projects across the state.
Describing Wike as a pragmatic leader, he advised the governor to give other sectors attention apart from roads and veer into the sea ports in the state and also Risonpalm, to boost the revenue profile of the State.
He suggested that the franchising of ports should be revisited to enable the State government to buy into the ports and make them a source of revenue for the State and equally buy into the contractual relationship of Risompalm and re-work it to make the company more efficient.
Donatus Ebi
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
·
· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
·
· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
·
· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
Nkpemenyie Mcdominic, Lagos