Nigeria just announced one of the boldest and most explosive economic moves of the year: the Federal Government, through the Bureau of Public Enterprises (BPE), says it will push 91 federal enterprises out of state ownership and into private hands.

The list runs across sectors that touch almost every Nigerian’s life; energy, aviation, agriculture, transport and even steel, and it comes with promises of fresh investment, faster service and extra revenue.

It also comes with a roar of questions: who benefits, who loses, and can a sale this big be done without wrecking livelihoods or national security?

The BPE’s Director-General, Ayodeji Gbeleyi, announced the plan at a media briefing in Abuja, but he left reporters with more headlines than detail. “There are 91 public enterprises that are still outstanding within the purview of the Public Enterprises Act,” he said.

“You may want to know the estimated values and why we want to sell,” he added.

Below is a vivid, skeptical, and fully sourced breakdown of what was announced, what it may mean, and why this moment will probably be one of the most controversial economic stories Nigeria sees this year.

What The BPE actually Announced (The Hard Facts)

1. The BPE has identified 91 federal enterprises for possible sale, concession or commercialisation as part of a broader divestment push.
2. The DG said the list includes firms across several sectors: 16 in oil & gas (including refineries and depots), 20 in aviation, 12 in agriculture, and 28 in stadiums and “other public enterprises.”
3. Of the 91, BPE told reporters equity in 35 firms would be fully privatised, while equity in 57 would be partially privatised or commercialised.
4. The agency also confirmed plans to list two DisCos and one GenCo on the Nigerian Exchange (NGX) via IPO, though it refused to name the exact companies publicly, citing transaction confidentiality. “At this stage … we are not in a position to disclose,” the DG said.

If you like numbers: the BPE said the asset-sale pipeline — a mix of revenue-raising and reform projects — targets 312.3 billion Naira under the 2025 appropriation act as part of the administration’s broader agenda to jump-start growth.

The Official Argument: Efficiency, Investment And Jobs

BPE’s case is simple and familiar: many state-owned enterprises (SOEs) are loss-making, politicised and poorly managed. Selling or concessioning them to private investors will, the agency says, unlock capital, improve efficiency, and attract technology and expertise essential if Nigeria is serious about scaling to a $1-trillion economy.

The BPE also argues some transactions (like IPOs of DisCos/GenCo) will deepen capital markets and give Nigerians a stake in formerly state assets.

The Danger Signs

This is where the story turns combustible:

1. Transparency & timing: BPE has not publicly released the names of most targeted assets, a secrecy that many say invites suspicion. As Guardian put it, disclosure is being withheld “because of transaction confidentiality”, a phrase that will not comfort unions or communities that stand to lose.

2. Jobs at risk: Past privatisations in Nigeria have often led to large workforce reductions. The unions remember and have muscle, the Nigeria Labour Congress (NLC) and others are likely to demand consultation and safeguards. That’s not wild speculation; it’s political reality. (Labour responses typically follow large asset sales.)

3. Strategic assets on the block: Multiple reports link major national names, from steel complexes to refineries and airport terminals, to the wider list.

Several outlets are already citing Ajaokuta Steel, the national refineries and even airport terminals as being on the table.
Whether they are on the official 91 list or in the BPE’s broader pipeline, the mention of these assets fuels nationalist backlash.

4. Legal baggage and slow settlements: Gbeleyi acknowledged that some previous transactions remain tied up in disputes; he said BPE is engaging the Attorney General’s office and the EFCC to resolve “longstanding” legal issues around assets sold earlier — a tacit admission that privatization is not painless or quick.

5. Valuation worries & the “fire-sale” fear: Many warn that haste could lead to underselling national assets to politically connected buyers — the classic “sell cheap, buy cheap” accusation that torpedoed earlier programmes and creates long-term scarcity of public wealth.

The Other side Of Privatisation

Privatisations in Nigeria have a long memory. There are successful examples, yes, telecoms is the classic win, but there are also bitter failures: undervalued sales, unpaid severance, non-performing “investors,” and assets sold and then litigated for years.

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That history explains why sections of the political class, labour leaders and public watchdogs will be hostile, and why many will demand binding conditions (jobs protection, local content, price caps and transparency in tendering).

The Upside (What Could Go Right)

If well-structured, the programme could:

1. Attract the capital needed to restart moribund refineries and the ailing steel complex, creating real jobs.
2. Improve utilities and services (private owners who invest often deliver better uptime for customers).
3. Produce one-off revenue that helps the government close fiscal gaps if proceeds are ring-fenced for infrastructure. (BPE flagged N312.3bn as a target contribution under the 2025 appropriation.)

Politics Mixed With Economic Policy

Privatisation is never only economics in Nigeria, it’s power. Whoever controls the timing and the list gains huge informal leverage.

The government will frame the move as structural reform; critics will frame it as handing the country’s patrimony to cronies.
Which frame sticks will depend on how transparent the BPE is, how inclusive the transaction process, and whether safeguards for workers and consumers are embedded in the sales.

What To Expect

1. Publish the list. Naming the 91 firms (and the valuation method) is essential.
2. Tender transparency. Will EoIs (Expressions of Interest) be public and competitive?
3. Labour consultation. Watch NLC/TUC statements and union mobilisations.
4. Court challenges. Expect legal actions from stakeholders with vested interests. Gbeleyi already flagged legacy disputes.
5. NGX filings. If two DisCos and one GenCo hit the exchange, the prospectuses will reveal who’s bidding and on what terms.

A Wager With National Consequences

Privatisation can be a legitimate tool to revive inefficient assets. But a plan of this scale —91 enterprises — is also a huge social and political experiment.

If it’s handled with transparency, legal care and social safeguards, it could attract investment and reboot sectors. If it’s rushed, opaque or politicised, it could become a decade-long scandal that leaves workers unemployed and citizens poorer.

As the DG put it, decisions will be “dictated by national interest.” The cynic replies: whose national interest, the nation’s, or the nation’s insiders’? Only the next few months (and the first published tender documents) will tell.