Nigeria to sell oil refineries next year

Africa's largest oil producer, Nigeria plans to begin privatizing its four state-owned oil refineries before the end of the first quarter, Petroleum Minister Diezani Alison-Madueke said.

Alison-Madueke said in an interview with Bloomberg TV Africa in London, "We would like to see major infrastructural entities such as refineries moving out of government hands into the private sector. Government does not want to be in the business of running major infrastructure entities and we haven't done a very good job at it over all these years."

Towards the end of former President Obasanjo's administration in 2007, the refineries were sold to companies owned by billionaire Aliko Dangote and Femi Otedola, but the sale was reversed by the President Musa Yar'Adua government that took over from Obasanjo.

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