Other Advisory Boards
National Economic Council
President Goodluck Jonathan has inaugurated the National Economic Council (NEC), the first in his administration, and charged the members to produce a plan to help his government achieve its vision 2020 economic policy.
The council is headed by Vice President Namadi Sambo while the 36 state governors, Minister of National Planning, Governor of the Central Bank, and Minister of Finance are members.
Section 18 of the 1999 Constitution provides for the NEC to serve as advisory body to the President on the economy.
Goodluck told the council before its maiden meeting at the Presidential Villa, that having identified human and physical infrastructure as the two most critical elements in growing the Nigerian economy, focus should now be on job creation, reduction in inflation, improving on the existing interest rate, and a stable currency.
With these attained, an enabling environment will be created for a vibrant Organised Private Sector (OPS) to thrive and assist the government, he said.
National Privatization Council
The National Council on Privatization (NCP) is a think tank sponsored by the Nigerian government to determine the political, economic and social objectives of the privatization and commercialization of Nigeria's public enterprises.
Major roads in Nigeria are posted with billboards sponsored by the National Council on Privatisation saying that " the people benefit as the nation privatises"
In Great Britain, experience with the privatization of the British Railway is now generally acknowledged to be a miserable one. Very commonly avoidable disasters regularly occur; the new owners care less to maintain facilities required for adequate security against accidents, promptness of trains at the stations, among others.
In Nigeria, there have been some pockets of opposition to the on-going privatization process. Workers of some of the affected companies are rearing opposition to the privatization. This especially includes the NITEL and NEPA employees.
Functions of the National Privatization Council
- Approve policies on privatization and commercialization.
- Approve guidelines and criteria for valuation of public enterprises for privatization and choice of strategic investors.
- Approve public enterprises to privatized or commercialized
- Approve the prices of shares or assets of the public enterprises to be offered for sale.
- Approve the appointment of privatization advisors and consultants
Bureau of Public Enterprises (BPE)
The Bureau Of Public Enterprises (BPE) serves as the secretariat of the National Council on Privatisation (NCP) and is charged with the overall responsibility of implementing the council's policies on privatization and commercialization. The current Director-General of the BPE is Benjamin Ezra Dikki
Functions of the Bureau of Public Enterprises (BPE)
- Implementation of the NCP policies on privatisation and commercialisation.
- Preparation of public enterprises approved by the NCP for privatisation and commercialisation
- Advising the NPC on further public enterprises which may be privatised or commercialised
- Advising the NPC on the capital restructuring needs of Nigerian public enterprises to be privatised
- Account management for all commercialised enterprises for financial discipline
- Vetting candidates for appointments as: Consultants, advisers, investment bankers, issuing houses stockbrokers, Solicitors, trustees, accountants and other professionals required for the purpose of either privatisation or commercialisation
- Management of post transactional performance monitoring and evaluation
- To minimise economic inequalities by promoting public welfare activities
- To promote balanced regional development by developing industries in every