Nigeria is selling its state-owned companies to fund a record N9.1 trillion 2018 budget

The government is expecting to rake N289 billion ($797 million) from the sale of 10 state-owned companies.

Nigeria's vice president, Yemi Osinbajo during the the signing ceremony for the sale of the Federal Government's 12.4 billion Shares in Nigerian Security, Printing and Minting (NSPM) Plc to the Central bank of Nigeria, at the State House, Abuja. September 18, 2018.

Joe Anichebe, a director at the Bureau of Public Entreprises (BPE), says the sales may occur in the fourth quarter of 2018.

The government is expecting to rake N289 billion ($797 million) from the sale.

Anichebe told Bloomberg that the preparations for the sale are in final stages as the government is ready to dispose of NiCON Insurance Ltd. and Skyway Aviation Handling Company “this month or early next month” through an initial public offering.

He said the company will range from power to aviation and the insurance sector.

Nigeria sells 21% stake in Nigerian Security Printing and Minting (NSPM) Plc to CBN

Last week, the Bureau of Public Enterprises (BPE) also sold a 21% stake in the country's minting and printing company to the Central Bank of Nigeria at a cost of N17.3 billion.

BPE said the purpose of the strategic investment was for CBN to manage, restructure and restore the company to profitability.

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