Minister of State for Petroleum Resources, Emmanuel Kachikwu has said Nigeria plans to make its first initial public offering of assets owned by the Nigerian National Petroleum Corp (NNPC) in 2018, Bloomberg reports.

Kachikwu, who also heads the NNPC, said on Tuesday in an interview in Abu Dhabi; “It’s inevitable”..”Part of the cleaning up process that we’re doing is to prepare for that.” The Federal Government is mulling plans to sell shares in its refining and distribution business and “select” exploration and production assets to the public, he said.

NNPC, with its reorganization, is expected to evolve into four efficient business units from more than a dozen that are mostly making losses, and return to profitability. A long-delayed bill to reform Nigeria’s oil and gas industry will probably be passed “quickly” by lawmakers after it was split to separate a “very contentious” fiscal aspect from non-fiscal parts, Kachikwu indicated.
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