Nigeria approves commercialisation of Federal Housing Authority

The privatization process of the Abuja Security Commodities and Stock Exchange was also approved.

The National Council on Privatisation, NCP, on Thursday approved the commercialisation of the Federal Housing Authority, FHA.

This was announced by the Minister of Transport, Idris Umar, who briefed State House Correspondents alongside the Acting Director of the Bureau for Public Enterprises, Benjamin Dikki, and the Minister of State for Finance, Lawal Ngama, after the third NCP meeting for the year, chaired by the Vice President, Namadi Sambo.

Mr. Umar said the Council deliberated and approved the commercialization of the FHA “to address the huge housing deficit,” adding that a steering committee which will be headed by the Minister of Housing and Urban Development has been set up to work out the modalities.

Council equally considered and approved the commencement of the privatization process of the Abuja Security Commodities and Stock Exchange.

It further approved the formation of a steering committee which will be chaired by the Minister of Industry, Trade and Investment, to work out the details for the commencement of the privatization.

“We hope that this will come to fruition,” Mr. Umar said.

According to Mr. Umar the aim of the privatisation “is to provide stable prices and to ensure market for all agricultural produce and ensure efficiency in the marketing of agricultural produce both locally and internationally. This of course will guarantee employment for millions of Nigerians and provide raw materials for our teaming industrial production.”

The NCP further gave the approval for the relocation of associated maritime services from terminal B, Old Warri Port to terminal A, New Warri Port, which was originally concessioned to the company AMX.

Mr. Umar said the Terminal B had some structural defects and therefore had to be completely rehabilitated.

“As a matter of fact it is currently undergoing total rehabilitation,” he said, adding that the council therefore approved the relocation of AMX from Terminal B, Old Warri Port to Terminal A new Warri Port. He further explained that AMX has been occupying the Terminal A on a temporary basis but will now do so on a permanent basis.

Mr. Umar added that council equally considered the draft electric power sector amendment bill, which seeks to make provision for penalties for theft of electricity lines and materials and provides for stiff penalties for offenders. However, because of the importance attached to this bill by the council, he said the memo was stepped down to enable members gather sufficient inputs for next council meeting.

Others present at the briefing include, Ustaz Yunus, Emmanuel Amadi and Benson Uba of Nigerian Labour Congress.