Revoking the Lagos International Trade Fair Complex and the 7 decisions VP Osinbajo’s NCP made

The National Council on Privatization (NCP) has released a brief containing the key decisions approved by the body in its last meeting held between August 22 and 23, 2017. The decisions as listed on the official Twitter page of the Federal Government are as follows.

1. Commencement of privatization of Afam Power plants 1-5 to inject additional power into the national grid & improve electricity nationwide
2. Pursuit of an out-of-court settlement involving the privatization of Aluminum Smelter Company of Nigeria (ALSCON).
3. The immediate revocation of the concession of the Lagos International Trade Fair Complex.
4. Immediate commencement of a fresh privatization of Yola Electricity Distribution Company.
5. Amendments to Work Plan for the conclusion of the transaction for the concessioning of Terminal “B” Warri Old Port.
6. The restructuring and recapitalization of the Bank of Agriculture.
7. Immediate commencement of reform and commercialization of the River Basin Development Authorities, to revitalize irrigation
8. The partial commercialization of Nigeria’s National Parks using three key national parks as pilot projects.

Possibly the most controversial of these decisions is the revocation of the 2008 concession of the Lagos International Trade Fair Complex. The complex was initially concessioned to Aulic Nigeria Limited in a move criticized by several groups who believed that the concession was not in the best interests of the country. However, since then, the move has come under scrutiny by the Goodluck Jonathan administration who promised to ‘review’ it but no key decision was made. The current decision by the NCP to revoke the concession indicates its agreement that the concession is not in the best interests of the country