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Vol 37 No 20

Published 4th October 1996


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).

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