Wale Edun: Nigeria to begin sale of state-owned assets in 2026

NIGERIA’s federal government will begin the sale of selected state-owned assets to private investors in 2026, as part of a broader strategy to attract capital, deepen private sector participation, and strengthen the country’s fragile economy. The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, disclosed the plan on Monday during an interview on the sidelines of the AlUla Conference for Emerging Market Economies in Saudi Arabia.

According to Bloomberg, Edun said the government is currently reviewing its portfolio of public assets to determine which ones will be put up for sale and when the transactions will take place. While he did not name the assets or provide specific valuations, the minister confirmed that preparatory work is already underway.

“The plan is to offer some assets in 2026,” Edun said, stressing that the process would follow a clear framework and timeline once the selection is concluded.

The proposed asset sales form part of Nigeria’s ongoing economic reform programme, which has focused on restoring investor confidence, stabilising public finances, and repositioning the economy for sustainable growth after years of weak performance, currency instability, and rising debt obligations.

Since taking office, the Bola Tinubu administration has implemented a series of far-reaching reforms, including the removal of fuel subsidies, the liberalisation of the foreign exchange market, and tighter fiscal controls. These measures, though initially painful for households and businesses, are intended to correct long-standing structural distortions and create a more transparent and competitive economy.

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Mr Edun said these policy shifts have significantly improved Nigeria’s investment climate and are beginning to change how global investors view the country.

“What we have put in place has made Nigeria very competitive in terms of the economic conditions and very attractive in terms of the incentives for investors,” he said. “I think investors are now more comfortable to invest in Nigeria.”

The finance minister explained that the government is not merely seeking to dispose of assets but is aiming to optimise them through partnerships with the private sector. According to him, the focus will be on unlocking value, improving efficiency, and attracting long-term capital rather than conducting fire sales.

“We are interested in public-private partnerships, optimisation of our assets by having others come in and invest,” Edun said.

Although details of the assets under consideration have not yet been released, analysts believe the portfolio could include infrastructure, power, transport, and other commercially viable public enterprises that have struggled under government management. Many of these assets require significant capital injection and operational expertise, which the government believes the private sector is better positioned to provide.

The proposed divestment comes at a time when Nigeria is seeking new revenue sources to support its budget, reduce reliance on borrowing, and address rising debt servicing costs. With oil revenues under pressure and government spending needs increasing, asset sales are being viewed as one of several tools to strengthen fiscal buffers and ease pressure on public finances.

Previous failed attempts

The Nigerian government has mulled the sale of assets since 2016, but several issues such as  vested interests, legal issues, political interference, protests and an inability to ascertain its proper value have halted the ambition. The Muhammadu Buhari government had planned to sell or concession the Tafawa Balewa Square in Lagos as well as all the National Integrated Power Projects in Olorunsogo, Calabar II,  Benin (located at Ihorbor), Omotosho II and Geregu II plants, but it fell through,

The government had also planned to sell or concession all the hyro power plants across the country, including Oyan, Lower Usuma, Katsina-Ala and Giri plants, but it also did not work.

But Edun emphasised that the asset sale programme this time would be guided by transparency and sound governance, adding that Nigeria is determined to rebuild credibility with both domestic and international investors.

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The minister also reaffirmed the government’s commitment to economic reforms, noting that policy consistency is essential for long-term stability.

“Nigeria remains on the path of reform aimed at restoring policy credibility and macroeconomic stability,” he said.

While the announcement signals a major policy direction, industry watchers say its success will depend on how transparently the assets are valued, how credible the bidding process is, and how well regulatory safeguards are enforced. Past privatisation efforts in Nigeria have often been criticised for lack of openness and limited public benefit.