Jump to navigation

Vol 37 No 20

Published 4th October 1996


Nigeria

For sale

Delighting the IMF and World Bank, General Abacha plans to sell off the oil sector. Many wonder who will benefit

Finance Minister Anthony Ani's announcement that the government will sell its holdings in the oil, telecommunications and power sectors – valued at over US$50,000 million – marks a shift in General Sani Abacha's attempt to pull the country out of its economic morass. The proposed sale, which is strongly supported by the World Bank and International Monetary Fund, is intended to draw in major Western and Asian commercial interests and to bolster a powerful class of oil-rich local entrepreneurs (drawn from senior military men and their business associates).

End of preview - This article contains approximately 809 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you have a print subscription already, click here for a password that gives you full access to the website.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.